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CAT A+ (plug and play)

The Landlord will undertake a generic fit out of an office space including meeting rooms, kitchen, furniture and broadband allowing a tenant to take an almost immediate occupation of the office.

This model often allows some flexibility to allow the tenant to make the floor their own in terms of finishes but if there are any substantial works required, these may be rentalised by the landlord over the course of the term.

The majority of CAT A+ spaces will be let on traditional leases directly from the landlord; however tenants will often require flexibility with break options. Tenants will typically be responsible for the business rates and service charge. Dilapidations may well be agreed at the outset or covered within the lease and evidenced via a schedule of condition.

 

Managed Space

Managed space has evolved to provide a similar product as above but it is often taken via a third party operator who provides a service which includes items such as cleaning, managing broadband provision and an ongoing customer service.

Unlike the traditional model all outgoings are included into one monthly bill. Most operators will now fix this bill for the duration of the contract.

The contract is another major difference to the traditional model. Most managed offices are ‘let’ on short-term contracts, often for a term shorter than three years. The contracts themselves are also much shorter than most leases, reducing the time it takes for an agreement to be reached.

 

Serviced offices

Unlike CAT A+ or managed options, serviced offices tend not to provide a self-contained office. Instead, the occupiers have a designated space from which they can work and then use shared meeting rooms, kitchen and other facilities.

Tenants receive a certain amount of broadband and meeting room allocation per month, and it is of course possible to increase this if required. There is often a main reception switchboard that will answer a dedicated number on the occupiers behalf.

They allow greater flexibility, with many operators offering licences for a as little as 3 months. The licence documents can be as short as 3-5 pages. Serviced offices provide excellent flexibility for occupiers and provide an easy monthly all-inclusive payment system, allowing occupiers a budgeting certainty.

 

Co-working

Unlike the above, co-working tends to be a large, open-plan space which provides shared workspaces for likeminded individuals or companies. They allow for the exchange of ideas and the development of projects.

Co-working spaces typically provide a desk space with Wi-Fi and communal kitchens / breakout facilities. Often the customer is allocated a certain amount of meeting room time, which can always be topped up for a price.

Co-working centres provide, for a relatively modest cost, an alternative for many independent / freelancers to working from home.

 

Traditional

It may be that the above do not work for your requirement and that a traditional route is required, whereby an open plan space is secured. It is unlikely that a floor would be fitted out as mostly private offices or with areas for specialised teams, such as compliance.

There are still many offices that are available in an open plan condition, however some progressive landlords are prepared to undertake the fit out on behalf of the incoming tenant, thereby reducing the amount of time an occupier has to spend on the project.

 

If you’re thinking of making an office move or have questions about the office market, then please do not hesitate to get in touch with SHW.