Our co-founder Joe Gillam weighs up the pros and cons of serviced office space versus having a private lease.
Most focus this conversation around cost and flex. Of course cost is a key factor in the decision but in my experience the real questions relates to where you are as a business and what your business is really about.
Regarding cost, I believe serviced end up being a little more expensive per desk than what you would spend in your own space. However, the benefits of no capex, greater ease and facilities management inclusive is a massive plus point for a lot of small to medium companies.
As a small business I love being in a serviced space. I get to meet other businesses, seeing others hustle inspires me through osmosis and I have a flexible contract. My business is about a lot of things but the number one is probably meeting people and purposeful networking. Every tenant I meet provides an opportunity for me and my business. Every entrepreneur I bump into is a potential new network and every small business idea I hear of in the building helps to inspire change in my own product.
As a start-up the serviced model works perfectly for me and my business. As we grow and I need to encourage and cultivate our own culture a traditional lease naturally provides us with a better platform to do that. Being honest about the stage your business is at and what is most important to it should really shape where you decide to call home.
If you weighed up the pros and cons of both serviced and lease office space you would end up with a zero-sum game. So understand what your business really needs and what stage your enterprise is at and then choose wisely.