Everything you’ve ever needed to know about having a managed office space for your business

Bigger teams need their own front door.

 

The numbers are all moving in the right direction, and your business is growing. It’s time to get serious. It’s time to get the branding on the wall, for your own private meeting space, and the space that reflects where your business is heading.

 

Managed office space offers a bespoke office design that is made specifically to suit the changing needs of your business. Best of all, it’s managed entirely by us. We’ve put together this guide to help you understand how managed office space works, and how we can help your business build your dream space.

What is managed office space?

A managed office space is a workspace that is managed by a third-party provider but built bespoke for your business. Think of it as a middle-ground between a serviced office and a leased office. You have the flexibility of a serviced office, but with the adaptability of a leased space. 

 

Third-party suppliers (like us!) manage the operational aspects of your space. Amenities and benefits are all-inclusive.  You know exactly what you’re getting and how much it will cost so there are no nasty surprises or add-ons. Businesses are typically charged a fixed monthly amount, and the supplier will take care of everything from printers and wifi, to coffee and cake. 

 

You might be thinking that this sounds a lot like a serviced office… Well, this is where it gets exciting. Managed office spaces are designed and tailor-made for your business. You decide the layout, the decor, the colours, how many desks you need, how many meeting rooms, and what your breakout area will be like. 

 

Having a workspace that is bespoke to your company’s needs and branding, can have a huge impact on your team. You can drive home your values and culture, whilst having an agile space that functions perfectly for your business. 

 

A managed office space puts your company’s needs front and centre, whilst third-party suppliers like Runway East, handle the operational side. Leaving you free to focus on your mission.

The benefits of a managed office space

 

As we move into a new post-pandemic world, businesses have very different requirements than they did previously. Some are looking at Hybrid Working models and some are going completely remote. For others, however, it’s more important than ever to have a workspace that unifies their team, but on flexible terms. So, why would a managed office space be right for your team?

A bespoke workspace for your business

 

You have complete control over the layout of your space. From the size of the meeting rooms to the interior design, you have the opportunity to personalise it to your businesses specific needs. Unlike a leased office, a managed office space has the benefit of the supplier’s expertise to take care of the fit-out for you. All the benefits, less of the hassle.

 

Your own facilities

 

When your business was in its infancy, sharing office facilities with other companies was perfectly adequate. As your business grows, however, you are going to need more space. Not just desk space, but meeting rooms and breakout areas. The frequency of internal and on site client meetings will increase, so having dedicated meeting rooms means you can organise internally to accommodate your team’s needs.

 

At Runway East, all the meeting rooms and breakout spaces in our managed office spaces are part of your business’ own space. They can only be accessed by your team rather than shared with other coworking members. Having this space all for yourself makes it ideal for hosting your own private events or welcoming clients for meetings.

 

Professionalism

 

Why do you invite existing or prospective clients to your office? Is it because it’s quieter than a city centre coffee shop? Yes. Does it save your team the time it would take to travel to their offices? Also Yes. But the real reason is so that you can show off. You can show off your team, your culture, and your branding. You can immerse the client in what your business does, how it operates, and what it would be like to work with you. 

 

All serviced and co-working offices have their own look and feel. No doubt when you were first looking for serviced offices, you searched long and hard for one that would align with your business’ ethos. With a managed office, your decor is unique to you. Visiting clients will be able to see exactly what your business is about, how you operate and you can drive home brand awareness. Having your own space portrays longevity. It shows that you are established and trustworthy. All key ingredients for signing new clients.

Your own facilities

 

When your business was in its infancy, sharing office facilities with other companies was perfectly adequate. As your business grows, however, you are going to need more space. Not just desk space, but meeting rooms and breakout areas. The frequency of internal and on site client meetings will increase, so having dedicated meeting rooms means you can organise internally to accommodate your team’s needs.

 

At Runway East, all the meeting rooms and breakout spaces in our managed office spaces are part of your business’ own space. They can only be accessed by your team rather than shared with other coworking members. Having this space all for yourself makes it ideal for hosting your own private events or welcoming clients for meetings.

 

Being part of a community

 

Although your office might be self-contained, you are still attached to a wider community of businesses you can share and learn from. If you are in a leased space, your business will essentially be on its own. In a managed office space, you will have the benefits of networking and community events where you can meet like-minded people, and explore new business opportunities.

