Should I opt for a serviced office or a conventional lease?
I deal with this question on a daily basis. As I mentioned in Part One and Part Two of this post, the decision is usually clear cut. If you’ve answered these 6 key questions about your business, you should now know which route you should take.
If you are still in any doubt – or, perhaps crucially, if there is disagreement amongst key decision makers in your organisation – here is a definitive checklist, which you can keep handy for use during any discussion:
A CONVENTIONAL LEASE is the right choice for your business, IF:
- you are looking to take an office for a longer term: 3 to 5 years plus
- you have no substantial growth plans during that period
- you have the time to go through the acquisition process
- you have the funds to pay for legal advice and an office agent
- you believe that control of your space, layout, interior design and branding are fundamental to your business.
A SERVICED OFFICE is the right choice for your business, IF:
- you require flexibility in terms of the length of your agreement
- you are in a substantial growth phase and plan to employ more people
- the number of people you employ is generally unpredictable
- time is off the essence and you need to move in to new offices quickly, with all services available immediately
- budget is critical and you would like to avoid upfront costs
I hope this 3 part post explains everything clearly and removes the myths and misconceptions about both conventional and serviced office space in London. Ultimately, I hope it gives you the facts to make the correct choices for your business.