Shared office space refers to the practice of two or more businesses sharing a commercially leased office. While the term can refer to a managed coworking office or a serviced office, it is more commonly used when the tenant of a privately rented office rents out their unused space to another business. This means that both parties benefit from sharing the cost of rent, bills and overheads. Think of the Color Business Center as office space – you can use a great office, without the commitment or worry of your own long-term lease.
The rental terms and inclusions of a shared office space are decided by the two parties who plan to share the office. Usually the host offers the space fully furnished and equipped with everything the incoming company might need, such as furniture, internet, phone lines and printers. Most hosts use license agreements that allow the use of the space without the protections of a lease; they also allow the flexibility of a short-term agreement rather than the typical multi-year lease. By using a license, the host can bundle the cost of extras to create a simple, flexible and cost-effective package for the new tenant.
What are the benefits of shared offices?
Sharing office space with a synergistic business means you can explore aligned opportunities, collaborate on projects and share learning to increase both your success. Shared and coworking offices have also been shown to increase employee engagement by providing an interesting, dynamic and exciting culture within the workspace.
The operational benefits are also numerous. You get instant office space and everything that goes with it, while freeing yourself from the long-term commitment and high costs associated with renting a commercial office. You only pay for the square footage you use rather than covering the cost of the entire floor plan and most agreements are very flexible to allow you to rent the space on a monthly basis. Shared workspaces also improve your company’s image as they suggest that you have the resources to rent your own commercial property.
Different types of shared office space
Depending on the particular office and the tenants occupying it, a shared office space usually includes dedicated offices and/or private office suites. The number of offices and the size of the private offices can also vary, ranging from a single dedicated office to a private office space suitable for a team of over 100 people.
A dedicated office is exactly what it sounds like: a workstation dedicated to you and you alone! Located in the open plan area, you share the common areas with other members, but the desk and chair are exclusively yours, often with a lockable storage cabinet. The advantage of a dedicated office is that you can leave your things for the duration of your membership, rather than having to put everything away at the end of the day.
A private office can be a single person’s office or an entire floor with several offices, meeting rooms and open spaces. The key is that the space, no matter how large, is lockable and only you have access to it. Private offices are great for privacy and security, but you still have access to common facilities so you don’t feel isolated.
What should I consider when looking for a shared office space?
A shared office differs from a serviced space in that it is a self-managed environment with a more traditional layout. While different serviced office spaces all include similar facilities and amenities, shared office spaces often vary in terms of what they offer.
If you’re not sure what to look for or simply need help, our experts are just a phone call away and are able to help you every step of the way with impartial advice.