Why do people choose to rent office spaces?
Comprehending why individuals opt to rent office spaces is an excellent place to start when it comes to learning the exceptional benefits that renting an office has. COVID-19 has completely shifted the working field in methods never witnessed before, and due to this, flexible working systems have grown in popularity.
Hybrid employment allows and emboldens employees and employers to work remotely, and this has subsequently changed how businesses utilize office space. Furthermore, a 2022 survey done by ONS revealed that three-quarters of hybrid and home workers reported increased work-life balance, so it can be safe to say that in a considerable number of cases, flexible working hours are not going anywhere anytime soon.
A wide selection of industries has encompassed the flexibility that comes with hybrid offices, typically allowing team members to govern their own working schedules. This may entail businesses implementing a 3:2 model whereby three days are for working from home and two days at the office, or only converging for important meetings, training sessions, or conferences. Renting an office space can play an integral role in sustaining employee work-life balance through hybrid working – something seen as the new norm for enterprises across the world.
What’s more, if your business is categorized as an SME (a small to medium-sized enterprise) with less than 250 workers you will typically need a smaller space compared to a large company that will have more employees. A small rental space can therefore be a suitable option for SMEs to make sure that employees have a place they can work when not at their residence.
Among the key advantages of renting an office space is that the rental contract is usually a lower risk and flexible arrangement compared to having a landlord or buying the office space outright. Having options is very important and renting provides your enterprise with the freedom of not having to deal with fixed long-term leases while having the option to shift locations and scale up your services and space.
Also, if you decide to sell your office space in the future, this can result in further problems. With economic doubt showing no signs of waning, renting an office ascertains you are less tied down to a pricey investment that you will likely not require in future.
Moreover, being a property owner usually comes with a slew of maintenance responsibilities. Electrical and plumbing mishaps can be expensive when your business has to foot the bill, but in a rental contract, neither of these undertakings will be yours.
Buying or renting an office space – Which is better?
When you research ways of renting an office space, you can easily find yourself considering purchasing instead. Going through the merits and demerits of every option can make it a bit easier to make an informed decision that benefits your company. If you are looking to rent an office in the Woking area then do check The Lansbury Estate.
Opting to buy the office space outright isn’t a decision to be taken lightly. You have to be sure that the cost, location, and size of the office space match the requirements of your business. Therefore, although renting office space can come with some restrictions, it is usually a favourable alternative if you don’t want to remain committed to anything for the long haul.
To reiterate, if you cannot buy an office space in your preferred location or don’t want to be tied down for a prolonged period, renting an office space can be a wonderful alternative.