The Rent Offices portal provides serviced offices for clients to review completely free of charge.
Anyone who runs an office-based business will testify that the three largest costs to running the business are; the people, the IT, and the cost of office space.
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In the past, unless office space was owned by the business, it would be leased from a landlord. This involved entering into a fixed-term lease, usually for a minimum term of 5 years, and employing the services of an agent and a lawyer to negotiate various terms of the lease such as; amount of rent payable, rent-free periods, options to break, repairing obligations, dilapidations at the end of the lease etc. Once the terms were agreed, then the business would go ahead and pay for a fit-out, buy furniture, employ reception staff, set up electricity, telephone, broadband, cleaning and maintenance contracts and so on.
In the past, this was the only option available to a business – and this model still works very well for certain business, particularly large multinational companies who can achieve economies of scale in certain areas, for instance. However, individuals, start-ups, SMEs and many larger companies and institutions, are now increasingly demanding flexibility in their office space arrangements.
Serviced offices were first conceived in the 1980’s when it was recognised that there was a requirement in the market for flexible office space. A businessman was in a foreign city on business and was due to meet a client (whom was also not local to the city that they were in) – he realised that the only possible places to hold this meeting were in his hotel room, hotel lobby or a bar (coffee shops hadn’t yet exploded onto the scene at this time). When the businessman returned to his home city, he went about creating flexible workspace centres whereby clients could hire meeting, interview and conference rooms on an ad-hoc basis.
This concept proved extremely popular and it was expanded to provide office suites that could be rented from month-to-month and year-to-year on user-friendly agreements without the need for any onerous leases and their obligations. These ‘serviced office’ agreements stated that the occupier would pay one monthly payment and this would cover; office rental, furniture, decorations, office rates, all utilities, cleaning, reception staff, telephone, broadband and so on.
Some of the most desired locations in the UK might surprise you, we have listed a few of the most enquired about locations in the UK below:
The serviced office space market has continued to grow and grow since then and in 2010 the global serviced office market was valued at £4.3bn. The UK serviced office market, alone, grew by 19% between 2008 and 2011 and the market in the emerging economies (Brazil, Russia, China, India, Indonesia and South Korea) is on track to double in size by 2018 from where it was five years previously.
In June 2016, Property Week reported that the serviced office sector would increase in value significantly by 2025 – to £62bn on reserved projections and £126bn on more optimistic forecasts. It was also reported that the UK is the largest and most mature serviced office market globally, having grown by 31% since 2008. With approximately 2,300 serviced office centres nationally, the UK accounts for 36% of the international market. Within this, London accounts for 34% of the UK’s serviced office footprint.
So in a nutshell what are the key features of serviced offices?
• One rental payment including rates, insurance, furniture, cleaning and all utilities
• The office provider will set up telephone and broadband
• Additional services such as mail-forwarding and call-answering are also provided
• A business can take as little as one desk for just one month
• The business can easily expand and contract within the space as the business requires
• Due to the simplicity of the contract, a business can be within the office within 24 hours
We work with all serviced office providers across the UK, and have hundreds of office space options across over 150 towns and cities in our database.
Please contact us to discuss how we can help you find the perfect serviced office for your business. Our office space acquisition service is free and always will be.
If you are seeking to work in the commercial property industry in London and looking to help companies secure office space for their own business, or as an investment property, there are many opportunities.
See examples of opportunities for those wishing to work for a commercial property agent in London