Flexible workspaces include all types of non-traditional office spaces – from serviced offices and virtual offices through to the popular trend of hot-desking. As these alternative office spaces become more popular for the advantages they offer over traditional workspace rentals, we want to help you understand some of the jargon you might hear within the industry.
This refers to workspaces that include private desks as well as ‘hot desking’ options, where a space is shared with other businesses in one building. Many coworking spaces will include meeting rooms, which are booked by the hour, half day or full day and offer an equipped space to host conferences and meetings. Coworking, in comparison to serviced office and traditional office renting, will have a higher cost for actual space in relation to how much space they have taken – which is their cost per square foot.
This term relates to desks that are not privately allocated
or assigned to an individual. Desk-sharing is often used interchangeably with
hot-desking, and can include sharing desk space with colleagues, as well as
with other businesses.
This is a catch-all phrase referring to any type of workspace that is furnished and ready to use. These workspaces can be private or shared – or both. Flexible workspaces are also typically offered in conjunction with facilities and services which can be added on to the monthly rental price, and contract durations also remain flexible. This means the tenant isn’t locked in for long periods of time and has the freedom to upscale or downscale according to their space requirements.
Interchangeable with desk-sharing, hot desking allows various users to occupy a desk space at different times, without any type of private allocation. This way of working allows individuals to access a desk in a building when they otherwise wouldn’t need, or couldn’t afford a full office for themselves. By the very nature of hot desking, users will be sitting with new and interesting people, and some businesses utilise this to encourage staff to network and engage with each other more.
Managed offices are more tailored workspaces which are often bundled with facilities and services as optional extras, such as the cost of utilities and internet connectivity. This term is often used interchangeably with serviced offices and refers to a physical rented office space allocated to one tenant inside a shared workspace building.
Flexible workspace meeting rooms accommodate groups of visitors of various sizes. These are rented out on an hourly, half day, or full day basis and are available to use by tenants and external users. Meeting rooms are usually equipped with WiFi, AV and presentation equipment, and many flexible workspace providers also offer catering options.
A serviced office is a private space, rented out to an individual or business within a shared office space environment. These are ‘all in’ versions of office space, that include business rates, utilities, internet, and most serviced offices have some form of front desk staff to greet visitors. Instead of having their own meeting room, they usually share with other businesses in the building. Contract terms for serviced offices are much shorter; most would be 12 months, but many would be 3 months’ notice.
Traditional offices are typically long term lets where the tenant pays for business rates and all utilities. Rental contract terms for a traditional lease span anywhere from 3-20 years, but within that rental, the tenant has control over many more aspects of the building – such as branding and interior design.
A virtual office provides you with a business address, enabling you to work from home while corresponding from an established address. Virtual offices will not give you access to physical offices, but rentals include access to pay-per-use services like telephone answering, mail forwarding and meeting rooms access.
As flexible workspaces are in higher demand, this way of working offers an affordable and agile solution for small businesses, start-ups, freelancers, and remote workers. The benefits of a serviced office far outweigh those of a traditional office, especially for companies looking to manage their overheads and keep costs fixed.
If you’d like more information on Trim Street Bath’s serviced office deals, get in touch with us by filling out this contact form, by email at email@example.com or give our team a call on 01275 795 395