It can seem difficult to know where to start when it comes to the office market. However, King’s Cross Office Space can help you make sense of the office jargon that you might be confronted with. Take a look at our guide below.
These are work environments where you generally pay for each desk you use in a communal space. The space is shared with a number of other teams, which usually consist of 1-5 people. You can expect an open plan design and the chance to engage in a little networking.
You can expect to simply ‘plug and play’, and many people describe co-working spaces as a vastly superior alternative to home working. You’ll get a desk, chair and internet connection and only pay for the desks used. Terms can vary, though you will usually be asked to pay a month’s deposit.
Serviced offices are akin to hotels in that everything is set up waiting for you get started as soon as you move in. You are given a complete office package and won’t usually have to share the office with anyone else. You will also be given bookable meeting and board rooms and can enjoy enhanced flexibility. You can increase or decrease your usage easily, which makes serviced offices great for those expecting to expand in the future.
You can expect to pay by the desk, therefore avoiding nasty surprises and unforeseen charges. You should read the terms carefully though to ensure that you won’t be charged extra for things like phone line rental.
Leasing an office is like renting a flat. Cost, tenancy agreements and the length of the term are all agreed in advance via negotiation. A tenant representative like ourselves can protect your interests and stop the terms from favouring landlords and facing you with huge costs later.
There are many reasons why companies take leases on office space. For instance, you may have outgrown your existing space and may need privacy or dedicated facilities. Taking on a lease can be both exciting and daunting. You’ll need to consider a whole host of factors, from location, size, length of term and your potential neighbours.
A freehold is an outright purchase of your work space. It can involve purchasing everything from a single office or an entire building. The process of arranging a freehold can be a drawn-out one, but once you own a freehold you don’t have to be dictated to by a landlord and can avoid various unpleasant pitfalls. More and more companies are investing in freeholds in Central London after seeing just how lucrative they can be. Demand is continuing to grow, which means that prices are likely to be driven higher and higher, as are rental costs and overheads.
We hope this brief guide has helped you to understand the various options available to you.
King’s Cross Office Space helps clients to lease or purchase work space. We can identify the best locations and properties for your needs and make negotiations to make things as fair for you as possible. We’re proud to go to war on your behalf to get the best prices and terms. Get in touch to find out more.