A Guide to Leased Offices in London & Across The UK
Depending on the size and needs of your business, a leased office space could provide the ideal workspace. Below we explain more about leased offices and what they have to offer.
What is a leased office?
A leased office gives your business an operation space for an agreed fixed period of time. While some leases can last for decades, It is more common for the contract to last anywhere between 5-10 years.
Why rent a leased office?
Some of the benefits of renting a leased office include:
Once the contract has finished you have the option to relocate to a new workspace that suits the needs of your budget and business, which is particularly helpful if your business has grown during that time.
- Cost effective in the short-term
You may prefer to go down the leased route for financial reasons as it can sometimes be cheaper than a serviced office in the short-term. However, you won’t get the same level of ongoing business support provided by a serviced office, which means costs can often be higher in the long run.
- More design control
With a leased office you can install your own furniture and operational infrastructure, while also decorating the space to suit your specific tastes. You are also able to design the layout however you want and create a space that works in the way you need it to.
What’s the difference between leased offices and serviced offices?
A leased office provides an all-round business support package for companies, offering a ready-made space that enables them to become operational straightaway. Set up for a leased office takes longer because all of the required infrastructure needs to be installed, whereas a serviced office already has internet, phone lines and office furniture in place, so you can plug in and start work straightaway.
Serviced offices also have staffed reception areas, meeting rooms, communal kitchen and lunch areas, cleaning and maintenance support and postal/printing/courier services (usually on a pay-as-you-use basis).
What are the contract terms?
Most leased office contracts last for around 5-10 years, depending on the needs of the business and the property owner. A break clause is often included for the 3rd or 5th year (depending on the total contract length) so both parties have the option to seek alternative solutions.
Costs are based on the square footage of the space being leased, with additional service charges added to the standard rent rate. While the tenant has the freedom to use the space as they need, it does mean that they are responsible for its upkeep, which includes the installation of IT networks, phone lines, cleaning, general maintenance and covering all utility bill costs.
Is leased office space right for your business?
Leased office spaces are usually best suited to medium-to-large companies that have a good projection of growth over the next 5-10 years. Because the business is agreeing to remain in the office for a fixed period of time, it needs to have some level of certainty that it will not outgrow the space. If it grows too quickly while tied to a leased office space contract it may become harder to accommodate the extra staff and infrastructure needed to sustain the needs of the business.
Are you looking for a leased office space in London or across the UK?
If you’re searching for the perfect office space for your business, Prime Office Search can help. We have a wide portfolio of offices spaces in London and across the UK including a selection of leased office spaces. Our experienced team are always on hand to help with your office search, listening to your exact requirements and matching them with suitable office spaces. Get in touch with us today to start your office search.