You have two main options for consideration, we have outlined below some of the pros and cons:-

1) serviced offices or

2) conventional lease.

Serviced Offices

  • Limited upfront costs – a fully fitted suite will be provided including furniture for the number of staff required so limited upfront costs on fitting out.

  • Flexible – a licence will be on a flexible basis typically from 3 months upwards allowing you the ability to grow or contract depending on your business needs.

  • Simplicity – far simpler in format reducing the time needed to be up and running.

  • Cost Certainty – a single fee will be charged per work station, with additional charges for extra services levied on your specific requirements.

But…

  • Lack of identity – most serviced office providers will fit the space out in a uniform fashion to suit varying tastes.

Leasehold Offices

  • Greater choice – a wider selection of space in terms of size, quality and location. This will allow the occupier to choose the most suitable office for their business needs.

  • Autonomy in use and design of space – a lease agreement will allow the ingoing tenant to fit-out their space to their own personal taste and specification.

  • Create a brand identity (by marketing the address and fitting out the space) – greater branding opportunities may be available both internally and externally increasing your company’s profile.

But…

  • Longer term commitment – lease length will vary on the size of the space and building to building but typical lease lengths for sub 5,000 sq ft accommodation will be between 3-5 years.

  • Variable Costs – although a rent will be agreed from lease commencement, there are other items of expenditure which can vary over the term, to include service charge, rates, utilities, rent review (normally every 5 years) and dilapidations liability at the expiry of the lease.