 

Cost-effective

 

Last but definitely not least. Unlike a leased space, a managed office will have all the operational costs such as wifi and electricity rolled into the monthly charge. This means there are no nasty surprises, and everything is included in that one set monthly amount (your CFO will thank us!). Yet similarly to a leased space, managed offices are let per-square-foot as opposed to ‘number of desks’. So your space is agile enough to scale up as your company grows, and not need to worry about additional costs.

Leased Offices vs Managed Offices vs Serviced Office spaces

 

As we mentioned before, managed office space sits in this nice middle ground between leased space and serviced space

 

They provide a flexible, all-inclusive space that is also highly customisable. They are ideal for businesses with over 40 employees, who need more square-footage for their growing business.

 

To help you decide what is best for your business, we’ve highlighted the key differences and similarities between the three models.

Leased office space

Managed office space

Serviced office space

Bespoke design

Fully customisable for your business. You will usually be responsible for sourcing materials and contractors, meaning you can get the best price.

Bespoke design

Highly customisable for your business. You will work with the office space provider to fit-out your workspace so it aligns to your business’ needs.

Predetermined design 

Whilst you can more or less decide where to put the desks, you can’t build a meeting room or paint the walls. A little signage is ok though!

Time investment

Building a bespoke office space takes time. Everything from designing, to finding the right contractor, to hooking up the wifi. You won’t be able to move in on day one.

Fixed leases

There is an initial time investment whilst meeting rooms are built and walls are painted. Once that’s done, your team can show up as everything else is taken care of.

Ready to go

The ultimate ‘plug-and-play’ solution. You sign the lease and you turn up. The wifi works and the kettle has boiled. Time to get down to business.

Complex fees

Charged per square footage, and will be responsible for paying fit-out contractors, solicitors, agency fees, utility companies, maintenance and security. 

Condensed fees

Charged per square footage. As the space is managed by the supplier, you will only pay one monthly fee that will include all costs associated with utilities and fit-out.

Low cost

Charged per desk. Serviced offices have no upfront capital expenditure associated with traditional leases. Everything is included in one monthly fee.

Client friendly

Leased office spaces are entirely your own space. Your branding, your own front door and your vibe. Make a better impression on clients.

Client and team-friendly

Your own space with a bespoke fit-out, but with the addition of being part of a wider network of businesses to learn from.

Space to collaborate

Coworking spaces provide a unique opportunity for smaller businesses to network and collaborate with each other whilst sharing facilities.

Fixed leases

Leases are usually in excess of 12 months which gives the peace of mind that your office space is secured for the future.

Semi-flexible leases 

12-month leases and rent paid monthly, we only ask for three months notice if you decide to terminate your membership.

Flexible leases

Lease agreements tend to be between 1-6 months, which offers a great amount of flexibility for early-stage businesses.

Key Considerations

 

Finding the right managed office space can prove to be a difficult task, and knowing where to start is often the hardest. We’ve created a list of some of the key things you should consider when looking for the right managed office space provider for your business.

 

Location

Let’s start with the location. Where do you want your office to be located? Is there a particular area that is synonymous with your industry? What city, or area of a city will work best for your team? Are the transport links good? What are the lunch options like? (This one is particularly important for the Runway East team!) 

Once you’ve chosen where you want to base your business, you can start to look at companies that provide managed office space in that area.

 

The provider

Although you are creating a bespoke workspace, the building and the provider aren’t bespoke to you. Think about the community you want to be a part of. Are you looking for a creative space or a corporate space? A lively or quiet network or peers? Does the space provide 24-hour access or is it restricted? And critically, what can your business afford?

 

Hidden costs

A huge benefit to a managed office space is that they are generally all-inclusive. The monthly fee typically covers the use of space, furniture, utilities, cleaning, service charge and business rates. Some providers, however, will have additional costs you’ll need to be aware of, and budget for. These could be as simple as tea and coffee, right up to wifi access and use of meeting rooms. These  can vary between providers so make sure you find out this information before signing your agreement to avoid any nasty surprises (hint: at Runway East our memberships are 100% all-inclusive!) 

 

The actual space

Chances are, when you look around a managed office space, you’re just going to see 4 walls and a roof. You will need to consider how this space will work for your team now, and how it will work in the future. Managed office spaces are let per square foot, so companies have full flexibility and freedom to use the space however their company needs. Perhaps you don’t need a desk per person, perhaps you instead need more breakout space to inspire collaboration and creativity – try to visualise this when you go to view the space. In the future, your team size may have doubled. Will you have space for all of them? Will you need to sacrifice a meeting room or part of your breakout area? The layout is key.

