What do you look for in an office? What are the things that you would consider when contemplating options for a working space? Do you want a private office or a shared office space? Executive or informal?
Majority of companies and organizations today are veering towards shared offices spaces due to a variety of reasons including company culture, cost of set-up, and office location among others. Listed below are 10 benefits that several companies and individuals consider when choosing to operate their business from a shared/co-working office space.
- Flexible leases
One of the biggest benefits of serviced offices is that you do not need to deal with a longtime lease. Many private offices have leases with a minimum duration of six months to a year while co-working desks may be leased on a month-to-month basis.
- Access to high-quality equipment and trained staff.
Serviced office operators strive to maintain their staff and technology and will ensure that all their services and facilities are of the highest quality. These, of course, are amenities available to members of the space at no added cost which also include dedicated cleaning, receptionist, copier, IT solutions, and mail handling. This allows you to save time and money that would be otherwise used in hiring janitors, cleaners, and technicians, and other office staff to maintain the office space.
- Opportunity to test new markets
With a serviced office, you can test multiple markets in different locations without risking significant long-term investment. This means that if you’re expanding and unsure where to target next, you could test more than one location with minimum risk, and then base your final decision on concrete results.
- Networking Opportunities.
Shared working spaces offer you a chance to network and collaborate with a variety of other businesses within the same space. “It’s not what you know but who you know.”
Serviced offices provide tenants with the opportunity to mingle and discuss ideas with a wide range of professionals from different industries every day without having to leave your office.
- Prestigious Address & Location.
Generally boasting prime business locations in city centers with stylishly designed offices close to major transportation hubs, serviced offices allow your business card to resonate with impressive details, enhancing your professional reputation. It also makes the prospect of taking your future employees, suppliers or even the dreaded bank manager for a tour a whole lot easier. Having your business address in the city’s easily recognized prime central business districts automatically conveys a good impression on your clients and/or investors.
- Growth Flexibility.
Shared or co-working offices offer tenants the flexibility to upsize, downsize or even use facilities in different locations to fit their business requirements with minimum notice. This is since shared offices offer several options in terms of office size, type, fees. Such options allow start-up and even larger MNCs to grow at a steady pace without the anxiety of searching for new premises.
- Payment Flexibility.
Conventional tenants are normally required to pay rent quarterly in advance whereas serviced offices invoice clients on a monthly basis, freeing up cash flow. What’s more, many services are already included in your package, including insurance, water, electricity, lighting, internet, etc. Where additional services and personnel are required, you only need to “pay as you use” – pay for when and what is used, rather than supporting the ongoing permanent cost of these items, saving you unnecessary fixed costs.
Infrequently used space, such as the pantry, conference and meeting rooms, are supplied and payable on a “pay-per-use” basis so that meeting room you need for an average of 5 hours per week is not costing you rent, rates, service charges, heating etc for all of the rest of the time when it is empty.
- Simple user-friendly contacts
Rather than dealing with complex and intricate lease documents, often involving legal assistance and lawyer fees, a typical service office agreement is written in a plain English format. It is designed to be ‘user-friendly’ and avoid unnecessary terms and clauses typically found in a commercial office lease. What’s more, serviced office licences do not attract stamp duties – substantial savings for most businesses.
- No downtime when moving in.
When you move to new premises the downtime can significantly hinder the flow of business. Services offices are already set up and ready-to-use. Everything from communications systems to office equipment will be operational from the second you step in the door, meaning you won’t suffer any downtime waiting for phone and Internet companies to install new lines or set up new gear.