The idea of working in an office is not as simple as it once was. Today, renting an office space can involve a wide variety of things. Executive suites, sublet space in an office building, space for rent in a downtown business center, and space in a coworking facility in your area are just a few of the many options for workspace.
Smaller, less expensive and more flexible offices may be sought after by those in the early stages of business development compared to their more established peers. In general, this means choosing between coworking and finding a low-cost rental situation such as subletting. For the good of your business, let’s take a closer look at each solution.
Coworking has a number of advantages
Any place where people or groups of people work together in close proximity, sharing common spaces and services, but not much else, can be considered a coworking space in the broadest sense. In today’s world, coworking spaces come in many shapes and sizes, making them a particularly attractive option for organizations seeking flexibility.
Businesses and individuals looking for an alternative to working from home or a coffee shop can find a haven in one of these coworking spaces located in or around town. A coworking space can take the form of an office, a lounge, a network of connected rooms or simply a large space.
Often, these workspaces include seminars with guest speakers, happy hours and other community activities, a shared office management and reception team, a professional voice to answer your business phone, and standard office equipment like printers. There are many other benefits to renting a coworking space, so let’s look at some of them in more detail.
Small, family-owned businesses in suburban office parks or giant corporations with many offices in the city are not the only types of businesses that have changed dramatically in recent years. Isn’t it strange that many people have worked for the same company their entire working lives? In the modern business world, companies can grow quickly, slowly or even shrink (although there is always hope for growth!). As companies reform, they regularly move or relocate their staff.
For newer businesses and startups, a coworking office space is an attractive alternative because of the uncertainty that comes with it. Depending on the length of the contract and type of space, most coworking spaces offer daily, weekly or monthly rental options and fees. Coworking allows you to increase or decrease your staff as needed without having to worry about finding the right size office. It also allows employees to change locations if necessary, or even work from home. Companies that like to work from home but want their employees to have access to a physical workspace can benefit from this option.
Opportunities for Collaboration
Perhaps the most important benefit of coworking is the sense of community and the opportunity to meet new people. Businesses and freelancers can meet in coworking spaces, where they can collaborate and find new business partners and customers.
Coworking offices offer small businesses a way to socialize daily outside of their staff and the opportunity to learn how other organizations deal with growth and operational issues. Members of a coworking office have many opportunities to meet new people, whether it’s over a cup of coffee in a shared kitchen space, or by mingling at the after-work activities offered by the space.
Increasingly, co-working spaces are helping small businesses overcome common startup hurdles, such as exchanging services, customers and even investor relationships.
Reduction of the total cost
Renting an office can be expensive. Tenants are responsible for furnishing the rooms, purchasing office equipment, paying utilities, and possibly renovation and fit-up costs. It’s easier to focus on your business when you use a coworking space, where you have access to office equipment and large bookable event rooms.
Desks, tables, couches, printers, kitchenettes and WiFi are often included in the package. Many also have shared office management and front desk staff to help coordinate maintenance, cleaning, deliveries and guests. Renovations, decorations, housekeeping services and utility bills are all taken care of for coworking space residents.
Most landlords want tenants to sign a three-year lease, which can be too dangerous for some businesses, especially start-ups – and prohibitively expensive if the need to terminate the lease arises.
Tenants who are on the go and do not need the space on a daily, weekly or monthly basis may prefer the payment options that most coworking offices offer. When it comes to coworking spaces, there are several variables that influence the price.
A fun atmosphere
Coworking spaces are specifically created to stimulate creativity and foster a sense of community among their members. As a bonus, some coworking spaces offer amenities such as attached fitness centers, dedicated reading rooms, pet-friendly rules and regulations, food and coffee on hand, and the use of brightly colored interior decor.
The advantages of renting office space
Companies can customize their office space to meet their unique needs by renting a private office space. This can include acquiring and arranging the ideal furniture, building or playing music. In addition, leasing a traditional office usually means that the tenant will have exclusive use of the office. Some sublease scenarios allow companies to work alongside other companies, but subleasing still involves having full access to many office areas and private offices, rather than just a few offices.
Depending on the type of coworking space you choose, you may only have one office and have to share a conference room, tables, printers and kitchen facilities. This is your company property when you rent office space. Therefore, you won’t have to worry about reserving a conference room or having your furniture moved when you’ve requested that it be left in a specific location.
In a traditional office, the rules, atmosphere and, yes, snacks are all determined by the people who work there. You can also make sure that dogs are allowed or not. Other benefits of traditional office rentals will be discussed.
Many companies are increasingly concerned about privacy in all its aspects, including physical, informational and auditory. Traditional office tenants are less concerned about their neighbors than those working in coworking spaces. It is also possible to use ultra-secure WiFi networks in a private office when working with sensitive data, which is not possible in a shared workspace.
Having a personal office makes the idea of working from home even more appealing because of the privacy issues that can arise with coworking.
Real life privacy
In a coworking space, it’s impossible to know exactly who else is in the building. Strangers may walk past your conference rooms, peek into your offices, or be within earshot when you are on the phone with a client. Property managers may show potential tenants around the building, increasing noise and commotion in the common areas. By having your own office space, you don’t have to deal with these nuisances.
Noise abatement measures
You have some influence over the noise level in your own company, but you have no control over your noisy neighbors. On the other hand, if you and your teammates are involved in a lot of heated discussions, you may be the target of complaints from your neighbors.
Confidentiality of personal data
It’s best to have the privacy of your own office, especially if you’re handling sensitive information such as people’s social security or financial numbers, government documents, personal histories, criminal records, etc. Looking for a new employee for your company? No problem! If you don’t want to deal with other companies’ questions about the newcomer, just invite them into your private office. Also, sharing a WiFi connection could pose a security risk.
After a while, couch-surfing is fun, but if you’ve built up a collection of possessions, you’ll want a place of your own. A business is no different in this regard. Flexibility is a huge asset for businesses that are establishing their identity and growing.
It’s much more desirable, as a business grows, to have a long-term office space that you can call your own for at least the next three, five, or ten years (and maybe even longer if all goes well). You no longer have to think about moving expenses, arrangements, and finding new space when you’re relaxing in your workplace. It’s a huge relief!
Wait a second, you say you were surprised to know that renting a traditional office space is more expensive than coworking! In most cases, that’s correct. However, when your business has more than half a dozen employees, you may find that renting your own space is more financially advantageous.
To get your business noticed in a visible way, renting your own space is a great option. When a potential employee or business partner visits you, they will enter an environment that reflects your company’s values, culture and community. The values and cultures of the coworking company and other tenants will not be introduced into the workspace.
Your customers should feel safe and comfortable when they enter your business. You can choose the temperature, sound level, type of events and music you want to play. Renting your own space also allows you to quickly add your business to Google Maps, making it easier for customers to locate you.
To determine which is the best choice for your business, we recommend taking a look at our comparison of coworking and private offices.