Welcome to 2017. The time when start-ups are common, about 50% of the workforce are working from home, and the traditional office looks nothing like it used to 30 years ago. Gone are the days of cubicles and private offices. These are the days of open workspaces and free snacks.
When it comes to office space, the options for where and how big aren’t black and white anymore. With the advent of new ways of doing business, the co-working space has become an option for a lot of small companies, start-ups, and freelancers.
- What is a co-working space?
A co-working space is an office that employees of many types come to work. A typical co-working space may include open seating, shared conference rooms, shared amenities, and maybe even a dog or two. Think of a start-up working with other start-ups in an office.
- A fad that’s here to stay
Many companies realize the benefits to renting a co-working space over those of traditional office spaces. With the promises of increased productivity, shared resources, greater collaboration, and lower rents, companies both large and small want in on the action.
- Is a co-working space right for you?
How do you know if the whole co-working environment is for you? It’s time to ask yourself some questions.
1. How much privacy am I afforded?
The number one thing your company should be concerned about is protecting your assets. While a co-working space is great for collaboration, it could be dangerous if you don’t trust the people you’re co-working with. Is there a tenant that always seems to lurk when you’re dealing with private business? If all of the people in your workspace aren’t from the same company, it’s possible the info on your computer screen isn’t secure.
Of course, not every co-working space is like this, and most offer an increase of security, especially over working in a coffee shop.
2. Does the office have everything I need?
While our co-working spaces include everything an office needs to run, not all co-working spaces can say the same thing. Not all co-working offices operate with high-speed Internet, a full-service espresso bar, and private phone booths; not every office can offer you the same thing.
Before you consider moving your employees to a co-working space, ask about office amenities to see if you’re fully stocked, or lacking some crucial office equipment, or luxuries your staff has gotten used to. If the co-working space can’t offer you meeting rooms, internet, or coffee, you may want to think twice.
3. Is the co-working space cost-effective?
Co-working spaces can certainly cut the cost of office rent. Because you’re sharing the space with other people/companies, you’re also sharing the rent. This sounds like a huge plus, especially if you’ve looked at the rent prices in the SF Bay Area lately.
But if your co-working space is inconvenient to get to, doesn’t offer parking, and requires your employees to spend money on commuting costs, it may not be the cost-saver you’re after.
Our prices are competitive, and with everything that goes along with it, our co-working spaces may just save you money this year.
- Short term vs. long term
Another benefit to renting a co-working space is the ability to take on short-term leases. Most offices require a long-term commitment, one that can be a huge financial drain on small business, entrepreneurs, and contractors.
- It comes down to your company needs
When choosing between a traditional office space, or a co-working space, it comes down to what your company needs.
A co-working space has its pros and cons when compared to renting office space. However, there are enough potential benefits to make it worth considering before you sign a long-term lease in your office. If we’ve piqued your interest, why not contact us at 580 Executive Center and see if our co-working spaces are right for you and your business.