When is the best time to look for a new office?
Unsurprisingly, this is a question we get asked quite a lot. Perhaps the most obvious answer is to look for a new office when you current contract is due to expire, but in actual fact people choose to move for a whole variety of reasons. Flexible workspaces are so popular now, it's really never been easier - or quicker - to move your business into a new home.
The best and most common times to move are as follows...
In the month of January
Nowadays, the January sales extend far beyond the realm of the high street. Many a bargain can be found in the world of flexible workspace, with operators pushing reduced rent and even rent free deals on sign up. For example, it's not uncommon for operators to give tenants at least one month rent free when they sign up to say, a six or 12 month tenancy agreement.
Many new serviced offices and coworking spaces open their doors for the first time at the beginning of the year, making the breadth of choice and availability unparalleled at this time. Again, to fill their new buildings, providers will often incentivise potential occupiers with rent-free deals or other added 'perks'.
The workspace below was the first addition to our 2018 UK listings. Situated in Reading's city centre, this proworking space is run by Fora, one of our most popular 2017 flexible workspace operators.
Fora also has two centres in Clerkenwell, and a serviced office in Borough, opening in April 2018.
When your lease end is on the horizon
Due to the flexible nature of serviced offices, getting out of a contract is easy as many run on a rolling basis, or require a short notice period should the tenant want to leave (or downsize to a smaller private office within the building). However, the process is slightly more complex for those wishing to vacate a leased office space, particularly if the term of the lease isn't coming to an end in the near future. If this the case, the tenant has two main options: they can wait out the first part of their tenancy before enacting the break clause; or, they can sublet to another company and take space in another leased office or serviced office. Many businesses in this situation will choose to utilise the benefits of a serviced office to minimise risk, save money and allow for flexibility.
In the wake of Brexit and the economic and political uncertainty that ensued, many businesses are turning their backs on leases in favour of flexible agreements in serviced offices and coworking spaces for multiple reasons, not least of all because all services and rental costs are conveniently rolled into a single, monthly cost.
When you need to upscale or downsize
Upscaling or downsizing within a leased office is a tricky business and can involve partially subletting the space - an arduous affair that nobody has the time, let alone the patience for. On the other hand, maneuvering within a serviced office is quick and easy as they are usually let by number of desks, not square footage.
In June 2016, the digital marketing agency The Click Hub found themselves expanding and in order to achieve their goals, decided to relocate to London from a more conventional office space into a coworking space. Little did they know how much of an effect coworking in London would have on their business:
"Coworking ended up fulfilling more than just our basic requirements. It has been particularly advantageous to our business, as it has allowed us to meet many like-minded and similar sized companies. Using co-working spaces is ideal for B2B businesses like us, as the flexibility of co-working attracts a wide range of startups and SMEs, many of which fall into our target consumer bracket."
Read the article 'How coworking in London helped our business grow' for more insight into the benefits of relocating to a coworking space.
Since moving into The Office Group's serviced office in Paddington, TCH has seen their business grow at exponential rates.
When you require flexibility
As previously mentioned, many businesses are ditching leases for a number of reasons, many of which are to do with financial changes and their implications on the commercial property market. People might choose to switch when a lease has become too much of a risk, and they need the freedom to be able to change the terms of their contract on an ad hoc basis. A membership in a serviced or coworking location also allows you to use deskspace at the operator's other locations - in some cases worldwide. This is a huge incentive for businesses who travel frequently or whose employees work in different places.
When it's...well, just time for a change
Sometimes, 'a change is as good as a rest'. It's fine to move simply for a change of scene; for something different, to be inspired, to find new opportunities for collaboration or for better work wellbeing.
Go on, make the move and pull yourself a beer to celebrate!
Interested in moving office? Check out our top 10 new flexible workspaces for SMEs and entrepreneurs or speak to one of our office experts.