In an age where many people work remotely, there is a high need for flexible office space- London offers just that flexibility. You can rent out serviced office space by the day, week or month, and it’s perfect for entrepreneurs, small businesses, or freelancers.
What Is Flexible Office Space?
Flexible workspaces are shared offices available monthly or for a specific term, depending on the workspace requirements. This perfect office space allows the business owner to scale their needs according to their growth. The rental fee includes all office equipment, which helps them cut costs. Co-working spaces usually provide flexible office space and buildings that several businesses rent in London together. These businesses cater to meet the changing needs of their cohabitating business members.
Flexible office spaces may differ in their facilities and services, but they usually include everything an office needs to run smoothly. These may include high-speed internet, security personnel, and cleaning services. Some of these facilities include meeting rooms, which are part of the rental price. Others are available on a pay-as-you-use basis. Flexible offices are a great option for growing businesses regardless of their use.
What Does Hot-Desking Mean In Business?
Before the pandemic, a hot desk was a popular trend for many businesses. Employees would set up workstations wherever one was available. This type of flexible approach to physical attendance was popular and growing. Today, varying capacity levels fill offices and teams spread across different locations. However, hot desking is no longer so common when many employees want to work from home or another location.
Another benefit of hot desking is that it promotes healthy employee mingling. It allows them to socialise and learn about one another’s skills. Studies have proven the importance of developing relationships within organisations. It also fosters productivity by ensuring employees stay on task and avoid being late to work.
What Type Of Offices Can You Rent In London?
Give your team a perfect space to focus, grow, and thrive.
Conventional Space
Conventional leases typically require the help of a commercial property agent – these can be incredibly complex as the terms span several years. Negotiation requires professional input, which is most suitable for larger companies.
Serviced Offices
The offices come furnished. These are private offices set up and ready to use, equipped with all the necessary amenities. Serviced offices tend to be flexible and scalable for all companies. Serviced offices are usually managed by a management company and come equipped with everything you need. Serviced spaces allow you to work independently for one singular monthly cost.
Home Office
This option is another very popular form of London office. Home-working is gaining in popularity as employees tap into 24/7 connectivity. The cost of a home office boils down to the price of office furniture, office supplies, and basic utility needs like electricity and internet. Because the space comes with your monthly mortgage or rent, you don’t have to worry about a monthly fee.
Co-working
Be part of a vibrant co-working community with a dedicated desk or hot-desking options. Co-working spaces are becoming increasingly popular with the rise of freelance work and flexible employment opportunities. Co-Working spaces can be for entire office buildings or floors where you can rent an individual desk or office for one person. The cost of a co-working space depends upon the amenities you need, the building location of the office provider, and other service fees. Typically, your monthly rental costs include a roof terrace, conference rooms, kitchen areas, phone booths and other amenities.
Virtual Offices
Give your firm a global network at prime business locations. A virtual office gives your business a London address for a small monthly cost. It serves to collect posts and as your registered business location – providing an inexpensive way to claim a prestigious city address. Whether you’re looking to invest in a virtual office, create a home working space, find office space, or look for a conventional lease, plenty of options are available to meet your company’s needs.
Meeting Rooms
Conference rooms for professional training sessions, interviews, and pitches are available whenever you need them. Before delving into what a conference room should have to be productive, you should examine its purpose and function. A meeting room is simply a room set aside and designated as a perfect space to hold meetings. It’s that simple. However, these days, meeting facilities may also double as a place to hold lunch, client meetings, brainstorming and strategy sessions. It’s easy to see how a conference room can serve various purposes, despite its simple concept.
Studios
Studio apartments, or ‘efficiency apartments’, work on the principle of effective space utilisation. Hence, you will see minimum barriers in walls and space demarcation. It usually has an open floor plan, which may vary depending on the city or the locality.
Event spaces
Event Space is a location for weddings, conferences, galas, and other similar events. Such use may include a roof terrace, conference rooms, banquet halls, a chapel or other ceremonial space for events, outdoor tents, and commercial kitchens serving such events. For greater clarity, this definition does not include a restaurant serving the travelling public.
Business Centres
The concept of a business centre is to provide an end-to-end business infrastructure for short to medium-term durations. Clients can choose flexible options based on their specific space and infrastructural requirements. A Business Center has everything that you may need to run your business in the most-efficient manner. So, you’ll get everything in a Local Business Centre, whether copiers, faxes, printers, scanners, private phone booths, contemporary furniture and decor, or high-speed internet connectivity.
What Are The Key Factors to Consider When Looking for Private Office Spaces?
Location and Accessibility
Location is the most important factor when choosing an office space in London. A location that is easily accessible is vital to the success of any organisation. In terms of location, offices in prime London locations are a popular choice among businesses. However, getting a flexible workspace in central London can be cheaper. That is because local businesses occupy most central London properties. However, many entrepreneurs want to work in the city centre. It is worth noting that a flexible workspace is generally cheaper than a traditional leased property, and you’ll not have to pay for Wi-Fi, utilities, security, or building maintenance.
Price
The cost of private offices is something that needs strategising effectively. The price also impacts the net income of your business and the level of reserves it can maintain.
Nonetheless, if the office space subsidy or price is too low, it can result in a sub-standard office with a poor location and working environment. In contrast, if the price goes up, the business may spend more than it can afford, burdened with higher rent and additional expenses. Ensure that there are no hidden costs in the office space you choose, such as maintenance fees, parking fees, association dues, or any other additional fees. Take into consideration if the lease price matches the location and facilities included.
Company Size
The size of the premises needs to match the size of your company. You don’t want to cram your employees into a tiny space with no room to breathe, nor do you want to overspend on a huge space you don’t need. A general guideline is that every employee should have approximately 21 square meters. So, if you have ten employees, you should be looking for office space around 210 square meters. However, businesses vary per type, and each may have different requirements.
Knowing your sizing requirements will prevent you from moving from one office space to another since it’s another added expense you don’t want. If you’re planning to grow your company and hire more employees, you may be better off with a bigger and more flexible London office space in terms of layout and design.
Technology and Infrastructure
Businesses nowadays can rarely function with internet connectivity, making this an essential factor when choosing an office space. Some office spaces are equipped with internet connectivity and incorporated with the rent. However, having a reliable, stable, and fast internet connection is crucial to preventing hindrances in productivity. Determine whether the office space you’re looking at can accommodate changes in the infrastructure according to your business needs.
Layout and Design
Office design and layout are not merely an option you can consider. It’s a necessity that significantly impacts employee productivity, engagement, and satisfaction. Having the perfect office space that reflects your company culture speaks volumes about how much you value your business and your employees.
Contingency Plan
Despite the preparations and careful considerations, some situations may precipitate your company to terminate your lease, so there needs to be an exit strategy should the office group fail to meet your business requirements. These unforeseen circumstances may include natural calamities, changes in business demographics, structural inadequacies, and more. Office leases with shorter terms may need a contingency plan to leave or move when needed.
Conclusion
There are many benefits to renting London office space, including the ability to customise your workspace, the freedom to work from anywhere, and the convenience of having all the amenities you need in one place. Flexible offices are a great option for those who want the freedom of working from a private office space in the right location without the hassle and expense of setting up their own fully furnished office.