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Renting premises is a huge expense. When hiring a traditional office space you can't simply pay on a month-by-month basis, and then opt-out of the contract if business turns sour – you will usually be bound to a fixed term of 3-5 years. In addition you'll have to purchase all of the necessary communications systems; furnish and decorate the interior; and establish your brand in the area.

Serviced offices are often overlooked purely because their monthly rental fees are higher; however, you must always look at the grand scheme of things before passing judgement. A serviced office is essentially a pay-as-you-use space, and they usually have plenty of benefits that make them a more than worthy investment.

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Added flexibility with short term lease agreements.

According to Skyline Offices, most businesses that rent serviced offices are looking for short-term lease agreements. Operators rent out serviced offices on a rolling basis, meaning that you will pay at the end of each month for the facilities that you've used. Because they have such small contract lengths, rental prices are often more expensive; however, the contracts will often come with far more services and facilities, and give your business more freedom if things don't work out.

Access to pay-as-you-use facilities

With a serviced office space you'll only ever pay for what you need. In addition to the physical space, services and facilities such as copiers, meeting rooms and even staff are available as and when you need them. For example, if you have a meeting with an important client and need to hire a conference room, you can hire one on a per-hour basis.

The chance to test new markets

Split testing is one of the best ways to figure out what marketing method will be the most beneficial for your business. With a serviced office you can test multiple markets in different locations without a significant long-term investment. This means that if you're expanding and unsure which city to target next, then you could test more than one location with minimal risk, and then base your final decision on concrete results.

No downtime when moving in

When you move to new premises the downtime can significantly hinder the flow of business. Serviced offices are already set up and ready-to-use. Everything from communications systems to office equipment will be operational from the second you step in the door, meaning you won't suffer any downtime waiting for phone and Internet companies to install new lines or set up new gear.

Access to high-quality equipment and trained staff

Serviced office operators strive to maintain their staff and technology and will ensure that all of their services and facilities are of the highest quality. Buying equipment or hiring full-time staff requires large overheads. When you hire equipment or staff from a serviced office you're not bound to any contracts and quality is guaranteed.

Maintenance comes as standard

Spending time and money maintaining an office can be seen as an unnecessary expense. According to BSRIA, the average cost for maintenance is roughly £14 per square metre. In a serviced office this cost is included in the rental fee, allowing you to save time and money hiring janitors, cleaners and technicians to maintain the office space.

Before you pay a deposit for a traditional office space, make sure you thoroughly weigh up the pros and cons of committing your business to a long-term agreement. You may find that a serviced office works out cheaper when you consider all of the overheads.