When you need to rent office space, obviously you want the best deal at the cheapest price. Often the price you see advertised isn’t the total price you’ll end up paying either, once rates, maintenance charges and bills have been added on. Usually, the more exclusive the location, the higher all of these will be. To be able to accurately compare office space in London, for example, you need to find out as much information about each property up front.
Last year’s Total Office Cost Survey (TOCS) actually found that, by and large, a serviced office worked out cheaper than a conventional lease. Even serviced offices in London were found to be cheaper. A serviced office is usually found in a business centre and is popular because all its charges are included in the price you pay (including bills in some cases). They also generally have short term leases, which make them popular for new companies or temporary branches of existing companies.
While serviced office space was once thought of as expensive, it is now a much more attractive proposition for businesses of all sizes and in all sectors. As attitudes towards taking out long leases have changed because of uncertainty caused by the recession, the serviced office market has been able to adapt and present deals that are attractive to tenants, while people offering conventional leases have not done the same. Serviced offices in London allow businesses to have an attractive address without the high hidden charges.