Glossary

Executive suite

Essentially the same as a Serviced Office, the term "executive suite" is primarily used in the USA.

Flexible Terms

Sometimes referred to as "Easy in, easy out", flexible terms usually means the tenant can move into the office just a few days or weeks after signing an uncomplicated licence agreement and the period signed for can be as short as a few months, sometimes just a single month.

Furnished Office

Offices that come pre-furnished with desks, storage and other standard office furniture and equipment. The extent to which the office is furnished will depend on the centre but an office labelled as "furnished" will at least have basic furniture.

Hot Desking

When a workstation is used by different people at various times. These may be people employed by the same company (such as sales reps or job sharers) or the workstation may be let out to another company for use by their employees (such as when a company has a single employee in a new location).

Lease Agreement

A more structured and involved document than a licence agreement, lease agreements usually require the assistance of a solicitor and are typically signed for periods of three years or longer.

Licence Agreement

Simpler and more flexible than a traditional lease agreement, a licence is often used for short periods of time making them an ideal solution for serviced office space.

Managed Office

Managed office space will have fewer facilities and services than serviced office space but it will still have some. Managed offices are also usually available to let on shorter and more flexible terms than conventional office space.

Open Plan Offices

Offices that are not sub divided by walls, often including break out rooms and meeting areas.

Semi Furnished Office

Offices that are offered for rent with some furnishings. The extent to which they are furnished will vary.

Semi Serviced Office

The centre does not offer all of the conveniences, facilities and services of a fully serviced office but does offer more than would be available with conventional office space.

Serviced Office

A group of offices, often in a business centre or large office building, let on an easy-in, easy-out flexible licence basis. Serviced offices are normally fully furnished and come with additional services such as a manned reception, security, administrative/secretarial support, meeting and conference rooms, etc...

Shared Office Space

An office shared by two or more businesses. This is an option often chosen by new start ups as well as companies looking to expand into another location but not yet ready to set up a full team there.

Virtual Office

A virtual office service can be as simple as a mail box/address or as comprehensive as meeting rooms, message taking, secretarial services, administration and accounting as well as other business support services.

Workstation

A workstation is essentially a desk. The term is often used to refer to the amount of space required for a single person working at a desk.