Looking for the ideal space for your office, and considering serviced office or conventional office?
Here’s some information that you need to know for negotiating the best deal with the service provider.
1. Why Flexible space?
Flexible space refers to a type of workspace that can be easily adapted to suit the changing needs of its occupants. This can include co-working spaces, serviced offices, and other flexible office arrangements.
Flexible space is designed to be highly adaptable and customizable, allowing businesses and individuals to rent only the space they need, for the duration they require it.
This can be particularly beneficial for startups, freelancers, and other small businesses that may not have the resources to commit to a long-term lease or the ability to accurately predict their future space needs.
Flexible space can also provide access to shared amenities, such as meeting rooms, reception areas, and kitchen facilities, which can help to reduce costs and increase collaboration between occupants.
2. What are some of the advantages and disadvantages of using a serviced office
compared to a conventional office, and how do the costs differ between the two options?
Serviced office is a lower upfront cost hassle-free office solution with flexible lease terms.
It would be pricier in terms of cost per sq.ft. when compares to conventional office where bigger premises and longer leasing terms are taken into account.
3. What are the lease terms and pricing options for serviced offices,
and are there additional costs or services included in the quoted prices?
All prices are quoted based on 12 months lease. Having said that, 6 months would be acceptable with about 10% upwardly adjustments.
And if you are with a special reason like needing space while your own office under renovation, 3 months would be ok too but further increase in pricing would be in effect.
Virtually all operators would raise the price after the very first contract so most clients would sign for a year terms to make the most out of it.
And their offers are usually all-inclusive as such IT&T, rent free period and GST, if any, are already taken into account.
4. What are some of the tricky terms to be aware of when renting flexible office space,
and how can they create challenges for licensees?
Trick Points
Please be aware of some tricky clauses, such as bounding to "give termination or renewal notice to the operator at least 3 months prior to the lease expiration date." A 3-month notice period can make it difficult for you to find alternative solutions because other operators may not know if they will have the relevant rooms available in 3 months' time. Even if you have identified a room and plan to rent it in 3 months' time, the operator may not accept your application because accepting it means they cannot rent the room to other long-term customers for the next 3 months. If you cannot find an alternative solution, you may ultimately have to accept a higher price, leaving you feeling helpless. Scenarios like that might lead you to hesitate and delay your response to the legal deadline due to these hassles, which can lead to another trap, as such the above clause is usually linked to another tricky clause that can put you in an unfair situation, which is "if you fail to give termination notice to the operator at least 3 months prior to the lease expiration date, they are authorized to automatically renew the lease on your behalf." This means that you have legally agreed to both the increment and lease period they have pre-determined. In conjunction with another basic clause - "if you fail to occupy the relevant room during the contract period, you still have to pay the rent you have pre-committed," which you might find it distressful.
5. How we can help you
What is the role of online office broker in relation to serviced office space, and how does it differ from a traditional real estate agency?
Is there any markup or charge for their services, and how can potential clients get in touch with workspace providers directly?
Just so you know that our role as an online office broker is like a hotel booking platform but the solutions presented is serviced office space rather than hotel suites.
Technically, any end-users are not my client cause we are actually a Marketing firm specializing in promoting what one can get from Serviced Office Operators, rather than a traditional, or literally an ordinary, real estate agency who would occasionally try to play this role of Sales Lead Generation as a bonus ride of pushing their luck with your deal put on the line as if it is expendable,considering the much of bargaining power they could help you gain would not be more than the magnitude of focus they can spare out of to traditional office space on the serviced office market.
You don't really need an agent to sort you space when comes to serviced office space nowadays, just like you don't need an agent to sort you hotel options while there are likes of hotel booking platform in the market these days, and we are like those platforms in place for serviced office market.
There is no mark up nor charge, and sometimes better pricing can be achieved with our involvement. Our market penetration at a glance: https://www.coworkinghub.com on which direct email contact can be found.
