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You can’t underestimate the importance of a great office space.
Helping to increase productivity, encourage collaboration and improve employee engagement rates, your rental office space should inspire and motivate your team. As you scale and take on more employees, you’ll also need a work environment for your growing business that aligns with your core mission and goals.
If you’re a business with 30 team members or more, you’ll probably be looking for a space that is fit for your business needs, with your own branding and design. You’ll have two main options to choose from; the traditional leased office spaces, and the done-for-you managed office space.
The best office space for your business ultimately depends on your specific needs and goals. Offices aren’t a one-size-fits-all model; so the decision-making process will involve weighing up the pros and cons of each option, considering costs, brand identity, administration, team culture and flexibility.
Below, we compare the traditional leased office to a Yours. by Work.Life managed office space, to help you decide on the best rental solution for your needs.
Traditional Office Space Leases
When you’re making the shift from serviced offices (like a coworking space), traditional office space leasing can be an attractive option. After all, you get all that space and a completely blank canvas to make it your own.
This conventional solution is usually leased per square foot, with your business in charge of rent and any applicable rates. On top of this, you’ll need to handle any service charges and repairs.
You’ll also need to take care of infrastructure and facilities; including internet access, buying and installing furniture, hiring a cleaner and installing IT systems. Depending on the nature of the space, you may also need to build in the kitchen space yourself.
Traditional Office Leases: Advantages
- Full control: As it’s your own space, you are free to mould it to whatever best suits your company’s culture.
- Affordability as you grow: When your team reaches a certain size, it can be more affordable than a serviced office.
- Freedom of expression: From hanging unique artwork to adding chalkboard walls, you can make the space fit your own brand. You can put in that slide you’ve always dreamed of!
- Everything stays in-house: There’s no need to involve a third party in anything related to organising or managing the office space. This works best for larger teams who are more established, appreciate the challenge and have the budget to do everything themselves.
Traditional Office Leases: Disadvantages
- Restrictive leases: The average office space lease is usually 5 years, while some start at 3, and others as high as 10. This assumes that your business goals and staff size will remain the same for that whole time, which is rarely the case for most businesses. In fact, we know that many businesses often miscalculate how much space they need when looking for a new office.
- Large upfront costs: Early-stage companies will need to buy the landlord’s confidence and reduce perceived risk. Plus the cost of design and build can sometimes amount to up to 75% of the first year’s rent*. That can negatively affect your cash flow and put a dent in your bottom line.
- Operational stresses: There are a lot of moving pieces to manage, and that’s no easy task whilst also doing your day-to-day job. For smaller businesses, moving office can be draining on money and resources; not to mention a huge loss of productivity.
- Long wait times: While you wait for your deal to finalise, your team may outgrow their current work environment.
- Ongoing office management: In a traditional office space, you’re in charge of every detail; from utilities and cleaning fees, to ensuring there’s enough toilet roll and milk.
Managed Office Spaces
A done-for-you managed office space offers all the benefits of a traditional leased office, but takes away many of the management and financial burdens. With this rental office space option, everything is taken care of for you; from office design to building the space and ongoing office management. They also offer the same privacy and enclosed amenities so that the workspace is fully your own.
Yours. by Work.Life gets to know your business, seeking to enhance your company’s culture and improve workplace happiness. Through our hospitality-led approach and expertise in agile working, we provide you with your own dedicated Workspace Experience Coordinator, who is there throughout the office move, and will be on-hand to help once you are moved in.
As businesses grow increasingly reliant on technology, the ability to seamlessly book meeting rooms, use screen-pairing for presentations, or chat with a remote team via video link is crucial to business operations. Knowing that someone is on-call if anything goes wrong can be a big relief for busy growing businesses.
Most importantly, a plug-and-play office space provides a simple and flexible baseline monthly cost where rent, rates and service charges are all included. Yours. by Work.Life offers flexible contract lengths, starting at 12 months, and rolls everything into a monthly bill, meaning that there is complete transparency, and no big upfront costs to worry about.
Different workspaces providers offer varying levels of service. Yours. focuses on providing agile working spaces with additional packages that include access to Work.Life’s coworking spaces and amenities to further increase work-choice flexibility.
Managed Office Space: Advantages
- Customisation: Managed office solutions allow you to play a design role, without the large costs this would otherwise involve. The Yours. team get to know your businesses needs and brand identity to ensure your space is fit for purpose and looks like your own space, which can help to enhance your company culture.
- Hassle-free payments: In a Yours. managed office space, there are no upfront costs and a simple billing structure. With everything rolled into one single monthly payment, the cost of renting office space is transparent, and there are no surprise costs to worry about.
- A smooth setup process: With clear milestones communicated throughout the process, set-up and move-in are streamlined – saving teams valuable time, money and resources.
- Less square footage: We believe in agile working and design our spaces to promote collaboration and different ways of working. The way that people work is changing; you don’t need a desk for every single employee, so we can design the perfect office for your needs, using less space.
- Dedicated Workspace Experience Coordinator: When repairs or maintenance are needed, they are always available to help you tackle service issues or upgrades and plan for the future. They can even help to organise events for your team if required. You’ll also have access to a dedicated maintenance & facilities team, who are there to assist with everything from IT issues to delivering new desks
- High-speed internet & connectivity: Rather than having to plan, budget and set up for yourself, these are included as a standard amenity and rolled into your monthly payment.
Managed Office Space: Disadvantages
- Level of customisation: If you’re really passionate about design, this solution doesn’t offer you full customisation down to every detail. Some aspects of the building, like parking spaces, may be shared with other businesses. On the whole though, the managed office space is yours to design how you want.
- Flexibility premium: Your ongoing monthly costs will be higher in a managed office space; because the design & build costs are amortised into monthly payments, and you have more flexibility with your lease terms.
Done-for-you office spaces remove the headaches of moving office, as well as creating a productive, agile workspace. For many SMEs and businesses in need of a bigger office, they are the ideal solution; as they provide a level of customisation greater than that in a serviced office, but without the huge up-front costs and operational burdon.
Managed Office Space: Case Study
UK-based e-commerce mattress company EVE Sleep came to the Yours. team with a vision for their dream flexible workspace. Instead of having to deal with the hassle of choosing their rental office space and moving from their existing office, Yours. took care of the process from start to finish, providing them with a fully functional workspace from day one.
They benefit from a dedicated Workspace Experience Coordinator, who is on-hand to deal with any issues and provide invaluable support.
Need advice on where to start? Get in touch – we’ll help you find the rental office space you’re looking for.