Traditional Lease or Flexible Office Space?
Flexible office spaces have taken off globally with increased momentum over the last few years and Northern Ireland has not been left out with a number of local and national operators taking up or developing office space in Belfast.
What’s the difference?
Traditional Leases have taken the form of fixed term leases (5, 10 15 years) of a fixed space. These leases are usually documented in a structured and comprehensive agreement which give both the Landlords and Tenants certainty by detailing all the requirements during the fixed term. Not known for their flexibility, as Landlords seek to protect the capital value of their property, traditional leases do still afford Tenants some flexibility (i.e. break clauses, rights to assign and underlet and rights to renew) but these tend to be subject to strict conditions.
Flexible Spaces revolve around a community focused approach where occupiers take a number of desks (either communal or separated) and have access to communal meeting rooms and facilities (including cafes and bars). Occupiers can adapt their number of desks or the term of their occupation to their business needs. Flexible spaces are great for new or growing businesses who do not want to be locked into longer term fixed space. Flexible office spaces have seen the greatest expansion in large cities like Belfast and therefore those outside of capital or region cities may not have access to such spaces.
Here are 5 advantages of each:
- Usually longer fixed term occupation
- Fixed periodic rents (usually subject to review)
- Ability to customise and brand your space
- Choice of locations throughout Northern Ireland
- Varied supply and therefore greater ability to find a property that fits your business needs.
- Flexible periods of occupation
- Ability to increase or reduce your desk space
- All inclusive rents
- Community atmosphere with high spec design
- Central locations with good access to local transport infrastructure
Our expert Northern Ireland Commercial Property Solicitors can help guide you through the pros and cons of taking both traditional leases and flexible office spaces.
If you need advice call us on freephone number 0800 840 9294 or send us your details and one of our experts will get in touch.