Finding the best type of office space for your business

 

The type of office space your business needs will depend on the stage of your business. Whether you are the sole employee or the CEO of a corporate company with hundreds, if not thousands of employees, we’ve listed your options in black and white. For those really early-stage companies, you can consider it a road-map! 

 

Hot desks

You’re a one (wo)man band, or only have a handful of employees. You mainly work remotely, but occasionally need somewhere central to work. You need a plug, the wifi code, and a cup of coffee, but most of all you need to keep it lean. 

 

Dedicated desks

Perfect for teams of 1-4, plus team members of larger remote companies who don’t like to work from home. You have your own desk and get to be part of a coworking community. A great launchpad for any business. 

 

Part-time office share

New for 2021! Office time-shares have come about from employees not wanting to give up their work-from-home lifestyle post-pandemic. You have a private space for 2-3 days a week, and another company uses it when you’re not there. It’s a great low-cost solution for businesses who want to get the team together, but need to keep an eye on the bottom line. It works best for teams of 4-25.

 

Private (serviced) office 

A dedicated base for your team. Leave your notes on the whiteboard, and the sound system plugged in. Keep costs low by sharing office facilities like meeting rooms and breakout areas with other businesses. Private offices are ideal for teams of up to 40 employees. 

 

Managed Office space 

A dedicated space, built bespoke for your business. Your own private meeting rooms and breakout spaces, yet with the benefits of limited operational hassle and being part of a wider business community. These spaces work well for teams of 40-150.

 

Traditional leased offices

These are typically an entire building and will be leased from 2-3 years up to 10 years or more. For large corporate businesses, this is the ideal solution. Full autonomy over the operational aspects of the office. The ultimate DIY approach. Traditional leased offices are expensive, both in terms of time and money. They only make sense for businesses of over 150. 

 

Virtual offices 

Ah, the wild card. Virtual offices are great for any remote business of any size. It’s simply an office address, in a desirable location, with a mail-handling service. Low-cost, low-hassle.

Moving to a managed office space

If all goes to plan, then your business will reach a point in time where you outgrow your office. You’ll want to move away from coworking, and shift into something a little more private, and with more of your own brand personality. You are going to want your own colours, logo, and team culture to shine through. You’ll need your own space. In short, your own front door.

 

Office space is one of the biggest costs in running a business, it’s expensive, and it is usually the thing that stops companies from taking the leap from coworking to a lease space. This is how the managed office space came about – to fit nicely between the two. 

 

Fitting out your new bespoke space can be a lot of fun – deciding on colour schemes, furniture, perhaps some neon lights! However, finding the best builders, plasters and painters is less fun. This is where Runway East comes in. We can work with you to design an office with the look, feel, and functionality you need, and then you can leave it to us to do the rest. We’ll arrange the contractors, the furniture delivery and stock the cookie jar. This is a great office model for any business looking to take the next step. We keep your costs down by covering the upfront capital whilst operating the space for you.

 

Find out how Runway East can help your business design your own bespoke, customised space for your team. If you have any questions, don’t hesitate to get in touch with us.

FAQS

 

What is managed office space?

A managed office space is a middle-ground between a serviced office and a leased office. It is a workspace that is managed by a third-party provider but built bespoke for your business.

 

What is serviced office space?

Serviced offices are private offices usually located in co-working spaces. They are designed, furnished and managed by a third-party supplier.

 

What is leased office space?

Leased offices are traditional office spaces, where a building is leased to a business for a number of years. The business is responsible for managing and operating the space.

 

What is the difference between managed office space and serviced office space?

Managed office space and serviced office space are similar. They both provide flexible office space that is operated by a third-party supplier. The key difference is that managed offices are designed bespoke and often include private meeting rooms. Serviced offices have limited flexibility in terms of design, and typically share meeting space with other businesses.

 

What are the advantages of managed office space?

The advantages of a managed office space is having a bespoke private office, but with managed facilities and access to a wider business community.

 

What are the disadvantages of managed office space?

The disadvantages of a managed office space are that they are typically more expensive than serviced offices, and a business will have less control over operations than in a leased space.

 

What are the alternatives to a traditional office lease?

A managed office space is the perfect alternative to a traditional office lease. It allows for a bespoke design, but a third-party supplier manages the space.

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