Analysts expect the market for shared office space to grow by almost 10% over the next six years. Major market players have seen increased demand and rising revenue.
The growth in shared office space contrasts sharply with the difficulties that traditional office real estate is experiencing.
Coworking space has an impressive list of benefits that explains its popularity and resilience. Your competitors are taking advantage of it. Are you?
Find out why demand for shared office space continues to grow and how coworking can give you an advantage.
Types of Shared Office Space
One major benefit of using shared office space is the flexibility. The contrast from traditional commercial leasing is that there are usually no credit checks on your business, no long term lease agreements and you have the flexibility to select an option that suits your changing needs.
As your business fluctuates, adding or losing employees, you may move from a private office to hot desking and back again, sometimes within your existing contract terms.
Coworking traditionally refers to open workspaces. The workspace may be designed like a cafe with long communal tables, couches and cafe tables or it may feature hot desks. A hot desk is a little like a cubicle, which may be first-come, first-served or may be reserved as a dedicated desk.
People from different companies share common areas and amenities, and the community that a coworking space facilitates is worth its weight in gold to entrepreneurs and start-ups. There are a number of stories about businesses enhancing their R&D through organic conversations with their coworking neighbors. Networking, troubleshooting and resource referrals also happen at the water cooler. What better way to avoid the challenges of starting a small business than learning from others’ experiences?
Private offices are still the most sought-after resource of coworking spaces because of their affordability. These suites give your business a private, professional space at an affordable price. Though the price increases with the size, as in any lease, a private office in a coworking space comes with amenities for you to welcome clients and customers, like conference rooms and the open spaces discussed above.
Many coworking companies have multiple locations and membership allows users access to the nearest space, whether it’s across town or in another city.
Virtual Office Space
Virtual offices are another feature of many coworking spaces. It differs from other membership types mentioned above because generally a virtual office is an address for your business in a class A office space. Often the option to receive mail at that location is included or can be added on. If you’d like to access the physical office space for meetings or work, simply purchase a day pass or meeting room package.
Benefits of Using Shared Office Space
Using a coworking space benefits your business in many ways. You get more flexible and cost-effective leasing options. You can connect with other professionals and work more productively.
Better Office Space Rental Plans
A coworking space generally gives users more flexible terms than traditional commercial leasing options, allowing users to easily adjust their membership to meet their business’s needs.
Shared office space is usually a very cost-effective option, particularly for small businesses and start-ups. The a la carte options mean you select the services you’ll actually use.
Opportunities for Professional Interaction
Connection to other professionals outside your industry can give you insights that help you better serve your customer. Conversations spark creativity and help you move your business forward as you network and collaborate.
A coworking space is a relaxed professional space that encourages productivity. Working in a coworking space helps one shift into a work mindset because it is a space designated for work, unlike our home offices, which can distract us with personal needs.
Finding Shared Office Space for Rent
Finding the right shared office space means getting the amenities you need at a competitive price, with flexible terms.
Beachworx is a state-of-the-art coworking facility in the heart of Destin. We offer a variety of flexible and affordable plans to meet the specific needs of your business. From virtual offices to private executive suites and a community of resources and support, we’re poised to help your business succeed.
Schedule a tour today and see why it’s time for a better work experience.