For established businesses looking for a long-term office of their own, a traditional office would be the best option. When you typically think of an ‘office space’ - a traditional office space is generally what you are picturing. It involves a fixed contract between a landlord and a tenant or a tenant and a subtenant, with a typical lease period of 2+ years. As traditional offices are often in a bare or semi-fitted state, the tenant can fully customize the space to suit their unique business needs such as setting up partitions, furnishings, internet connection, cabling, break room areas, etc. However, there are some traditional offices that may be fully-furnished that the tenant can adopt as their own. Regardless of the condition, rent will be based on a square foot or square meter basis rather than on a per desk basis as with a coworking space or serviced office.
Where serviced offices provide a plug and play workspace with flexibile lease terms that work on a month-to-month basis, traditional offices are more complex. Leases can either come from a landlord or from an existing tenant and will often involve lengthy negotiations of the terms. It is here that flexibility can be achieved as break clauses can be included in the lease.
Initial set up costs of a traditional office are higher in comparison to serviced offices, with rent being dictated by the size, location, and length of lease. The larger the office and the more prime the location is, the more expensive the rent will be. However, longer leases can equal to larger discounts and in turn make traditional offices more cost-effective in the long run. In addition, they grant businesses more control over the costs as well as of the internal culture.
In short, there is no set minimum contract period for a traditional office space. Typically they will be anywhere from 2 years to 5 years or even 10 years. The longer the lease, the more likely a landlord will agree to break options and grant rent free periods to allow for fit-outs as well as during the lease itself. However, the specifics will vary between countries, between landlords, and between buildings, but our Space Experts have experience in advising businesses on these terms and offering the best possible options.
Fully-furnished and ready for you to work, short-term offices provide you with all the benefits of a traditional office without the expensive long-term leases. Prices are also inclusive of access to meeting rooms, a business address, call handling, and other administrative tasks so you don’t have to sweat the small stuff. Renting a short-term serviced office also gives you the flexibility to scale your business since you’re not locked in to a fixed contract - so if you’re not sure how big your team will be in the next couple months, you don’t have to worry, you can always add more seats or take away some.