Do you intend to set up your office in a new location soon? What is your floor plan? Are you going to need the space for a long time? Do you want certain facilities? What are you willing to spend?
You can greatly increase your productivity by choosing the right working environment. Your particular business needs will determine what type of space you need.
Let’s look at the pros and cons of the three most popular types of office space to help you choose the right option for your needs, the serviced office, the managed office, and the coworking space.
What is a serviced office?
Services and utilities are all provided by the provider of a serviced office, similar to a traditional office space. The firms bundle everything into one neat monthly payment, from rent to utilities to furniture to conference room access to cleaning to security to mail to maintenance services. Most businesses sign a one- to a two-year contract in advance with serviced offices.
- Flexible approach- There are often short notice periods attached to the contracts.
- Its convenient-A serviced office can be a very convenient place to run a business since the furnishings and infrastructure are already installed.
- Cost-effective- Bringing all of the cost of utilities, rent, furniture, and services into one neat package simplifies life tremendously.
- Communal limitations- The serviced office provider controls all reception areas, shared working spaces, and breakout spaces.
What is a managed office?
Serviced offices rarely allow for much responsibility or control on the part of the tenants, while managed offices do. Typically, businesses sign a three-year contract with a landlord, which specifies they will remain for that time frame.
- Control over creativity-Companies can completely customize their office environment thanks to the clear landscape in a managed office, making it very suitable for their individual business needs.
- Taking a long-term view- Managed offices assure businesses that they’ll have a functional workplace for decades to come. You can use this information to plan your business long-term.
- Confidentiality- Managed offices offer complete privacy. Business leasing the room has exclusive use of the space, so other businesses are not allowed to use it.
- Initial costs- Managed offices require lots of upfront capital to cover the setup costs.
- Move-in delayed- It can take time and effort to transition into a managed office since you need to prepare the premises fully on your own.
- Stuck in place-When you don’t know how fast your business will grow, long contracts can be unattractive.
What is a co-working space?
The co-working space sphere is becoming increasingly popular. The space costs a fee for individuals and small teams to use, with extremely flexible contracts. Under one roof, multiple businesses operate independently.
- Budget-friendly and cheerful- Coworking spaces have similar features to serviced offices, but because they don’t come with your desk, they’re much cheaper.
- Truly flexible- No long-term contract is required. You can join and leave when you wish to.
- Societal- It is more social to work in a co-working space.
- Invasion of privacy- A shared workspace typically means you work openly, surrounded by others.
- Creative constraints- Your ability to customize your workspace for your brand is limited.
Serviced, Managed, or Co-working?
This will give you some food for thought if you’re looking for a new office space.
The right office type for your corporation will be determined by the size, flexibility, budget, privacy needs, and creative control of your company.
It might be necessary to find a temporary or permanent home for your business possessions when you make the move.