It is one of the fundamental decisions you will have to make in the infancy, or further on in the lifetime, of a business. Should you invest in your own office, or sign a rental agreement for commercial space within a serviced office complex?
The truth is, the answer to this question will come down to the nature of your business and what your priorities are. To try and make things easier for you, in this article we are going to pinpoint the pros of inhabiting serviced offices vs your own office. Read on!
Serviced offices – the benefits
Keeping options open
Investing in your own office space is more of a long term play. If you want to retain a certain amount of flexibility, serviced offices can be ideal, giving you the option of a short term contract. If you want to try a particular location with ‘no strings’, or are tentative as to the future success of your business, this leeway can be key.
Kind on your cash flow
Whether you are a start-up which needs every penny you can hold on to or are a more established business which is determined to tighten its belt in the short term, renting a serviced office space can make sense. That is because you can expect furniture, certain amenities and equipment to be provided as part of your agreement, meaning you typically don’t need to spend much on infrastructure.
Your own office – the benefits
Less expensive in the long term
You can benefit from the lower long term costs that an investment in your own office space can offer, compared to a serviced office. Despite requiring a higher initial outlay, your own office can save you money in the long run.
You are the boss
A personalised, branded office can make an impression when it comes to welcoming potential clients and other visitors. You call the shots on the interior of your owned office, directing fit out companies London-wide on elements such as the furniture to layout, style and colour scheme.
The verdict
As we said in the introduction, whether you opt for your own office or a serviced space will come down to your individual business outlook. If you know exactly where your business is going over the next five years, and have the capital, it can pay dividends to invest in a commercial property. For those who don’t have this security, a serviced office can meet short term requirements excellently.
