Maximising your budget: A guide to calculating the cost of renting office space

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As businesses develop, more and more companies are choosing to rent flexible workspaces such as private serviced offices and coworking spaces.

These types of workspaces give businesses the chance to benefit from a range of modern amenities whilst on flexible contracts.

However, when it comes to understanding the cost of renting, it can be complicated especially in larger cities like London. In this article, we’ll explain how to calculate the cost of renting a serviced office in the UK, whilst offering some tips on how to maximise your budget.

Calculating the cost of renting office space

The cost of renting an office can depend on a range of factors such as amenities onsite, the size of the office and the location. To get an accurate estimate of the cost, it is important to consider all these factors.

Location

One of the most important factors that will affect the cost of an office is the location. Office space in larger cities such as London or Manchester will be more expensive than in rural areas. Even within a city, factors such as access to public transport and local amenities will affect the pricing.

Office type

The type of office will also affect the monthly cost. For example, serviced offices will be more expensive than leased space. This is because they offer a wide range of benefits such as flexible contracts, access to shared amenities and include services such as cleaning and building maintenance.

Amenities

The amenities that a serviced office building provides will also influence the pricing. Properties that offer gym access, bike storage and cafes will have a higher monthly cost.

Tips for maximising your budget

Once you know which factors will affect the cost of an office space, you can learn how to maximise your budget.

Consider a longer lease

The first way to reduce the cost of an office is to consider a longer lease. Serviced office providers tend to offer a discount for longer leases. For example, a landlord may offer a free month’s rent if you commit to a year-long lease rather than 6 months.

Negotiate with landlords

Negotiating with the landlord is another way to maximise your budget. If you’re considering a serviced office, you may be able to negotiate additional services such as free meeting room access included in your contract.

Opt for a smaller office space

Whilst businesses can be tempted to look for a larger office to accommodate for future growth, being realistic about the space you need now, will be more cost-effective. Smaller spaces can be easily customised to be just as effective as a larger space, at a lower cost.

Consider a shared office space

Coworking spaces can be significantly cheaper than private offices. They offer access to shared workspaces and facilities with the flexibility to scale up as required.

Conclusion

Once you understand the factors that affect the cost of renting office space, it is easy to maximise your budget. Being flexible with the size of the space, and the length of the contract, is key to finding the ideal office for your business to flourish.

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