Commercial property: Choosing an office

Choosing a commercial property can be tough.?What kind of commercial property is right for you? The options range from fully serviced business centres to buying your own space.?

Here are the different types of commercial property spaces:

  • If you need a quick and easy way of taking commercial space, with an inclusive monthly fee which covers the space and running costs, then a business centre could be the best solution. Most business centres will allow you to leave with one month?s notice and are furnished so you can move in and start work immediately.
  • If you can?t make a long-term commitment and want the choice to stay or go with three months’ notice, then a flexible lease is the best option. But be aware the flexibility will come at a price. It may be worth paying to avoid the risk of being trapped in a long-term commitment, however.?
  • A traditional lease is ideal if you can confidently plan for the next five-to-ten years and want to keep your direct property costs down. If you need to invest heavily in fitting out the premises and can’t afford to write this off in a short time, then a traditional lease will offer security. ?
  • Many businesses operate successfully from home, too. This can offer convenience, low costs and freedom, but are you sure you can balance your home and work life successfully?
This commercial property mini-series covers other a range of commercial property tips and tricks:

  • How to search for commercial property
  • What to look for when viewing a commercial property
  • Understanding the costs and terms of the commercial property lease
  • Agreeing the commercial property deal
James Friedenthal is business development director at Workspace.

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