What exactly is 'Flexible Office Space'?
Flexible space is the blanket term used to cover the various different types of office space, from co-working to serviced offices. In general, it offers space that is furnished and ready to use, available on a monthly contract, with all costs rolled into one monthly costs. It is known as ‘flexible’ space as the monthly or 12 month contract is more flexible than your traditional five or 10 year lease.
For more information on this, click here to read our guide on what flexible space is and the different types of space.
What is a Serviced Office?
A serviced office provides a mixture of private office suites, all set-up with furniture and ready to occupy almost immediately. The suites benefit from access to shared kitchens and communal break-out areas, as well as access to meeting rooms and other amenities that the building might offer. All costs are rolled into a monthly rent and include everything from cleaning, to tea and coffee, business rates and the rent. The suites are usually available from 1 month, but typically contracts are 12 months.
To browse spaces; from professional serviced offices, like Landmark, to boutique-style space, like The Boutique Workplace Co, to global, like WeWork click here.
What is co-working space?
A co-working space is similar to a Serviced Office but comprises a shared working environment (i.e. no walls/private offices), which is typically open-plan and offers either hot-desks or dedicated desks for members along with shared access to meeting facilities, break out areas, and often some office equipment, such as printers.
Many Flexible Office spaces comprise both co-working and a serviced office, to provide members with as much choice as possible. To browse spaces click here.
What is hot-desking?
Hot-desking enables established businesses, start-ups and freelancers alike to take advantage of cost-efficient open-plan office spaces, where they also have the opportunity to collaborate with likeminded individuals and companies. Desks are shared and can be used as and when required.
To understand more about hot-desking and its benefits beyond cost-saving click here.
What is a fixed/dedicated desk?
A fixed or dedicated desk is a desk designated to a specific individual or business within an open-plan office space.
What is a virtual office?
A virtual office allows you to get the benefit of a registered address and telephone number but with no physical office space. Providers of virtual offices can handle your mail and telephone enquiries as part of the cost package.
What are incubators and accelerators?
Often based within a flexible office, incubators and accelerators offer office space, as well as capital in some cases, and expertise to build a business. Space is usually taken for a finite amount of time, i.e. that company will either succeed where it is able to grow out of the space, or it doesn’t and it folds.
Find out more about incubators in the creative sector here.
What is a membership?
A licence agreement between a flexible office space provider and a member. Memberships are offered on flexible terms and are usually paid on a monthly basis.
What is a member?
A person who pays a membership fee to a flexible office space provider in return for the use of the flexible office space. The fee is usually paid monthly by the individual or on behalf of the individual by their employer.
What is VC Funding?
Venture Capitalist funds manage money from investors whom seek private equity stakes in business that show signs of strong growth projections.
What is crowd funding?
The process of increasing financial support for a project or venture via raising money from a large number of investors who each contribute a small amount.
What is Seed Funding?
The first round of funding that helps finance the initial stages a new venture. If successful, this round should hopefully be followed by an even bigger Series A round.
What is an angel investor?
Angel Investor: An investor who injects their own capital (rather than that of a fund) into a start up for a stake in the business. This investment usually occurs after a Seed Round (see Seed Funding, below).
More start-up key word terms can be found here.