To Rent or Not To Rent: The Benefits of Leasing Office Space
With hybrid working likely here to stay, could renting office space be the better choice for your business rather than buying?
It’s the age-old question - to rent or buy? Whether it's homes, cars or office space, it can be hard to decide what the best option is for both your short and long-term future. This has been especially the case for businesses recently, with the commercial real estate landscape having changed a lot over the last two years and the current climate forcing businesses to adapt to a new way of working, is it time to rethink your office solution?
From the self-employed to large companies, finding the right office space for your business isn’t always easy and neither is choosing between making the commitment to buy or to rent a space. To help you weigh up your options, we’ve put together a helpful guide on the benefits to renting.
One thing that recent years have shown is how quickly things can change and how planning ahead is not always an option. Being more flexible and able to adapt is now a necessity. Commercial landlords have seen this change happen and have now introduced shorter and flexible leases that provide businesses with the freedom to scale up and rent the right size space for them, as and when they need it.
Renting office space allows you to establish your business in a desirable location that you couldn’t otherwise afford to buy in. Big city centre locations become an affordable option and also put you in close proximity to other businesses, buildings with shared communal spaces offer the perfect chance to network and grow relationships.
Leasing office space also means you don’t have to commit to just one place. If you have staff that live further afield, renting smaller offices in different locations means you can create satellite offices. This opens up your business to more client options and no hiring limits, your employees don’t have to be based in one central location and it provides them with the flexibility of hybrid working.
When renting, you are given a wide range of space to choose from, whether you’re looking for serviced offices with everything you need, empty space to make your own or coworking space that you can use as and when you need to - there’s something for everyone.
At FIREM we can offer the full service offering with our serviced office provider, FigFlex, based in Hull, Swindon, Coventry, Gloucester and Watford, or square feet to rent at one of our office developments from around the UK, such as Lynch Wood Park in Peterborough and 3 Newbridge Square in Swindon to name a few. You will be offered a bespoke experience to help you make the space your own and be welcomed by our experienced team, who are always on hand to help you with anything, from introducing you to fellow tenants to providing commercial insight.
With rented office space, you also benefit from the extra services that the building offers, from a professional reception to receive guests to meeting rooms and on site cafes and restaurants. At Lynch Wood Park, our tenants will soon have access to a fully-fitted out gym as we recently welcomed Anytime Fitness to the building, who will be opening a new fitness centre later this year. Tenants will also have access to 12 state-of-the-art electric vehicle charging points in our car park, as we’ve partnered with Drax Electric Vehicles as we look to enhance our sustainability. These added extras aren’t just here to help you and your employees feel more at home, they’re also key to attracting clients as you can offer a professional and unique meeting space.
There is still a lot to consider when deciding whether to rent or buy, but here at FIREM we can help make that choice a little bit easier with our variety of commercial offerings within our 15m sq ft UK property portfolio. Click here to find out more information about FI Real Estate Management’s available office space.