In your search for new office space, you have a few options available to you. As well as a traditional office, you can choose either co-working spaces or a serviced office.
If you've never considered either of these two options, this short guide aims to inform you about the difference between serviced offices and co-working spaces. You will then be better positioned to choose which one of these is the right solution for your business.
Serviced Office Space
This type of office space comes with several advantages, such as:
- Administrative Support. Generally, the offices are managed by a company providing building and administrative support.
- Convenience. Everything is ready to go with a serviced office, so you merely need to move in and start work.
- Dedicated Spaces. These office spaces come with dedicated spaces for gatherings, presentations, or private meetings.
- Desirable Location. Serviced offices are usually located in prime locations where people need office space.
- More Flexible Lease. You will likely get a much more flexible lease than with a traditional office, allowing you to grow or contract as needed.
- Maintenance Included. You will have no concerns about maintenance with a serviced office, as included in your contract.
Of course, there are some disadvantages with serviced offices, including:
- Generic Look. Serviced offices tend to look a bit bland and generic.
- Shared Spaces. You do not own these, so you'll need to book them in advance.
- Expenses. The services you pay for through the management company are likely to be more expensive.
Co-working spaces are less likely to be the home of an established business, but they are incredibly popular with entrepreneurs and start-up businesses.
Some of the advantages of co-working spaces are as follows:
- Flexibility. Co-working spaces provide an incredible degree of flexibility. Generally, you can come and go as you please without being tied down by a lease agreement.
- Low Cost. You will not need hefty monthly rental payments or commit to a long-term lease.
- Collaboration. Co-working spaces tend to be full of highly social people, providing a hive of collaboration.
However, before you think that you're entering into some creative paradise, you need to consider several drawbacks to a co-working space.
- Lack of Privacy. The open-plan, collaborative nature of a co-working space does not lend itself to privacy and confidentiality. If you have a sensitive issue to deal with or a private meeting with a key client, you'll maybe have to take it off-site.
- Demand For Resources. As there are likely to be more users, competition for any shared resources, such as a presentation room, will be high. You'll need to plan far in advance.
- Little Say Over the Space. You will have little say over the layout, decor, and environment of the co-working space.
There are significant advantages and disadvantages to both a co-working space and a serviced office. Your choice may well come down to the stage of your business. For the fledgling company, a co-working space could fit. However, this is less likely to be the case for an established business, and a serviced office should be your choice in this case.
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