Shared workspaces are becoming increasingly popular, not only among entrepreneurs. The benefits of a shared office are also starting to attract established firms and companies of all types.
A growing number of businesses are joining coworking spaces. What was formerly considered mainly a freelancer’s realm has quickly evolved into a viable choice for companies of all sizes.
It should come as no surprise that more and more tech entrepreneurs are resorting to coworking spaces. Is shared office space, however, ideal for every startup?
In this ultimate guide, we’ll go over how this work setup works, as well as the benefits and drawbacks of shared office spaces. You can refer to this article to assist you in your hunt for the ideal location to scale your startup.
What Is a Shared Office?
A coworking space is another term for a shared office space. These are fully equipped office spaces that are shared by several companies. Because the upfront fees are modest, using one might be a wonderful way for business owners to save time and money.
Furthermore, renting a shared office space is more convenient than renting a private office. A shared office space may provide the following services, depending on the location you choose:
- Basic office equipment
- Access to high-speed Wi-Fi
- Office furniture
- A mailing address
- Conference rooms
How Much Do Shared Office Spaces Cost?
While the cost of coworking spaces varies from one to the next, it is usually determined by a few factors, including:
- Location – Shared office spaces in prime real estate in large cities such as New York, Los Angeles, and San Francisco will be more expensive.
- Office space amenities – if your coworking space has a lot of unique features, it will normally cost extra.
- Size – Larger coworking spaces often cost more than smaller ones.
- Schedule – Coworking spaces that are available 24 hours a day normally cost more than those that are only open for a few hours a day.
Types of Shared Office Spaces
A shared office space may have dedicated desks and/or private office suites, depending on the specific business and occupying tenants. The number of workstations and sizes of private offices can also vary, ranging from a single dedicated desk to a private office space that can accommodate a team of up to 100 people.
A dedicated desk is exactly what it sounds like: a workstation that is solely dedicated to you. You’ll share the common rooms with the other members, but you’ll have your own desk and chair, as well as a lockable storage cabinet, if you’re in an open plan area. A dedicated workstation has the advantage of allowing you to leave your possessions for the duration of your membership rather than having to pack everything up at the end of the day. A dedicated workstation is therefore more expensive than a hot desk, but it is the more popular alternative because most employees want to work in a secure environment every day.
A private office can be as small as a single person’s desk or as large as an entire floor with various offices, meeting spaces, and open plan areas. The important point is that the room, no matter how large, is lockable and only you have access to it. Private office space is ideal for anonymity and security, and you still have access to shared facilities, so you’re never alone. This form of workplace is currently in high demand, with Office Hub reporting that 80% of inquiries in FY 2019 were for private office space rather than open plan.
Who Is a Shared Office Space For?
So, what are some of the many kinds of businesses that might benefit from a shared office setting? The quick answer is everyone who values the lower prices and numerous advantages involved. The lengthier answer is that this is an ideal setup for an organization in a number of circumstances.
For example, businesses that downsized as a result of the COVID-19 outbreak and have discovered that their existing premises no longer match their needs. Overseas organizations who are building a new branch and want to get a feel for the local area will also benefit in this type of work environment. Start-ups and scale-ups with fluctuating staffing and space requirements.
The Benefits of a Shared Office Space
Here are some of the advantages of shared office spaces that are practical in nature:
1. Creative Collaboration
Collaboration and diversity breed creativity and invention, as the CEOs of some of the world’s largest corporations already know.
Working in a shared office environment has a lot of perks, and this is one of them. The capacity to meet, interact with, and bounce ideas off individuals who have different experiences and perspectives than you.
A shared office provides freedom. Teams are always shifting and growing in the fast-paced world of start-ups and new businesses. They meet a company’s space and office requirements.
In a few months, the space that works for your team now may be too big or too small. Companies are constantly changing and growing. A shared office space provides you with the space you need to scale your business in any direction you want, as rapidly as you need to.
3. State-of-the-Art Office Spaces
Access to top-of-the-line real estate in vibrant, creative, and entrepreneurial neighborhoods is generally reserved for the wealthy. Your company may achieve all of this and more without breaking the budget by using shared office spaces.
This is one of the most significant advantages of shared office space for many companies amid a period of uncertainty or change.
4. Fully Serviced Facilities
You get more than just a workplace and a variety of amenities when you rent shared office space. You’re also taking advantage of the numerous services available there. Depending on the workspace, this could imply a variety of useful features.
Shared working spaces are more than just workplaces. From round-the-clock cleaning to a front desk receptionist to assist you with any questions you may have, shared working spaces provide more than just a venue for you to do your work. Shared spaces take care of these details so you can focus on what you came to do in the first place: innovative and creative work.
5. Cost-Effective Office Solutions
Shared office spaces are preferable to traditional office spaces because they provide significantly more value for money. Shared office spaces are ideal for businesses that are too small to fill a full office or are too young to commit to a two-year lease. When compared to a permanent office rental, a shared office space is usually far less expensive.
More flexible workspaces are essential as the employment and economic landscapes continue to change and react to important world events. Shared office space provides startups and small businesses with the support, adaptability, and feeling of community they need to weather any storm and prosper no matter what the world throws at them.
Enterprise software development experience. More recently in positions including CTO, Lead Developer and Head of Product in Australia. Deep expertise in property and legal technology in Australia with a specialty in lead generation and tech scalability across Asia-Pacific.