How valuable is it to rent a furnished office space for your team? Learn all you need to know below.
Even as states continue to implement measures to combat the ongoing pandemic, companies have embraced the return to work. But a relaxation on social distancing mandates does not mean we’ve come full circle to a pre-pandemic workplace.
Instead, many companies are managing their workspace through the “new normal” – a hybrid of remote work and work-from-anywhere policies. While nationwide work-from-home policies were far from a disaster, the success of a remote workstyle largely relies on individual factors.
Some people have a much easier time staying productive within their own four walls, with minimal commute to the office. Others, however, can’t concentrate around family, or have watched their work-life balance crumble as the line between personal time and professional time disappeared.
Even as companies are increasingly adopting a fully remote or hybrid workspace, there are good reasons to invest in a physical space of your own, especially if most of your talent resides in the same geographical location. Being able to cooperate and coordinate in person saves time and energy, fosters important morale, and allows you to craft a truly unique company culture.
Leasing a workspace for your business in the current economic climate can be very expensive, however, especially if you are short on capital. Alternatives, such as fully furnished creative coworking suites, give both startups and smaller teams the opportunity to save on upfront costs and enjoy the perks of a luxurious upscale office space.
Renting a Space vs. Buying Your Own
The perks of owning an office space of your own are numerous. You aren’t restricted by the same limitations that might be in place if you were renting or leasing a space, especially if you intend to renovate or make sweeping changes, such as turning an open office design into multiple smaller rooms, or vice versa. Full ownership of a commercial space also allows you to lock in the total cost of ownership via a mortgage, while gaining equity as the space appreciates in value.
However, there are cons to consider as well. First, there is the overwhelming cost. Buying a commercial office space may take a considerable down payment. You also lose the flexibility of moving offices, expanding to a different, larger space, or perhaps just picking a different office as your needs evolve or change. It can be very difficult to sell a commercial property, and there are fees and processes involved, from setting things up with a commercial broker to negotiating with a potential buyer.
Renting a space may saddle you with an indefinite monthly fixed cost, but it offers you the flexibility of moving as soon as your lease or rent term allows it. Choosing to rent a space in a coworking workspace offers the double benefit of saving you any potential down payment, while giving you the ability to choose a different office space at the drop of a hat – no commitments, and pure flexibility.
The Benefits of Renting a Furnished Office Space
Coworking spaces are often the superior choice for both young startups and larger enterprises looking for an opportunity to expand into a new territory.
While bigger companies might want the control and freedom that comes with leasing or owning a space of their own for a major regional office, coworking spaces remain cost-effective workspaces for local satellite teams branching out from the bigger offices to be closer to potential new clients, or to oversee a new product launch or nearby production/manufacturing.
For smaller teams and new companies, the benefits of coworking over any other office arrangement are clear – money is tight, and coworking spaces allow you to benefit from upscale amenities and high-quality office space at a fraction of the cost, both in terms of finances and time spent furnishing and preparing a new space for business.
What to Look for in a Coworking Space
Any old space won’t do. A reputable coworking space prides itself in providing upscale amenities that emphasize productivity and choice, giving freelancers and sole contractors the opportunities to network or collaborate, or focus on their own projects in peace, while providing larger groups and teams with meeting rooms and plenty of spaces to conduct private business, or share a space with their coworkers in common areas to share ideas, build professional relationships, and pool resources.
A reputable coworking space is not just an in-and-out workspace, or a purely utilitarian office floor, but a community in its own right, with a unique identity and shared company culture.
In addition to the right ‘feel’, consider having your own personal checklist of what’s most important to you in a coworking space.
The Right Address
In many instances, location is everything. While every licensed business must report a physical address, you do not have to advertise yours if you plan to do business entirely remotely.
However, if you plan to have a physical address at all, why not have one you can proudly invite clients to? The right address can have an impact on how potential clients perceive you, and a coworking space allows you to claim an upscale business address at a fraction of the cost you would face owning a space in the same area.
How much has your prospective coworking space invested in treating its tenants right?
Good examples of productivity-centered design include healthy ergonomic furniture, from standing desks to Herman Miller office chairs, down to the floor flow and day lighting of the office, as well as its density of plant life and other natural elements.
A Reasonable Commute
A central location can make it easier for anyone on your team to get to work on time, with a limited commute.
Good parking options, plenty of disability accommodations on-location (such as multiple accessible ramps and nearby parking spaces, multiple elevators, and an accommodating staff), and simple routes to and from nearby transportation hubs such as train stations and airports can make a good coworking location stand out, especially for visiting clients.
Rentable coworking spaces provide companies with a flexible option for physical cooperation, even in a largely digital and remote working culture. Coworking spaces also help new teams continue to remain productive while saving capital for expansion and future growth.