What do Google, Travelodge and Skyscanner all have in common? All three global giants have made use of serviced offices on their journeys to success. So should you follow their example? A new guide from DeVono lifts the lid on the serviced office sector, helping businesses decide whether this type of occupancy is the right fit for their particular needs.
“Nothing more than a stop-gap?” Take a look beyond the misconceptions…
Serviced offices are characterised by short-term licences, thereby giving businesses the option of taking up office space without the burden of a long-term lease commitment. For an up-and-coming business, the serviced office model can therefore be a great way of setting up camp without financially overreaching itself.
But a serviced office can be much more than a make-do solution for start-ups. Particularly post-pandemic, the serviced office has become a popular choice amongst small business owners and sole traders.
Our guide explains how and why some businesses see serviced offices as a highly useful temporary stop-gap: while for others, they are a valuable part of a longer-term plan.
What’s at the top of your list of priorities as you consider workspace options?
From budgeting concerns through to your attitude to risk, a wide range of factors are likely to influence this. We present three distinct mindsets that can make a serviced office a smart option.
1. What’s in the package? Avoid getting more (or less) than you bargained for
At first glance, the top-line price tag for serviced offices can seem considerably less appealing than traditional leasing costs. But businesses need to keep in mind the fact that the serviced office package is an all-inclusive monthly payment. All of this demands caution when attempting comparative evaluation.
As a useful way into this, our guide features an at-a-glance comparison table. This details what’s included in a typical serviced offering compared to a conventional lease – from utilities, right down to tea and coffee machines.
2. Budgeting and cost predictions: are you missing something?
With a clearer idea of what a typical serviced office package includes, managers should consider a more detailed comparative analysis vis-a-vis the more familiar traditional leasing model. Accuracy is essential, otherwise an overlooked area of expense will seriously skew your budget.
So where to start? Property, operational, acquisition and capital costs all need to be taken into account. Read our commentary on each of these categories before you start doing the sums.
3. Comparing serviced offices to other flexible workspace arrangements
Serviced offices are just one of a number of innovative workspace solutions out there. It may be, for instance, that your objectives would be better served by putting a combination of business lounges and coworking spaces to work. Find out the potential benefits of these solutions before you make your final decision.
The next step…
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