Coworking vs Shared Offices vs Your Own Suite, how do you decide?
Barbara Ellis- Racic | Corporate Real Estate Solutions
Helping businesses and organizations find their work Shangri-la
Organizations come to Babara when their current space no longer meets their strategic needs, and they are frustrated by the complexities of finding an office, retail, or industrial space.
You know your organization needs a change, how do you decide which type of space is the best place for you?
Many services businesses seek are now offered by both coworking and shared space. Spaces range from huge to boutique size and everything in between.
The guide below can help you differentiate the spirit of the space and community, and when you should consider your own, stand-alone space.
Coworking spaces offer:
Collaboration- If connecting to others and access to other resources, the open and collaborative layout, with shared desks and common areas are a plus. Generally, these spaces have more limited numbers of private offices.
More Extensive Events organized by the Community Itself- If connecting to others is important as you build your business, there are easy opportunities to connect.
Access to different types of space- Quiet spaces, conference spaces, relaxed seating, based on your needs for that day.
Lone Remote Employees- Coworking can create a community and a cost effective place to go for a remote employee who wants to get out of the house and see other people.
Find Your Tribe-For new businesses, you can share resources and knowledge with other members.
Image-The vibe of these spaces is generally more relaxed, hip and fun.
Shared office spaces offer:
Project oriented spaces- If assuring you have multiple offices and workstations adjacent, or a space separated from others, but only need it for the duration of a project, a shared office generally has more spaces to suit projects.
More Individualized Support Services- If you need an unusual accommodation, such as installing your own server, or you need regular administrative services, or need to print large volumes, a shared office can provide specialized solutions to these needs.
Larger Conference Areas-Can better meet the needs of larger meetings to be held on a on a regular basis.
More Privacy- Shared office spaces work well for employees who need to focus on heads-down work.
Ability to utilize other locations- If your business operates in multiple cities, states or countries, you can access those facilities on an as needed basis.
Image-Generally located in high image office buildings, well located and easy access. Space generally presents a vibe of a professional office building. More offices than open areas. Professional service firms (attorneys, accountants, wealth managers) who need quiet spaces, additional privacy, and documents that must be secured are drawn to these spaces.
Traditional office space Offers:
-Scale- Once you have about 10 to 15 employees, cost to lease space directly may be less than cost of shared office
-Identity and branding- When your business is recognizable, you want your sign on the door, and a unique sense of branding.
-Culture- Enhance the feeling of “We” to reinforce corporate brand, space is all yours.
-Control- If you crave the ability to install your own specialized equipment and create a unique look, You will never be asked to leave if the shared office parent company decides to close the facility.
-Location- If your employees and clients cluster in a specific location, a traditional office location may be a better match.
-Image- Total flexibility to create your own image and further your brand.
When touring space, think about the threshold test: can I see myself walking through this door each morning?
Trust your instincts in how you respond to the space.
Still not sure which choice is right for you? Please contact me for a preliminary conversation Get answers!
bellisracic@crescorp.com | (312) 953-7924 | www.crescorp.com
