The dynamic changes in workspaces over the past years have drastically altered how people view office space. It’s no longer a stretch of cubicles across a room with traditional office structures throughout the rest of the floor – now it’s all about shared office space.
Shared office space has enabled businesses to significantly reduce costs while catering to diversifying employee needs. Its structure has proven to be ideal for startups, entrepreneurs and even large companies that seek hybrid office space or flexibility.
What is shared office space?
A shared office space is a form of workspace in which multiple individuals or businesses use a single office floor. The workspaces usually have several facilities and services that vary depending on the shared office, but some essentials are always present.
The average shared office space has office furniture, a reception desk, Wi-Fi and a boardroom. However, businesses often prefer shared office space that provides more amenities to improve business operations.
Let’s have a look at some of the more desirable services that most businesses seek in their shared office space.
Best services in a shared office space
Location, team support, technology and flexibility are the key focus areas in a shared office space.
Address: The location of your business speaks volumes about its success, reliability and perception. While acquiring office space in Market Street or Circular Quay is usually very expensive, the cost is reduced to a fraction when renting a shared office space.
Some shared office providers legally allow companies using their space to register their address as the office location. Make sure to select a location that delivers an amazing first impression!
Team support: High-quality shared offices provide their clients with a dedicated receptionist to answer their calls, secretarial support to tackle tasks and onsite I.T. support to ensure their operations remain smooth and safe.
Technology: Shared bandwidth is a cybersecurity threat and most shared offices use this kind of Wi-Fi. Check with the shared office team if they offer unique passwords and VLAN connections for extra safety.
What are the benefits of using shared office space?
There are many reasons why shared office use is on the rise, even amongst large companies.
Hybrid capabilities
Traditional office space vacancy has increased since people have begun favouring a balance between working from home and the office.
Enter shared office spaces.
The ability to maintain a work environment of concentration that is regularly cleaned by staff is all your team members need. Employees can work from home when they want, and have a professional office space when needed at a low cost for employers.
Reduced costs
Businesses that lease commercial office space in a credible location can expect to pay upwards of $100,000 in rent and outgoings. On the other hand, shared offices don’t require a deposit and are generally a fraction of the cost of traditional office space.
A commercial office doesn’t come with furniture, a kitchen, IT infrastructure and a support team. It’s expected for your business to make the necessary investments toward those facilities, whereas a shared office cuts large costs by including these amenities in the cost.
Can be registered as your address
Depending on the shared office, there are services that allow you to register the address of the shared office as your business location. By registering a highly credible location as your business base, you can expect clients to have a great perception of your brand.
Convenient locations
Prestigious locations are great for many reasons.
Not only do they bring credibility to your business, but they are always conveniently located. These shared offices are in urban areas which have robust public transport infrastructure and travelling to them for meeting or general use is easy.
Ample public transport is essential, so ensure to select a location that is easily accessible for your team and clients.
Networking opportunities
A shared environment equates to many opportunities to gain connections on a professional and personal levels. Shared office spaces commonly host networking events or workshops, and these are brilliant for acquainting yourself with neighbouring businesses.
It’s common to leave these events having made new friends, finding business growth avenues and adding to your knowledge pool.
Flexible leases
The average office lease can range anywhere from one year to five or more.
Not many businesses can commit to lengthy lock-in contracts, especially entrepreneurs and small businesses. Commercial offices have a higher risk factor associated with them, but shared offices are on the opposite end of the spectrum.
A shared office can be leased every month and such flexibility is hard to come by. It gives security by reducing risk margins and giving enough weave to reassess your options if needed.
