(Newswire.net — January 10, 2022) —
As businesses struggle to pick themselves up after the pandemic, some are scrambling to pay more for rent.
In the hottest markets, office space rental costs have increased over 8% in the last year. In other luckier markets, business owners have seen costs plateau, though this can still be hard to keep up with as business sales and revenues have decreased.
To help save, some are looking to sharing office space instead of renting traditional offices. But is this best for your business? Read on to find out.
Benefits of Sharing Office Space
Shared office spaces have become commonplace in recent years, especially for startups and smaller businesses.
There are several key features and benefits that make sharing an office space worth it for many.
Lower Costs
Having your own private office space requires paying rent or a mortgage, maintenance fees, utilities, and other costs.
But shared office spaces generally package all these costs in one lower fee, allowing you to save money while growing your business.
Fewer Responsibilities
When you have your own office, you’re responsible for keeping it clean and well-maintained. If you don’t have time for these responsibilities, a shared office space is a great alternative.
In shared workspaces, staff is responsible for maintaining the facilities, allowing you to focus only on what matters most in your business.
Flexibility
Perhaps one of the greatest draws of opting for a shared office is the flexibility that it offers.
In a traditional office, you are tied to the space by a contract or mortgage agreement. But shared spaces typically offer shorter contracts, often allowing businesses to use the space on a month-to-month basis.
Drawbacks of Shared Office Space
While there are several benefits of shared office spaces, there are some drawbacks that may make it less-than-ideal for some.
Here are a few cons to consider.
Lack of Privacy
Many businesses have information that they wouldn’t want leaked to competitors or other companies. But in a shared workspace, it’s hard to control who overhears your conversations.
And storing personal documents is practically impossible in a shared workspace.
Chaos and Noise
If your team is used to working in a quiet environment, a shared office may be difficult to adjust to.
With people coming and going at all times, there’s more noise, background activity, and distractions to worry about.
Work Limitations
Not all businesses will be able to work in a shared office.
If you have large projects or require a variety of materials to do your work, having your own permanent office will be a more practical option.
Alternatives to Consider
If a shared office isn’t for you, there are still some alternatives that can save you money.
Hot desking is one option for innovative workspaces, allowing for a smaller room with fewer desks. Click for more on how it works.
Going remote may also be a practical option, especially if your team’s work can be done from home.
Which Workspace Is Right for You?
Sharing office space offers several benefits, but there are some drawbacks to consider too. If you decide that a shared space isn’t right for you, think outside the box and try other alternatives to help save money in your business.
For more advice for startups and small businesses, check out our other business articles!