If you’re running a business or thinking of running a business, there’s one thing you definitely need to take into account, and that’s your office space. It’s important to think about your options before going to look at office spaces, as there are many different options, and you want to make sure you have everything you need in your chosen space.
The first choice you need to make is whether to go for a serviced office space, or whether to rent a traditional office. There are pro’s and cons to both, and depending on your business.
Traditional Offices
Pros
- Tenancy period tends to be longer.
Most lease options for traditional offices are longer than those for serviced offices, and this will ensure you don’t have to move again in a hurry.
- Office locations are less centralized.
When it comes to finding a space for your office, you’ll find that traditional office buildings are available both in the business districts and all across the island. This can have a bearing on your rental costs as those offices that are not centrally located can be rented at a lower price.
- Running costs tend to be lower
Although you may have to pay more upfront, you’ll more than likely benefit from lower operating costs to your business.
Cons
- Longer tenancy periods
The long-term lease can be seen as a pro and a con, depending on your business. If you’re a small startup, then you may only want to test the market and a long-term lease will tie you in for longer than you want it to.
- Initial costs can be high.
As traditional office spaces are blank canvases, you may have to spend more to get your office up and running at the start. If there isn’t much cash in the coffers, then you may struggle.
- Ongoing costs
As traditional offices have no infrastructure to speak of, they will need IT setup, maintenance, and housekeeping, all of which cost more money. Whether you need a commercial roofing company for a critical repair or a faster Internet connection, you have to foot the bill.
Serviced Offices
Pros
- Infrastructure is readily available.
If you need IT services, maintenance or cleaning, or even office furniture, these can be included in your let. Some offices even have reception services, which can be a godsend to small businesses.
- Flexibility of lease
Serviced office leases can be found from 1 month to a year, and depending on the growth of the business, you can expand or downsize your space as required.
- Good business address.
Just as a small business may wish to appear larger than they are by having a reception service, a prestigious address may swing a prospective clients decision.
Cons
- Rents can be high
For a serviced let in a prestigious area, you can end up paying almost double the price of a traditional office. Whilst you may not notice the short-term impact, over time this can be a real drain on your business.
- There may be competition for shared services
If the shared services, such as conference rooms, are available to all tenants, you may not be able to use them on demand.
- Less brand signage
If your brand needs to be seen, perhaps a serviced office isn’t for you. Your signage will, more often than not be tucked away on a back wall, along with the other tenants.
Once you’ve made the decision between serviced offices and traditional, you can then go about finding a business address to suit you.