With costs rising, understanding the cost of goods and services (in this instance we’re talking about meeting rooms) is important so that you can set a budget before you start any enquiries or negotiations.
We’ll help you understand how much a meeting room costs, what affects the cost of a meeting room and the benefits of hiring one, so you can get the full picture before you make any decisions.
How Are Meeting Rooms Priced?
The cost of a meeting room is dependent on various factors and can be priced in different ways.
The pricing of a meeting room depends on the type of package that best suits your meeting, based on your needs and requirements from the room. There are a few different options that can be considered when you’re looking to hire a meeting room.
Fixed Hire Fee
A hire fee is a fixed price that is usually priced by the day or the duration of the event. The fee often covers the use of facilities such as Wi-Fi or catering, to name a few.
A hire fee provides flexibility for your meeting. When discussing the hire fee, it’s worth checking with the venue what specifically is included in the rate, as some venues will charge extra for use of certain facilities.
Delegate Day Rate (DDR)
DDR involves paying per person. Per-person packages involve paying an agreed sum for each guest that will be using the meeting space.
There is typically a day delegate rate and a rate if you are having a residential (multiple day/night) meeting.
Factors that Impact the Cost of a Meeting Room
There are many contributing factors to the final price you’ll be quoted for a meeting room.
Location of the Venue
The location of the venue will affect the cost of the meeting room. If the location of the venue is in a city or a central location, the price is likely to be higher.
So ensure that the location is right for you and your guests. Make Venues standardise their costing across their venues and collaborate with you to book a meeting room in the best location for you.
Attendees
The number of people attending typically influences the cost of hiring the meeting room. The biggest cost involved in meetings is often the catering. The more people that will be requiring catering services, the higher the cost will be.
Size
The size of the meeting room will directly influence the cost. It’s important for the experience of your guests to book a meeting room that won’t be too crowded and will allow everyone to be comfortable, so avoid squeezing guests in just to save on costs.
Facilities Available
A big influence on the cost of a meeting room is the facilities that are thrown in alongside the room’s use, as well as their quality.
The most common facility that guests enquire about is the technology offered in the room. When hiring out a meeting room, good quality Wi-Fi, screens and technology to support hybrid capabilities are essential.
Catering Options
Some meetings will require a lunch break or some snacks. The amount of food and drink you’ll want for your meeting will have an impact on the overall price of renting the room.
Day of the Week
Meeting rooms tend to fluctuate in price depending on the day of the week and the venue. Most meetings tend to happen in the middle of the week, so it’s worth bearing in mind that meeting rooms will be in greater demand on those days.
Length of Time
The amount of time you’ll be needing the meeting room for will dictate the price you’ll be quoted. It’s important to be clear when booking with the venue how long you’ll need it for to avoid paying more than you need to.
Advantages of Hiring a Meeting Room
There are many advantages of taking your meeting offsite and hiring an external space, these include:
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A private, secure meeting room is ideal if you’re worried about confidentiality issues.
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You can take advantage of the venue’s technology available during your meeting.
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Hiring a meeting room in a professional setting ensures a great first impression.
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A meeting room creates a quiet environment, allowing for better focus.
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Staff are on standby to help should you require it.
Book a Meeting with Make Venues
Looking to plan your next meeting with Make Venues? Our venues across Leamington Spa, London and Bristol have you covered with dedicated meeting rooms and facilities.
As well as our award-winning venues, we also offer meeting management services if you’re unsure which direction to take your meeting in and require consultation from our team of experts.
Contact our team today on 0808 168 5876, or get in touch via our enquiry form for more information on the cost of renting a conference room.