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Differences Between Serviced And Leased Offices
Now the fastest growing sector of the European property market, serviced offices are big business these days as they offer so much flexibility for new and old, small and large, companies alike.
But why are serviced offices so popular nowadays, and what makes them so different from leased offices? Well, read on and you’ll find out.
For starters serviced offices are more cost effective than leased offices because the rent you pay includes almost all the costs that you would normally pay on top of rent. That means the business rates, lighting and power, security, cleaning, building maintenance and insurance you pay for in a leased office is all included in the rent for serviced offices. It’s also worth remembering that serviced offices are fully furnished with tables, chairs, workstations, Internet access, telephone lines, etc, while leased offices are not.
Another major difference between serviced and traditional offices is the length of the lease. A serviced office can be leased for as little as a few weeks (although it is usually 12 months), while leasehold commitments usually last at least five years with no get-out clause.
In addition to this, leased offices offer no flexibility to increase or reduce space but serviced offices give you the chance to take on more room or use less office space depending on your business’ changing needs.
Landlords of leased offices usually demand a number of references and personal guarantees from company directors, but these can be difficult to obtain for new businesses trying to establish themselves. However, serviced offices do not require personal guarantees and only two references are needed to rent office space.
It is often the case with leasehold premises that small office space is not readily available, particularly in large cities such as London, Manchester and Birmingham. But you don’t have this problem with serviced offices, as small suites are usually available immediately within larger complexes.
Another important difference is that most leases have many clauses and covenants that severely restrict the leaseholder, but the contracts for serviced offices are a lot more flexible with no premiums or covenants.
Finally, serviced offices include full office management and the cost of building repairs are split between all the tenants in the complex. But this is not the case in leased properties, where the leaseholder is expected to fund the running, repair and maintenance of the building, which can obviously be very costly indeed.
Advantages Of Serviced Offices
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