These three terms get used interchangeably by people who should know better, and it's costing founders money and flexibility. Here's the actual difference.

Serviced offices

Fully fitted, fully staffed, one all-in monthly price covering rent, business rates, cleaning, internet and reception. You can usually move in within days and get out on a few months' notice. The trade-off is cost per desk — you're paying for the flexibility and the amenities, and it adds up fast past 20–30 desks.

Managed offices

The middle ground. A provider fits out and runs the space to your brand and layout, but you commit for longer — typically 1–3 years — in exchange for a lower cost per desk than serviced. You get more control over design and culture without taking on a traditional lease, a landlord relationship, or dilapidations liability at the end.

Leased (conventional) offices

You take the lease directly from the landlord, usually for 3–10+ years, and you're responsible for fitting the space out yourself. Cost per sq ft is the lowest of the three, and you get full control over the space — but you're carrying the capex, the dilapidations liability, and the commitment. This makes sense once your headcount is stable enough to plan multiple years out.

Which one is right for you

Early-stage and fast-growing teams usually want serviced — the premium buys you the ability to grow or shrink without renegotiating anything. Once headcount is predictable for 12+ months, managed starts to make financial sense. Once you're confident in your space for 3+ years and want full control over how it looks and feels, a conventional lease is usually the cheaper option over time.

The honest answer is that it depends on where your business is right now, not where you'd like it to be in two years. We'll tell you which one actually fits rather than pushing you toward whichever pays us the most commission.