Finding quality office space on a low-budget might seem difficult, so here at Search Office Space we looked at ways to find the right office at the best price.
A study by the Chartered Institute of Purchasing and Supply (CIPS) found that serviced offices can offer substantial short and medium term savings over conventional leases, so we looked at this and other ideas to come up with these top tips:
Out of the city centre & better value cities
Typically, the office spaces in the centre of a city will cost more due to the high demand for the location, even your choice of city will have a big impact on office costs.
When you’re on a budget, you should be flexible in your area expectations. It’s a good idea to look for a city or neighbourhood with less competition, but one that is still suitable for businesses: the location still needs to have easy access to employees and clients, so you don’t risk losing either. There are plenty of choices out there if you are more flexible with location.
In fact the CIPs study showed that a business looking to set up an office in a lower cost city such as Birmingham for around 10 people, could save around 66% over 3 months and 44% for a year when choosing serviced offices over conventional space, this is backed up by the CBREs global Prime Office Occupancy Costs survey that identified Birmingham as the best value city in the UK to do business.
Serviced office space
One of the main selling points of serviced offices, is the length of the lease, as they can be as short as three months (although to get the best deals committing to 12 months is advised). This allows your business to be size flexible, without the burden of being tied to a long-term lease for a fixed space. They also have extra facilities on-tap such as meeting rooms, board rooms or video conferencing facilities that you can use on a pay as you go basis. This highlights a great selling point for serviced offices - their flexibility to businesses: increasing your staff numbers? just increase your office space, need a presentation room but only twice a year? then only pay for when you use it.
However, do serviced offices offer a saving over conventional office space? The CIPs study found that serviced offices can offer substantial short and medium term savings over conventional leases. Taking a higher cost area such as London a company of 5 people using a serviced office for three months could save 33% of the cost of a conventional office lease. If the company stayed, they would make a saving of 21% over six months and 11% over a year. See our selection of serviced offices in the centre of London here.
Sharing is caring
This is a good strategy that can be applied to most things in life, including office space. Find individuals or companies that you can collaborate with, share the space and expenses. You can save a lot of money with this approach, which can be further invested in an area of greater need in your business. There are other benefits to sharing office space such as networking for serviced or new business opportunities; co-working is becoming an increasingly popular choice for creative and IT start-ups.
Choice is Key
The important thing is to get a good view of the market, the advantage of having a search resource that covers as much of the office market as possible is that it widens your choice of office type and location, giving you a better chance of finding the right office space at the right price.
Your clients may be able to give you recommendations on the benefits of moving into an area and point the ups and downs of running a business there. Tapping into recommendations makes sense since you are learning from a clients' experiences, plus locating nearer important clients can never do any harm.
Let Office Freedom help you find your next office
To find out how much Office Freedom can help you find the right office solution for your business, contact one of our experienced property consultants today:
Call: 0203 603 2576
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