Serviced offices are a well established and much needed service. Wherever you are, there is no doubt an office, fixed desk or co-working space near you. Where the difference lies is the cost of each location. Here, we’ll consider the cost of rented offices across locations with larger populations and where less populated areas could equal huge savings.
What will work for your business type?
Depending on what type of sector you work in, it may be a no-brainer to base your business a little further from the major cities whether business-to-business or business-to-customer. Even brick-and-mortar stores that need the footfall of a busy high street to make a living don’t necessarily need their HR, Marketing or Customer Service departments to reside in the same expensive areas. Departments such as these need only a well serviced office environment conducive to maximising productivity. That and a high-speed broadband connection.
Which brings us to the next consideration; the internet (have you heard of it?). Think of the sheer magnitude of warehouse space needed by online giant Amazon or Google’s towers of disk space. When it comes down to it, many online retailers depend on square footage at a reasonable price.
More for Less
Like the commercial housing market, many will see the benefit of purchasing a house in the ‘burbs, gaining more for their money than they ever could in the crowded city. But why stop there? Rather than commuting into the rat race bustle (complete with daily traffic jams just to be rewarded with a distinct lack of personal space) you could be going against the motorway grain smiling as you you sail past unencumbered. Great for your well-being and mental health by the way! All while taking that initial idea of utilising more space for less and funnelling that extra chunk of change back into your business, where it belongs.
Other than ‘98% of people misuse the phrase “brass tacks”’, let’s talk numbers, shall we? Take our fair Capital of Edinburgh for example, one of our largest neighbouring cities. Office rents across the city have averaged a whopping £33 per square foot in the past few years. Not a small sum in the city centre where take-up rates can average 115,000 square foot per quarter. This is simply due to the nature of supply and demand. Prime locations such as Quartermile and Charlotte Square are in limited supply while in constant demand from industry sectors such as banking, insurance, finance, media and technology. For several other businesses though, this is a want and not a need.