What is the ROI for a Private Office in a Coworking Space?
When you’re running a business, you need to weigh up every spending decision carefully. Not only do you need to stay within your budget, but you also need to be considering what your return on investment will be.
One of the most significant expenses any company has is its office space. Leasing a traditional private office can get costly and often means long-term leases that you may not want. Surely there’s a better option?
We think there is.
Coworking spaces provide you with many of the same benefits, but they’re more flexible and more cost-effective. We think it’s a win-win situation for all small businesses, solo professionals, and entrepreneurs. Read on for our top reasons you should consider a private office in a coworking space.
You’ll save money
On average, companies save 40% on their office space when they rent a private office in a coworking space v.s. a traditional office lease.
If you’re looking for an office in a prime business area, you’ll be expected to pay a premium. Coworking spaces, however, are often located in prime business areas, so you get a great location without the high lease cost. Not to mention that coworking spaces often offer free parking, something that you may have to pay extra for with traditional office space.
You’ll have more flexibility
When you lease private office space, you’ll need to decide up front exactly how many square feet you’ll need. If your growth projections are off, you’ll end up either overpaying for space you don’t use or being limited by the amount of space you have available.
There are no such restrictions when you rent a private office in a coworking space. You can choose a flexible month-to-month term, and you can scale up or down as your business needs.
There are no hidden costs
You might have ensured that the cost of your lease is accounted for in your budgeting, but what about hidden costs?
To start with, you’ll need to furnish the space with decent quality furniture. When that’s done, repairs, coffee, internet, cleaning, even waste management can all add extra dollars onto that invoice. Before you know it, you’ve overspent on your budget.
Not so with a coworking space. Not only do all private offices in a coworking space come already fully furnished to a high standard, but all the extras are also included too. Cleaner? Check. Office maintenance? Check. Complimentary beverage bar? Check. Internet? Check.
You get lots of networking opportunities
Ok, so it’s clear that renting a private office in a coworking space is cheaper than leasing traditional office space. But can it actually make you money and deliver a return on your investment?
Yes, although this one is dependent on how much you make of it.
Working in a coworking space gives you unrivaled access to other professionals. Instead of paying to join networking groups that take time out of your workday or eat into your personal time, in a coworking space you can network effortlessly while working.
That means you can make essential business contacts, get referrals and even collaborate with other businesses all without having to leave the office!
Private office space at Office Evolution Hackensack in New Jersey
At Office Evolution Hackensack, we offer private office rental on a month-to-month basis so you can have high-quality office space at the best and most flexible price. We’re located in the heart of Bergen County, NJ just off Route 4.
We have a wide range of facilities including a fully staffed reception, complimentary Wi-Fi, and a complimentary beverage bar stacked with tea and Starbucks coffee. You can be sure you’re getting the biggest bang for your business’ buck.
If you’re a New Jersey business looking for private office space, choosing Office Evolution Hackensack, NJ in Northern New Jersey will help you be more professional, productive, and profitable.
At Office Evolution Hackensack, we provide virtual office, coworking, and private office solutions at our shared office center. We offer meeting rooms, offices, hot desking in a shared workspace coworking lounge, a shared reception, a business address, and virtual receptionist services. We have many options and price points, and all terms are flexible. Plus, you become part of a community of like-minded professionals.
Whether you live in Teaneck, Bergenfield, Maywood, Teterboro, Hasbrouck Heights, Moonachie, Little Ferry, Rochelle Park, Dumont, Bogota, River Edge, New Milford, Hackensack, Englewood, Paramus, Tenafly, Fort Lee, and other communities nearby in Bergen and Essex counties, choosing Office Evolution Hackensack in New Jersey will help you be more professional, productive, and profitable.