Which Type of Shared Space Works Best for Your Business?
The trend of sharing office space has become a smart and creative option for many entrepreneurs, startups, and small businesses. Available options on shared spaces for lease are growing at a fast pace. Below is a summary of the most common shared office space environments to help you select which one is right for your business.
Standard Business-to-Business Shared Office Space
Space Description: Private office space, workstations, and desk rental, within another business’ established office. Ideal for businesses that require a lot of time on the phone, need conference room use on a regular basis and have privacy requirements.
Amenities: Services offered at no additional cost can be used in a shared conference room, shared kitchen or break room, and a shared reception area. Use of a copy and mailing center and a shared receptionist are often available for a prorated share of the cost.
Rental Rates: There is a growing number of options available in the $250 – $1,000 per month range that offers affordable, flexible lease terms for entrepreneurs, independents, and small businesses. The asking rent will generally depend on how much space you need.
Space Description: Business incubators are specifically designed to help startup companies typically involved in the technology, service, and light manufacturing industries. The space is generally shared with 15 to 20 other startups that enter a business incubation program for a period of a few years. Startups interested in a business incubation program must apply for admission, which can be competitive.
Amenities: Along with very affordable rent a company will be nurtured with hands-on management assistance, access to financing, networking opportunities, and access to business and technical services as well as many other services designed to help ensure that a startup will stay in business for the long term.
Rental Rates: Rental rates are intentionally very affordable and will vary based on each program and location.
Space Description: Coworking communities are professional and creative office environments that have a mix of open areas, community desk space, some private offices, and shared use of a conference room. Collaboration, networking, and social interaction between members are all promoted. Coworking is a fantastic option for independents, freelancers, software developers, writers, social media consultants, graphic designers, and other creative or tech professionals. This type of environment may not be the ideal space for a business that is on the phone a lot as part of its daily routine.
Amenities: Some amenities are included in your membership fees and others are added fees. Amenities can include, fast internet connections, networked printing, free coffee or other beverages, IT support, use of a shared kitchen, fax/copy/scanning, whiteboards, projectors, social events, and networking events within the coworking space.
Rental Rates: Rental rates will vary based on how many hours per week you use the space, how much conference room time you need, and if you use an open desk or a private office.
Space Description: Shared office space in a professional more traditional office setting where businesses can rent private office space by the hour, day, or month. They offer a menu of different membership plans, including a virtual office plan. Many executive suite locations are in Class A office buildings and offer city views and other impressive luxuries a small business would not have access to otherwise based on their limited budget. Businesses that want a high-profile address to give them more credibility are common users of Executive Suites. These spaces are also a good option for larger companies that need satellite offices in other states.
Amenities: Services include an office manager dedicated to your needs, a receptionist to answer your calls and greet your clients, mail handling and package receipt, copy center services, a shared business lounge, branded signage for your office door, and concierge services.
Rental Rates: Rates will vary based on location and if you would like full-time or part-time use. Executive Suites are designed to be very flexible and offer a large menu of services that can be very convenient for their users. These piecemeal services can add up quickly so it is very important to consider all your business needs up front and get the all-in cost so you are not surprised with a larger-than-expected monthly rent bill.
Entrepreneurs and businesses whether large or small are always looking for creative and cost-effective ways to keep their operating costs down. Sharing office space is a smart step towards reaching this goal. As an added bonus, savvy business owners are also pursuing shared office space as a way to network and obtain new business referrals by sharing space with a complementary business.
At Office Evolution we offer the ideal combination of a Coworking Community and Executive Suites. We will help your budget remain flexible, with more money to spend on the things that matter most to your business. We understand the unique challenges of being an entrepreneur, and we have designed our services with the modern-day, flexible, entrepreneur in mind. Our Private Offices have flexible packages and options to suit your specific needs. Our Virtual Office ranges from a private mailbox to a meeting space, to a phone answering service providing the support you need in your entrepreneurial journey.