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Office Search Challenges Checklist

Serviced Offices vs Leased Offices

1. Long term engagement or Short term fix

Signing up for an office lease can be a tricky process, especially for small and medium sized businesses. It is about a long term engagement that demands the utmost consideration.

Searching for and successfully finding the right office space which meets all your criteria can be very painful under a conventional lease agreement.

office search challenges

2. Conventional lease terms

The premises you need will often require:

    1. Fit-out
    2. Office furniture
    3. IT systems and infrastructure

These will increase your costs and also limit your business’s flexibility. Other things are:

    1. Length of rental agreements
    2. Phone lines and Telecoms
    3. Internet, electrical power, and other utilities

3. Leased offices or Serviced offices?

There are other hidden costs and issues that will crop up in your first 6 months of operation, if you don't exercise care in choosing the right package from the outset.

Office Search Terms Comparison

# London Office Search Sublease
Contract Simple one-page agreement
You set the terms
20+ pages
Master lease negotiated by someone else
Flexible terms A day, a month, or a year - you decide what's best for your business None; landlord controls renewals and terms
Flexible space Take only the space you need
Ability to upscale at any time
Locked into contract
Costs No up-front capital expenditure
No maintenance
No build-out costs
Up-front capital to retrofit, architect, legal, security deposits, exit costs
Services Fully furnished and staffed
Advanced telecoms and IT systems
Meeting rooms and videoconferencing
No staff or equipment included
Timing Sign and move in immediately Build-out, technology installation, and lease execution could last weeks, even months
4. Scaling Up and Down

As such it is imperative that you have someone who has knowledge in the industry to ensure you have the scalability (scale up and down when required), flexibility (to adapt the office environment to your needs), contract tweak-ability (own terms or tied in for a minimum number of years).

5. Relationship and Negotiation

Also ensure that the office consultant has direct relationship with the office service providers to reduce time in quick comparisons.
Lastly, also look for those office consultants who don’t take a fee as this is a service that they can offer if they are negotiating on your behalf to any office provider.