The term 'flexible workspace' has become more popular and heard over the last five years and now includes a variety of workplaces that extend beyond the typical coworking and serviced office workspaces, including managed space and plug & play, now coming under the flexible office umbrella.
Contract duration: Typically rolling monthly
Typical company size: 1-4 people
Co-working spaces are often open plan offering hot desking and dedicated desk options. Users can enjoy onsite facilities e.g., break out space, bookable meeting rooms, kitchens etc. Dependent on the building they are in.
Contract duration: 3-24 months
Typical company size: 1-200 people
Serviced offices provide office suites of various sizes from 1 desk to 200 desks which are available on a short-term lease, anything from 3 to 24 months typically. The average term for a serviced office agreement is 12 months.
Serviced office users pay one monthly bill which includes their rent, utilities, building maintenance and Wi-Fi.
Serviced office buildings offer a variety of onsite amenities, e.g., shared kitchens, break out space, bookable meeting rooms, shower facilities, bicycle parking etc. Some serviced office buildings have a co-working space within the building which accounts for typically 5-10% of the total desk space available.
Contract duration: 2-5 years
Typical company size: 25-500 people
A managed office comprises of a self-contained suite or floor for a business, which comes fully fitted with furniture, meeting rooms, sometimes phone booths, and again includes all services such as Wi-Fi, cleaning and utilities in one monthly contract.
The space usually includes a private kitchen and breakout space, meaning the tenants do not have to share with any other occupiers. Customisation and branding of these large serviced office suites/floors is very common and allows a company to make their new office really feel like a home.
Contract duration: 3-5 years
Typical company size: 25-500 people
Like a managed space, plug & play spaces are self-contained furnished units, meaning a company can move in immediately.
The main difference here is that the services e.g., utilities, Wi-Fi, cleaning are not always included and the space would be held on a lease rather than a licence agreement.
Contract duration: 5+ years
Typical company size: 25+ people
Office space finished to CAT A standard fit out. This would include all mechanical and electrical services, raised flooring access, finished walls, reception areas, lift lobbies and ceilings (exposed or suspended). A tenant taking the space would fit the building/floor out to suit their needs and a lease would typically be issued a minimum 5-year term.
Whilst these approaches have a lot in common, e.g., much quicker move I options, along with more flexibility when compared to a conventional office lease, they also offer a variety of spaces and styles. Get in touch with Workthere today to discuss your flexible office requirements.
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