There has been a significant shift in the office rental market towards co-working and shared office space. This is more than likely as a result of business needing more flexibility due to the changing work environment. Our inner cities as well as leafy suburbs have seen a number of traditional office spaces being converted to shared and co-working space. It is still too early to say with certainty how the post-pandemic work environment will look. As the debate continues, one thing is clear - the traditional notions of working have been disrupted and businesses will need to adapt to this new norm. 

There are many factors to take into consideration when looking for new space, and if the serviced office is a better option than renting a traditional office. Serviced office provide flexibility for the business, it allows you at short notice to increase or decrease the amount of space and employees that you need to accommodate. A serviced office is a fully furnished and equipped office space that is leased out by a flexible office provider. Operators typically rent out single spaces, executive suites or entire floors to their tenants, providing them with access to a private, ready-to-use office space on flexible terms.

Benefits of a Serviced Office

• Flexible lease terms
• Short notice period
• Minimal capital outlay as there is no need to fit out your space, or purchase office furniture and equipment.
• Many of the serviced office locations offer a unique and fun space to work from
• Associated services like gym membership, coffee lounges etc
• Access to shared facilities like meeting rooms

Serviced offices are usually already fitted out with all the furnishings and amenities that a typical office provides, such that businesses can be up and running as soon as they move in. These perks are inclusive of their monthly fees so businesses do not have to worry about hidden costs or expensive capital outlays. Serviced offices and coworking spaces are dynamic and flexible work environments that are part of a growing global shift as businesses look for more agile ways of procuring offices. As the COVID-19 situation around the world remains unpredictable, many companies these days are looking for a low-commitment and cost-effective solution that allow them to adapt to the evolving situation. One of the biggest differences between traditional office and shared or co-working office is the term of the lease or agreement. A traditional office lease is at least 3 years and usually more like 5 or 10 while a shared office usually offers shorter term agreements from 3 months up to 1 year.

Want to know what the best solution is for your business? Get in touch with our team of property experts and we will guide you through the process of sourcing the perfect commercial property.