Finding your first workspace can be a daunting task, especially if you’re unfamiliar with all the jargon surrounding the different workspace options out there. Don’t worry, we are here to help- and with over 25 years in the industry, we like to think of ourselves as experts! Welcome to the workspace dictionary.
If we’ve missed out any vocab, let us know in the comments below and we’ll endeavor to define it for you as soon as possible!
All-inclusive: Everything is included in the monthly cost: rent, services, overheads, and if you’re lucky, additional perks.
Serviced Office: A workspace that offers a flexible contract and an all-inclusive fee; this includes rent, utilities, rates, cleaning, tea, coffee...the works!
Private Office: Small rooms in a workspace for a single individual or company to work in.
Shared Office: An open workspace, sharing with people from other companies.
Terms: The details of a contract, i.e. how long it will run for, the amount to be paid and when and notice period.
Coworking: Working together in a shared space with other individuals, where knowledge, ideas and skills are exchanged.
Pro-working: A bit like coworking, but with a more professional look and feel.
Workhub: A flexible workspace solution offering a desk on an ad hoc basis to businesses or freelancers.
Membership: When signing up with certain coworking providers, you are enrolled on a membership program, allowing you access to other locations, networking events and discounts.
Hot desk: A desk used by multiple people on either a rota or first come first served basis.
Conventional lease: Rent is calculated per sq ft and the terms are longer than that of a serviced office: 3-5 years in most cases.
Freehold: Buying an office building outright, avoiding landlords.
Fit-out: The things that go inside the office: from furniture and air conditioning units to decorative pieces and plants.
Shell & core: An empty office interior without any services or design features installed.
Cat A: The basic fit-out of an office, including the electrical and mechanical elements, internal walls and toilets.
Cat B: A fully fitted and designed office, complete with furniture and the and finer details like artwork.
Grade A: Office space that has been refurbished to a high specification.
Managed office: The go-between. Good for larger companies looking for a lease of 1-5 years.
Flexible office: Workspace that can be rented without long-term commitments; workspace that allows for scaling up or down on short notice.
Incubator: A workspace run by a private or educational organisation to cultivate talent in a specific field through mentoring and funding.
Accelerator: A program on which startups work with mentors to get their enterprise off the ground quickly.
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
Email: [email protected]
Request a call back: www.officefreedom.com/company/contact-us