Buying a plush office used to be a status symbol for a lot of businesses, a way of illustrating that they had ”made it” or ”had arrived” and were now big players. This ethos worked for a lot of companies but for many others it has helped contribute to their downfall or caused major worries in times of financial crisis. Of course the benefits of buying property should not be ignored but in the current climate and following the country’s economic downturn and the recession that has hit over the past couple of years, renting office space has proved to be a blessing for many businesses.

For many small businesses, renting office space rather than buying has saved them from going under and where renting used to be thought of as throwing money away as opposed to buying, more and more people are now choosing the option of renting office space. The benefits of buying premises rather than renting office space are that if you pay a mortgage you will eventually own the premises and if the economic climate improves it will be worth more than you originally paid for it so you could make a substantial profit.

Renting office space in the current UK climate though seems to have far more benefits over buying, you can get state of the art premises for your business that you may not have been able to afford otherwise and the facilities are likely to be better than in older buildings. Office space can be tailored to perfectly suit your needs, from size to amenities, offices or factory space and other services such as furniture, telephones, broadband access and meeting room facilities plus one of the main benefits is the flexible lease terms. Should your company fall on hard times, you need to make cut backs and save money or you decide you need smaller or larger premises or a different location, having a flexible lease agreement rather than having to sell your premises before you can move are major benefits.

Serviced office spaces also include other facilities such as on-site security and cleaning, in-house IT and communications departments and general management facilities. Instead of having to organise all of these separately, choosing a serviced office space means that all of the features offered by the building management company are included in the monthly rent.

This can be of particular benefit to start-up companies by giving them a set amount each month to budget to. Rather than trying to add up a series of random costs, a single figure covers all the eventualities and utility charges, allowing a business to ‘live within their means’ without any loss of provisional services. This makes bookkeeping and accounting much easier. In a standard, unserviced office costs can quickly mount, taking the company over budget. It may be something as simple as the cost of installing additional telephone sockets or lighting – items that in a serviced office are often included in the single monthly fee.

Security issues are also a consideration. In unserviced buildings, each individual business usually pays towards the security costs of the building, and if the building management decides to upgrade the security system, the additional costs can cripple small businesses. In a serviced office arrangement, the fees are included into the final monthly total, which stays at a set amount for an agreed period of time. This gives businesses the reassurance that their security is being maintained without having to add additional costs into their budget.

One of the most important benefits of a serviced office space is the flexibility it provides, enabling businesses to upgrade or expand quickly without having to eat into company funds to cover the additional costs of expansion. Many serviced offices also offer short-term leases and flexible break options, meaning that if your business is forced to relocate for whatever reason, then a temporary base can be set up in a serviced office space whilst you look at a more leisurely pace for your final business address. This means that the business can continue to operate without interruption, ensuring that you do not lose your place in the market.

Serviced office space offers a comprehensive solution to most business location situations, particularly for start-ups, small businesses looking to expand without too much additional cost and for businesses in transit between locations. With the current economic climate, there are plenty of serviced offices available at bargain prices, and management companies are often open to negotiation.