The serviced office industry is growing and evolving at a rapid pace and so is the lexicon used to describe its various features and solutions. Let's take a look at a few key terms.

Flexible workspace is often used as a catch all term to describe offices with flexible contractual terms. Serviced offices, coworking spaces and managed offices can all be described as flexible workspace solutions. (Think of these entities as individuals that are part of the same family.)

A coworking space is an open plan office that is shared by multiple people, typically freelancers, entrepreneurs and very small teams that don't require privacy and want to keep expenses to a minimum. Many serviced offices buildings also contain a coworking space.

Managed offices offer occupiers a similar level of flexibility as a serviced office but they are designed for larger companies that want to be able to brand their space and have a bit more long-term security. They are also referred to as "bespoke" office solutions.

The majority of managed office agreements last for a minimum of 1-3 years, however shorter terms are also available. More established businesses might be able to negotiate a longer contractual term to ensure stability and security.

Serviced offices are all-inclusive office solutions that are ready to move into. Office operators are responsible for the management and maintenance of the property. The fee includes desk space and the common amenities businesses need to operate well, such as meeting rooms, internet and a reception manager to greet and direct visitors.

All the services and facilities included in your package should be clearly stated in your licence agreement. As every serviced office operator is different, don't make any assumptions or you might be in for a surprise when you receive your invoice!

Serviced offices are priced either on a per desk basis or a flat fee for the room. Let's take a look at what typical services and facilities you can expect to benefit from.

Of course, one of the main things the monthly fee covers is the office itself.

As well as the actual square footage, this usually includes furnishings, i.e. desks, chairs and storage. Some operators might provide a bespoke fit out for your company as part of the price or for an additional cost. Others may let you bring your own furnishings with you.

Lighting and heating is often included in the price of a serviced office, as well as regular office cleaning.

Meeting spaces are usually offered on a pay-as-you-go basis, but some centres include meeting room usage as part of the overall package. You can book a meeting room at reception or using your operator's app.

These are usually covered by the rent. However some operators will charge a separate reduced fee and others might cap your usage, leaving you to cover any excess.

The majority of serviced office centres have a manager and receptionist present. The former is responsible for the building's operations and the latter for meeting and greeting occupiers' clients and providing customer service and assistance to everyone in the centre.

Tea, coffee, biscuits, fruit - many operators keep their offices stocked with the essentials throughout the day to keep occupiers fuelled and happy. Others also offer catering for meetings and events at an additional cost.

In-house networking and industry events provide occupiers with the opportunity to meet, learn and even collaborate on projects together.

Leased offices on the other hand can take much longer to find, fit out and furnish. The whole process can take many months. Office fit out company, Oktra, recommends companies begin their search for a new office lease 18 months before the date they want to move in.

Because fit out and services are included, the monthly cost of a serviced office is usually higher. However, the upfront costs involved in preparing a lease can be significant, balancing it out. You'll also be required to contribute to buildings insurance and pay a deposit, and may have to pay a service charge on top of your rent.

Because they have to appeal to a wide range of businesses while maintaining their own brand identity, a serviced office will usually have a uniform interior design running throughout. That said, you might be able to negotiate different furnishings or decor with your operator.

With an office lease, on the other hand, you have complete control over the "look" of the space as well as its atmosphere. So, if you want complete control over the brand, design and culture of your workplace, a lease might be a more suitable option for you.

A decade or so ago serviced offices were the domain of small businesses and startups. Following the global recession in the noughties, smaller businesses were drawn to the flexibility of serviced offices. More recently, large corporations have started using them too.

Serviced offices are also sometimes used as a temporary workspace by brands waiting for their office lease to be ready for them to move into.

Global businesses or those looking to expand to new markets can minimise their risk by opting for serviced locations. Some serviced office operators manage multiple locations globally, so it's possible to stay with the same brand.

In the face of uncertainty, it can be difficult for even large established companies to predict profit margins, and the flexible nature of serviced offices is what makes them an attractive solution.

Furthermore, as remote working becomes the norm, many companies no longer require a permanent office space for their team. Serviced offices can accommodate fluctuating a workforce more easily than a lease.

Serviced workspaces provide small to medium sized enterprises with access to the same facilities and opportunities as their larger competitors, such as access to meeting rooms, the use of business technology and the chance to source new business through networking. But as these facilities are shared with other occupiers, they don't have to pay for them upfront.

It can be tricky for startups to predict where they'll be from one month to the next. A flexible solution makes sense for new businesses that want to minimise risk, have access to business services and be in a place that encourages networking and collaboration.

Solopreneurs might want to rent a one or two person office in a serviced office, or rent a hotdesk in the building's coworking space (if it has one). The benefits include:

However, depending on the individual's business needs, it might make more sense to get a virtual office, coworking membership or even just work from home if they don't require a business address or physical office space.

As popular as they are, serviced offices aren't going to be suitable for every business and there are other options out there that might be more convenient, such as a virtual office, managed solution or, indeed, a lease.

Here's an overview of the main pros and cons associated with renting flexibly, designed to help you decide whether or not a serviced office is right for you.

Your address says a lot about your business and can have a significant impact on client perception. Ideally, you'll want an office in a prestigious location, such as a city centre, that's easy for both customers and employees to get to.

It seems obvious, but you'll need to figure how roughly how much you're willing to spend because your budget could determine where you can afford to rent. Prices vary across the UK, with London being the most expensive. Just you an idea, offices in central Manchester cost around £300 per person per month and Bristol offices are priced at £200 a month per person.

The cost will also depend on which services are included.

Think about what you actually need from your office space. Lean startups might only need the minimum, such as a receptionist and access to meeting rooms.

On the other hand, businesses looking to attract talent might want to rent a serviced office with all mod cons, including:

• Concierge services e.g. transport and catering
• Social and networking events
• Wellbeing initiatives and yoga
• Thought leader-led sessions

No two flexible workspaces are the same, and just because your current office has a one month notice period doesn't mean the next will. Always be sure to read the terms of your contract thoroughly before signing to safeguard against paying for space you don't need.

Startups.co.uk has produced a useful guide detailing the best places to cowork in London. It takes into consideration number of offices, desk price, transport links and internet speed. It ranks King's Cross as the best overall, owing to its 16 public transport lines and affordability.

Next steps

If you think a serviced office could be the right solution for your business, take a look at some of the available options in your chosen location(s) today. Alternatively, you can find out more about serviced offices by getting in touch with us as we would be happy to guide you through your search.