Investing in office space in 2023: Is it worth it?

However, currently, the UK is facing a financial crisis which is heavily impacting the entire population, and business owners are debating whether purchasing office space will be beneficial for them or not. Are you an employer that falls into this category and you’d like to find out more? Carry on reading below. 

Current UK Financial crisis

At this current moment in time, the UK is facing unprecedented challenges which are only looming larger as the weeks go by. It’s projected to heap further burden on the UK population by April, and even then, there is no sign it will slow down. Gas and electric prices have shot up exponentially, and whilst vehicle fuel prices are slowly decreasing, it’s still set at an above-average market price, which is heavily impacting every UK household. One of the impacts of this is the increasing financial strain on business owners who are forking out extra money per month to just keep the lights and heating on – this doesn’t include trying to help employees who are struggling!

Now more than ever, employers are facing difficult situations which will greatly impact the way their business is run. Stereotypically, it’s accustomed that most businesses have offices, but now due to the financial crisis, this is slowly deteriorating. Employers who rent are facing an increase in charges by the landlord which is proving costly especially in the city centre as this is where most business is driven from, and prices are naturally a little higher compared to towns and villages. If you’ve recently started a business, then you may have unfortunately started at the wrong time as most new owners will struggle to find an office space which is reasonably priced – especially in the city.

If you’re a newbie in this area then we highly encourage you to lower your expectations and shop around for office space in 2023. It’s not wise to expect you can get a good deal in the city centre, as there are many that have come before you who have fallen short of this hurdle. It could be ideal for you to search for offices outside the city as you may have better offers in front of you. Sadly, there doesn’t seem to be an expiry date for the financial crisis we’re in, so it’s best if you ride the storm out and wait for the right opportunity for you. 

Companies still need offices

Without question, finances are an important part of acquiring office space but put that to one side and there are endless advantages to having an office. Firstly, office space is arguably the face of the company as it gives you a chance to communicate your identity and attract potential clients nearby.

Depending on the size of your company, the average person who has never seen you before could recognise your business instantly just from passing by your building. This can lead to a huge increase in opportunities as many people will want to look into the services you offer and potentially work with you on a regular basis. So, if you are able to acquire an office space this year, there’s a good chance you’ll get noticed more frequently.

Also, having an office space for your company is a great way of interacting with your client on a personal level. Since COVID, it’s become natural to have a meeting with a client on Zoom, Google Meet, Microsoft Teams etc and it’s taken away the personal factor of a meeting. Employers and employees alike have forgotten the importance of a face-to-face meeting, which is confusing as you can be more productive and attentive this way. A meeting face to face also provides security to your client, as you will be in a secure location where sensitive information won’t be leaked. 

Furthermore, having an office space will determine the growth of employees you expect to see in the coming year. If you’re expecting to hire a number of talented employees throughout the year, it’s important you provide them with the best resources in your office which their home does not have. This simultaneously builds employee morale as it shows them that you value their presence and qualities highly. 

The rise in hybrid and remote work environments

Since its occurrence, COVID has had a massive impact on employers’ and employees’ lives, and it continues to this day. Because the virus meant people couldn’t work within close proximity of each other it meant employees had to work from home. Many of us didn’t have a choice in the matter which was reasonable in this case because the virus was spreading rapidly, but it did develop a positive outcome to some degree. During the early days of COVID, a large portion of employees declared they were more productive working from home, away from the distractions of the office.

Obviously, this wasn’t the case for everyone, however, a good majority of people did which is what employers now look out for when hiring an employee. If you have proven experience of working remotely from home and have the evidence to back it up, they will consider including this as a working environment in your contract. That being said, depending on your living situation you may be required to come to the office for a couple of days in the week, which is where the ‘hybrid work environment’ comes into play. Over the last year or so, employers are starting to include hybrid working environments within employees’ contracts, as it gives them the option to work from home whilst also offering the flexibility of being in the office with their team.

This is arguably a stroke of genius, as if you’re coming down with a cold and don’t want to infect employees with your symptoms, you can work from home that day without taking a sick day. This is a huge positive for both sides, as you won’t have to worry about travelling to work, and the employer won’t have to worry about work not getting done on time. 

Are office spaces worth it?

So, to answer the main question of this topic, ‘are office spaces worth it?’, – there is no right or wrong answer. There are positives and negatives on both sides of the equation, but without a doubt, the main answer to this question rests on the financial side of things. If the UK wasn’t undergoing a financial crisis and will remain in this state for the coming months, then we would say office spaces are definitely worth it! However, this isn’t the case and finances are an essential piece to a company’s jigsaw puzzle. 

We hope we’ve answered your question and you’ve found our latest article insightful. If you’ve recently acquired office space and you’re looking to install single or double-glazed partitions, then get in touch with our team today for a bespoke quote! 

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