Exploring the Pros and Cons of Part-Time and Daily Office Hire in London.
Part-Time Offices | Uncover the Pros & Cons of Part-Time Offices.
In the evolving landscape of modern workplace culture, part-time office space rentals have gained traction as a flexible solution for businesses seeking a productive work environment. There has been a lot of talk about renting office space part-time or by the day. You might be led into thinking, ‘We only want to pay for when we use the office. Let’s hire it for the day or take one of those part-time options we’ve seen online”. That said, it’s good to weigh up the pros and cons of both before signing on the dotted line.
The Advantages of Part-Time Office Space Rentals:
Short-Term Cost Efficiency:
Renting part-time office space offers a cost-effective solution compared to leasing a full-time office. With flexible rental arrangements, businesses can access premium office amenities and services without committing to a long-term arrangement.
Great Flexibility For Project Space:
Part-time office space rentals provide added flexibility, allowing tenants to tailor their usage to match their evolving business requirements. Whether booking meeting room space for client meetings or securing dedicated desks for a short-term project, tenants can easily access the space. This can be useful if the team number fluctuates or you wish to use temporary staff.
Short-Term Professional Environment:
Part-time offices are professional workspaces with state-of-the-art technology, ergonomic furniture, and stylish decor. This curated setting enhances staff productivity, fosters creativity, and can leave a positive impression on clients and partners.
Tailored Networking Events:
Having the freedom to work within any provider does allow you to open networking doors. Tenants of part-time office spaces can gain access to specific networking events laid on by the provider. Useful for tenants who may wish to gain access to specific networking events.
Establishing a New Part-Time Office:
Since the pandemic, many businesses have adopted hybrid working and have struggled to get staff back into the office. Part-time office spaces allow you to try the office before agreeing to a longer-term commitment and securing a better rate.
The Disadvantages of Part-Time Office Space Rentals:
Increased Cost of Renting Long-Term:
Subject to your long-term plans, renting office space two or three times a week may increase your overall costs. To give an example. The list price to rent a 10-desk office full-time in Holborn is £7,850 per month / £392 per day. Whereas the same office hired three days a week (Tuesday, Wednesday, and Thursday) would cost £5,888 / £490 per day. You could be looking at higher costs if you wish to add more days than if opting to rent the office full-time.
Lack of Brand Identity:
Businesses seeking to establish their brand identity. Operating from a shared office space may present challenges. Due to the shared nature of the space, businesses renting part-time office space aren’t allowed to brand the space, which can dilute brand presence and recognition.
Scheduling Challenges + Pay up to 34% More on Peak Days:
Anyone using a shared office space will understand during peak hours, it can be challenging to secure your preferred meeting rooms or desks. Without proper planning, tenants may face scheduling conflicts that disrupt workflow. Regrettably, part-time offices are no different! Rates vary depending on which days of the week you wish to use the office.
Monday and Friday tend to be quieter and the most cost-effective options. Proof of this has been seen in Transport For London’s new off-peak scheme to encourage commuters back into the office on Fridays. Using the above example, you may find the same ten-desk office costs you an extra 34% more just by changing which three days you wish to use the office.
Limited Quality, Size and Vacancy of Part-Time Offices:
Location, spec, and price are closely linked. Buildings in high demand have waiting lists for spaces or sell quickly. The building doesn’t have to offer part-time office space or might only offer a specific size of office on offer. If you think of it from a provider’s perspective, it’s better to have someone pay something until they get a longer-term financial commitment. Furthermore, it’s much easier to manage operations within the building, and there is less admin as tenants come and go, so some only offer it within specific buildings.
Tenancy Security:
If you have rented an office before, you’ll understand how many factors weigh in on the overall experience and total cost of renting the space. It’s the same for providers when calculating the cost to charge when renting out office space. Leases, business rates, taxes, electricity, heating, security, and cleaning. All need payment 24/7 to keep the building running.
Providers like regular payments so they can invest in their buildings. To put this in perspective, if a provider of part-time offices receives interest from another business renting office space within their building on a longer-term basis. Then, the provider might wish to utilise their terms and conditions and move clients around within the building to accommodate the incoming client. This gives the provider and tenant longer-term financial security of future outcomes/income. This might come at short notice for clients using part-time offices who may not have any commitment to the space beyond 30 days’ notice.
The Overview of Part-Time Offices:
In conclusion, part-time office space rentals offer a flexible and cost-effective alternative to committing to longer-term office space. However, they have drawbacks, including limited control over your workspace and scheduling challenges. Hopefully, this guide helps you make an informed decision and if it’s the right office solution for the business.
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