What Type of Workspace Suits Your Business?

Business Insights

"The office is where we spend most of our time. It's practically where we live. Our colleagues and our bosses see more of us than our families do."

Lucy Kellaway penned these words in 2013. It goes without saying that a lot has changed since then.

Where do you get most of your work done? It may not be a traditional office. Perhaps you find yourself working most frequently from home, from client offices, or in coworking spaces.

Wherever it may be, every entrepreneur needs a place to work productively, and thanks to the rapid evolution of technology along with our general attitude towards where and when we work, there's now a rich choice of workspaces to suit every type of working habit.

Let's take a look at the most common types of workspace, and which type may best suit your business:

Traditional Office Lease:

This is the type of office that comes to mind in Kellaway's article extract. Office leases once dominated the workplace scene, typically involving lengthy lease terms (usually several years) for a designated office space within a commercial building.

An office lease typically ranges between 5 and 25 years and is a binding contract, with the tenant expected to pay rent and other building maintenance costs. Therefore they are best suited to well-established large or mid-sized businesses with a stable workforce and predictable growth.

However, some leases can be acquired on more flexible terms. Some business centres do provide leasehold opportunities for growing businesses with flexible terms that reduces the risk associated with traditional office leases.

Managed Office Space:

A managed space is a customisable office solution. It is more flexible than an office lease and typically ranges from 3 - 5 years. Managed contracts typically enable the business to influence the design, fit-out, technology, and services included with their office space.

This makes it ideal for small or medium-sized growing businesses that have an established presence and require a semi-permanent head office to support their brand. It's also frequently used by larger organisations that require a regional office.

Flexible Offices:

There are multiple types of office space that fall within the ‘flexible' bracket. The most common types are:

    Serviced Office: These are fully furnished office spaces that are managed by a specialist flexible office operator. You'll find numerous serviced office suites located within a business centre supported by an onsite management and reception team.

    Unlike a traditional office lease, serviced office contracts are all-inclusive and typically start from as little as three months, with options to upsize space or change offices as needed.

    This flexibility makes serviced offices ideal for any company that doesn't want the hassle of managing an office facility -- especially small businesses, startups, and independent professionals. They are also regularly used by larger companies that require regional offices or short-term project space.

    Coworking Spaces: Born out of a need to escape the loneliness of working alone at home or in cafes, coworking spaces emerged in the early 2000s and quickly became a hit with entrepreneurs and startups. Coworking provides access to a desk in a shared workspace, enabling entrepreneurs to enjoy the companionship of like-minded people and work in a fully equipped space, without the high cost and commitment of an office contract.

    Typically, coworking memberships are available for as little as one month, and some offer day passes for even more flexibility. This makes coworking ideal for independent professionals, startups, and small businesses looking for flexibility, networking opportunities, and cost-effectiveness. Coworking spaces are also popular among remote workers and digital nomads.

    Virtual Offices: For those who don't need a regular office space, such as entrepreneurs who spend most of their time working from home, a virtual office provides the ultimate flexibility. Virtual offices provide businesses with a physical office address, which they can use to receive mail as well as for marketing materials. This protects the entrepreneur's personal details while also providing a professional address to strengthen their image and reputation.

    Sometimes, receptionist services and access to meeting rooms may be included within the virtual office agreement. Virtual offices are ideal for businesses or individuals that operate remotely, startups seeking a professional business address, and companies looking to establish a presence in multiple locations without committing to office contracts.

What Type of Workspace Suits Your Business?

From traditional office leases to the flexibility of serviced offices and coworking spaces, modern businesses have access to a diverse range of workspace solutions to suit a variety of working styles and habits.

Many flexible office companies list with online brokers and directories too, which makes finding and comparing options in your area easier than ever.

Coworking and day office passes can often be booked online, while companies providing flexible offices or longer-term workplaces will always offer you a personalised tour of the available office space and the building facilities.

A little tip from us: ask for a free day pass so you can really explore the space. It's a great way to experience the amenities, get a feel for the business community, and try out the distance from home. It might just help you discover your next workplace!

UBC offers a variety of flexible offices including serviced and managed offices, coworking, meeting rooms and virtual offices across 15 UK locations. Learn more and chat with our friendly team at www.ubcuk.com.