What should you know about serviced office space

"Paying only for what you need, when you need it, is a lifeline for many small businesses who want to put their capital into their business, not real estate."
James Nicholson

We know an office is more than just space. It's the place where your team will create an identity, accomplish goals and expand. That's why every penny must be wisely invested. The good news is real estate has evolved in order to help businesses grow, benefit from great services and networking events. The once real estate market that only used to accommodate you in a place now looks forward to offering you an experience. [Drum rolls]. Let's introduce you to serviced office space and its benefits.

All-inclusive bill

Instead of receiving multiple bills and dealing with invoices and paperwork, with a serviced office you get a monthly bill with everything included. You can even ask the operator to charge your company's credit card so you don't have to worry about paying on time. Furthermore, operating costs for high-speed internet, general office maintenance, and cleaning are already included in the overall membership price. The only thing you need to worry about is to decide what type of office layout is the best for your team: private office, virtual office or coworking space.

Hot locations

Centers that offer serviced office space are commonly located in strategic places of a city. This means employees will have access to public transport, nearby restaurants, and ATMs, helping them maintain a healthy work-lifestyle balance. Additionally, office operators tend to rent entire floors so they get great deals and therefore offer you a low budget lease. In other words, you pay a fraction of the cost for that premium address. Which ultimately makes your business look more professional too.

For a better understanding, you can see the offices we offer in major cities like Los Angeles, Chicago, and Miami.

Vibrant network community

Once you start working in a serviced office space, you would notice that your once 3 member team is now surrounded by other professionals who are also sharing common areas and desks. This will organically encourage your employees to make new connections and share insights and knowledge that promote collaboration and networking. It also encourages innovative ideas through casual discussions with other tenants and establishes valuable business relationships.

Top amenities

One of the main benefits of choosing a serviced office is the amenities included. Besides from receptionist and mail service, other services like phone booths and a well-stocked of beverages are also included. You can also find those that offer a fitness center with showers, indoor parking lots for employees and clients, as well as free beer for brainstorming during happy hours. Although this might seem usual for some, remember that owners of a traditional office are responsible for the entire cost of staffing a reception area, lobby, and any communal areas for your team. Plus, when you rent a fully-serviced office the IT and telecommunications infrastructure are already provided.

***If you want to learn about the top amenities wanted by millennials today, you can read this article.

Flexible agreement

Serviced office spaces know businesses are constantly evolving in order to adjust to the market and progress internally. That's why they offer flexibility with their leasing agreements. Whether for a few days, a couple of months or a year, you're the one deciding how long you want to stay in the place. Plus, if you see that for any reason you need to adjust your term, this can be easily done.

When you're considering a serviced office vs a traditional office, a serviced office is the best option for a business that wants to save money while concentrating on growth and planning for the future

Here's a table to help you analyze the difference between a traditional office lease and a serviced office lease. The costs are meant to be for set up of a four person office in New York City.

***This costs are approximations and may vary depending on the city and the state you are reside in.

Set Up Cost of a 4 Person Office NYC:

Office Needs Traditional Space Serviced Space
Space $4,000.00 $4,000.00
Office funiture $10,000.00 Included
Conference Room $12,000.00 Included
Phones $1,000.00 Included
Phone & Internet /mo. $300.00 Included
Utilities /mo. $250.00 Included
Recepcionist/Secretary $2,000.00 Included
Café/Drinks, etc. $200.00 Included
TOTAL $29,750.00 $4,000.00

During the first month you will spend seven times more in a traditional space, and after that, your basic monthly expenses will be 50% greater. You probably also need to fix that annoying copier and spend half a day on the phone trying to fix the internet service. None of those are covered in a traditional office but are included in a serviced office space.

Check out some of the serviced offices available right now.

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