What is more affordable: renting an office or using co-working spaces?
Is it time to look for a larger space to accommodate your growing team? This is the time you need to choose between renting an office or opting for a shared office space. Which one should you pick to save money and boost productivity?
Let’s find out!
Who should be looking for co-working spaces?
Companies like GE, GM and IBM now rent shared spaces in the UK and the US.
Has commercial real estate in London become unaffordable for even the established corporations? Certainly not!
Companies are looking for more than affordable rental spaces. They are looking for a cohesive experience, work environment and the lack of overhead costs that come with coworking spaces in 2020.
Are traditional office spaces truly more expensive than shared offices?
Rental spaces are the traditional bare rooms or entire floors, where you must build the office infrastructure from the grounds up before the real office work can begin. The UK has become the nexus of co-working. Shared office spaces not only support digital nomads but also cater to the needs of the larger corporations in the UK.
Moving from your home to shared office space will seem costly, but you must remember that you are not only paying for the office space, but also the conveniences that come with it.
Well-known shared office spaces take complete charge of the office furniture and furnishing, renovation work and maintenance. They even include electricity, utility costs, and high-speed internet in the monthly rent. Moreover, they foster a professional environment that does not ask for long-term commitments and exuberant up-front expenses.
What advantages can co-working facilities provide that traditional offices almost never have?
Despite being available in turnkey conditions shared offices are almost always cheaper than renting traditional furnished offices in the heart of any city. Some of the state-of-the-art flexible workspaces have 24-hour access, 24/7 security monitoring, dedicated event spaces, classrooms and conference rooms, tech-friendly workshop areas, outdoor spaces, open space interior architecture, gyms and workout areas, bike storage facilities and pre-booked parking for employees and guests. That’s a lot.
Coworking spaces enable teams to share their working space with other SMEs, creative teams, freelancers and even start-ups. It is the perfect opportunity to meet new people, inspire new ideas and create new partnerships with other entrepreneurs working there.
People prefer the coworking route not only for its affordability but also for the camaraderie that comes with it!
What are the proven benefits of working from a shared office space?
Apart from saving hundreds of pounds on rent, you may be able to savour one or more of the following benefits of opting for a shared office space.
- More than 71% of respondents of a survey stated that their productivity and creativity have increased after moving to a shared office.
- Over 68% of respondents stated they were able to focus more on their daily work.
- 64% of the people said that they can now meet deadlines more frequently.
Along with great flexibility, co-working spaces bring incredible deals including discounts on paying annually. Not ready for such a long-term commitment? You can opt for monthly payments or rental rates by the hour!
Renting desks by the hour can be incredibly profitable for smaller businesses or start-up owners, who are looking for economic ways to give their entrepreneurial dreams a foundation.
Why should you think about renting a co-working space?
The cost of Grade A office spaces is growing steadily in London and the rest of the UK. The rental of standard office space in St. James’s and Mayfair can touch £120 per square foot in 2020. As a result, the demand for the plug-and-play office spaces in the upmarket areas of London is at an all-time high.
Due to their low rental costs and the ultra-modern amenities, co-working spaces are now welcoming new small businesses and established large enterprises equally. One of the biggest providers called WeWork offers a dedicated desk starting from £300 per month in comparison, which includes access to all amenities and services. Considering all the intangible benefits of a co-working space, it offers more value for money in an expensive city, particularly when you factor in the location.