Why Should You Rent an Office Space Instead of Buying?Paul
COVID-19 has brought a whirlwind of changes to the way a lot of people work, especially those who work in an office. According to the Office for National Statistics, in April 2020, 46.6% of people in employment worked from home in some capacity, and of those that did, 86.0% did so as a result of COVID-19.
Working from home has become increasingly popular, and even when the pandemic starts to ease and offices are given permission to return, there is a good chance that businesses in the UK will allow more flexibility for working from home. This will in return, will influence the way business owners purchase industrial property going forward.
With more businesses finding that remote work is possible, the need for a permanent base might no longer be your top priority. Instead, renting could be a much smarter – and cost effective – move right now.
For those unsure about whether renting is more practical, here are just some reasons for doing so.
You Require a Smaller Space
You may have found that at-home working has really suited your business, but you’re not convinced that you want an entirely remote workforce. In this case, a smaller rental property could be the right choice for you. You can still have some space for workers to come into the office for important meetings or client visits, but the main bulk of your workforce will continue to work from home.
A smaller space will be cheap to rent compared to buying a property outright that has enough space for your whole workforce. This way, you get the best of both worlds, an office space to step away from home and show to clients, but at a reduced price.
As a business owner, you stand to save a lot of money by switching to a rental property or renting instead of buying a property. Property prices are higher than they’ve ever been, and given that you will likely implement some semblance of at-home working even as the pandemic comes to an end, there is really no need to splash out on a large office space when you can keep many people working from home.
The pandemic situation in the UK has changed drastically over the year, locking down the entire country only to be opened up again and then locked down once more. With all the uncertainty, it’s essential to keep your options flexible and open.
When you rent a property rather than buy, you have more options. After you buy a property, there is a lot of admin that becomes solely your responsibility. If you decide to sell down the line, this will also be incredibly time consuming, and you could struggle to get a buyer in these uncertain times.
But when you rent, you have the flexibility to reach the end of your lease and switch to entirely at-home working if you find that suits your business, or upgrade or downgrade to a different rental property depending on your circumstances. You’re not tied into an expensive investment; you can simply move your business operations out of the building and not have to worry about building costs or having to sell up.
No Maintenance Responsibilities
When you rent rather than buy, you don’t have to contend with all the responsibilities that come with owning a property. The maintenance and repairs inside the building are the responsibility of your landlord, meaning you don’t have to foot the cost or deal with any of the time-consuming admin. Save yourself the time and hassle of dealing with breakdowns and repairs by renting rather than buying.
Business Spaces from Biz Hub
At Biz Hub, we provide offices across the north of England. We can help you find the right kind of business space for your company at an affordable rate. Our serviced offices across Yorkshire, Lancashire, Merseyside, Greater Manchester and the West Midlands are all equipped with the high-quality amenities needed for all business requirements.
We have industrial units to let that are perfect for all business needs and include the likes of on-site parking, super-fast broadband, 24-hour security and 24-hour access. Our industrial units in Barnsley are just a ten-minute drive from the M1, and our industrial units in Liverpool are situated only five minutes from the city centre. These prime locations make life incredibly easy for you and your business.
All our rented properties are competitively priced at affordable, all-inclusive rates. We understand the importance of flexibility and low-cost solutions, now more than ever. That is why we have excellent customer service, and our centre managers are passionate about assisting you with the day to day running of your business operations. Contact us today to take a tour of one of our centres and find out more information about how we can help you.