7 top tips for taking on Serviced Office Space |
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Office Space Availability – One of the great benefits of serviced offices is the flexibility to upsize or downsize at short notice. However, the serviced office operator can only be as flexible as the space it has available. If your company has plans for rapid expansion, make sure you choose a company and building that can cater for your future needs. We Recommend - Talk to the operator about the other tenants in the building e.g. ask if they have one big tenant taking up a large part of the building on a long term agreement or if they have lots of tenants in varying office sizes all ending their agreements on different dates. The latter is the scenario you want as this will give you opportunities to keep taking more space at different times. |
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Signing the License Agreement – If you are only signing a short term agreement, make sure you make provision for a potential longer stay. We often hear of companies getting great initial deals but when the time comes to renew their agreement, prices go up quite considerably. Not making a provision is fine if you only need the space for a project that will definitely only last 3 months, but if there’s a possibility that you’ll need to extend your contract, make sure you agree what the rental increases will be. We Recommend – If you’re not sure how long you’ll need the space for but want to protect the amount you pay for your office, why not build break clauses into your agreement, this way you’ll have peace of mind that you can terminate your agreement at short notice but will also be protected with regard price increases. |
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The Operators Financials – Like any other industry there are good and bad operators. Some have been around for decades whilst others come and go with market conditions. You’ll always need to put a deposit down to secure your office space, this can sometimes be a substantial amount of money and therefore you’ll want to make sure this is protected in case the operator falls into financial trouble. We Recommend – Make sure your deposit is held in a separate account than that of the trading company. If the company can’t do this ask what protection it provides for protecting your deposit. |
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We hope you find the above useful. This is by no means an exhaustive list but the tips will help go towards making finding and taking serviced office space as stress free as possible. If you have any questions regarding the above, we’d be delighted to hear from you. Our team has a wealth of knowledge of the serviced office industry with members having sold serviced office space and also run serviced offices. Our company has been trading for 8 years and has seen the serviced office market evolve through the highs of early 2000 to the lows of 2003. We believe we have one of the most experienced teams in the industry and believe we have one of the best services but we’ll leave that for you to decide. Please contact us on Freephone 08081 788 659 or email us on info@serviced-offices.com |
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