It’s 2024, there are various different types of workspaces available to suit a range of budgets and requirements. Gone are the days of traditional leased offices being the only option. Today, there are an array of different office solutions available to businesses of all sizes. It is also possible to have a prestigious business address without actually having an office. So, in this short guide, discover the 5 office space terms you should know if you’re currently researching potential office space options…
5 Office Space Terms You Should Know
Leased Office
This is the traditional model of commercial real estate leasing. This is where a business rents a physical office space for a long-term period, such as 3, 5, or 10 years. A leased office is a dedicated space and is not shared with other businesses. With this setup, the tenant is responsible for providing and arranging furniture, utilities, internet, cleaning and maintenance.
Serviced Office Space
A more flexible alternative to a traditional leased office, a serviced office space is a rented, fully furnished and equipped space. The monthly fee includes a vast range of expenses including rent, utilities, furniture, cleaning and maintenance. Unlike with traditional leased offices, there is no requirement for a long-term commitment. Businesses can flexibly upscale or relocate as and when required.
CoWorking Space
A coworking space is a work arrangement where individuals or teams from different companies share a common space. So, rather than having a private office just for your team or business, a coworking space is shared by people from a variety of businesses. With a coworking membership, all amenities such as internet and cleaning fees are included.
Hot Desking
Hot desking is a system where workspaces, typically desks, are not assigned to specific employees. Instead, they are available for anyone to use on a first-come, first-served basis, or through a booking system. Hot desking can be implemented in a traditional leased office or a serviced office and is also commonly available at coworking spaces. Hot desking isn’t for everyone and dedicated workspaces are still commonplace for the majority of businesses.
Virtual Office
A virtual office is a service that provides businesses (of any size) with a physical business address, mail handling and access to meeting rooms without actual desk spaces. A virtual office is ideal for businesses seeking a professional corporate image whilst operating remotely. They also allow new and startup businesses access to prestigious postcodes without the full extent of the cost.
If you’re still unsure on the differences between the various types of office space available, please don’t hesitate to get in touch with our friendly team. We are independent office space brokers who have provided solutions to thousands of businesses in the UK. At Love Mondays Office Space, we offer brokerage for Serviced Offices, CoWorking Spaces and Virtual Offices. We’ve a decade of experience in the flexible office space industry and would love to help you find a solution that works for you.
