Are you searching for a new office but confused about all the different types available out there? In this article we will explain the difference between a leasehold, managed and serviced office.
What is a leasehold office?
A leasehold is a traditional form of office rental, which typically offers a better monthly rate over the course of a longer lease-term, usually five years plus. You will have your own private, fully self-contained office space and full control over the design, fit out, utilities and suppliers.
What is a managed office?
A managed office is a sort of hybrid between a leasehold and a serviced office and comes under the flexible workspace bracket. You will still have access to a private workspace which you can make your own, but the lease terms will be considerably more flexible, usually ranging from 12-36 months. A managed option typically takes less time in the move in process than a leasehold option and generally the cost you pay is all-inclusive, including business rates.
What is a serviced office?
A serviced office is typically a fully furnished, plug and play solution. Serviced offices leases tend to be very flexible, starting from as short as three-month terms. Often you will have access within your monthly payment to a range of shared communal amenities such as kitchen, meeting rooms, breakout spaces, showers, bike storage and gym facilities. These flexible contracts also provide businesses with the freedom to expand and reduce space as required.