What type of flexible office space is best for you?

The term ’flexible workspace’ has gained traction over the last five years and now encompasses a range of different workplaces that go beyond the original coworking and serviced office concept with other workspaces, including managed space and plug & play, now being found under the flexible office banner.

Whilst all of these concepts have the similarity that they typically offer a much quicker speed to occupation for tenants, as well as a higher level of flexibility than conventionally leased space, they all also offer slightly different spaces and characteristics. So which is the best for you?

Co-working

Typical contract length: Typically monthly rolling

Indicative company size: 1-4 people

Co-working is an open plan area that offers hot desks and dedicated desks to customers usually on the basis of a monthly rolling contract. The space will provide a shared break-out space and will quite often form a small part of a larger serviced office, where there are private suites and break-out spaces.

Serviced Offices

Typical contract length: 3-24 months

Indicative company size: 1-200 people

Serviced offices usually provide a range of private office suites, ranging in size from 1 desk through to 200 desks, which are let on licence contract to customers on terms ranging from 3 to 24 months, and sometimes longer. The average lease term for serviced offices is typically 12 months. The serviced office will provide those customers with shared amenity space, e.g. kitchen, break-out, meeting rooms, lounge space etc. A serviced office space might also include a co-working area within the space, usually 5-10% of total desk space.

Managed Offices

Typical contract length: 2-5 years

Indicative company size: 25-500 people

Managed office space provides a self-contained suite for a business, which is fitted out with all furniture and meeting rooms and includes all services such as IT, cleaning and utilities in one monthly contract. The suite includes a dedicated kitchen and break-out, therefore none of the space is shared with other companies. The occupier can usually customise the space to their own brand.

Plug & Play

Typical contract length: 3-5 years

Indicative company size: 25-500 people

Similar to managed space in that it provides a self-contained unit that is fitted with furniture to allow for a company to move in immediately. The key difference is that the services are not always included and it is typically on a lease rather than a licence contract.

Conventional office

Typical contract length: 5+ years

Indicative company size: 25+ people

Space delivered to a CAT A standard, which generally resembles an empty office space, includes mechanical and electrical installation (exposed or with a suspended ceiling), lighting, flooring and WCs. The tenant is required to fit out to their own design and usually take a 5 or 10-year lease.