Your company is growing, the revenues are soaring and you are expanding your talent pool. Now it’s time to determine what you have never considered before – overhead expenses, an ideal office strategy, and the rest-estate part. Perhaps you’ll go for conventional office space as there are many clear benefits of operating business from a private space.
According to the office broker platform Hubble, more and more start-ups and early-stage companies are opting for coworking space as their work abode in lieu of leasing a traditional office space. At the same time, there is a decline of 40% in private office leasing deals in the year 2020.
How would you redefine your office strategy – Here we will give you a peekaboo from the best of both worlds i.e coworking vs your own office.
The advantages of coworking
The shared office culture is the latest fad as we are seeing more and more traditional office spaces are merging and redefining their real-estate gem into a co-working hub. Add to that, some of the largest real-estate players are taking deep interest and streamlining their shared space portfolios. Here’s why-
Cost
Coworking spaces are much more affordable in the short as well as the long run, as you can get an office space for as low as 49 USD in global business hubs like Mumbai and Bengaluru. In addition, there are no lease commitments, often just week-to-week or month-to-month. You as a business head do not have to draw enough cash month-by-month as you could maintain a lot of flexibility operating out of a coworking space.
Community
Coworking space thrives on community engagement, making it easy for you and your employees to network with surrounding companies solving day-to-day business problems. Plus, you can stay one step ahead with the industry insights, develop new integrations and skillsets to ease your operations, and even find a mentor that helps your track your business’ growth trajectory.
Networking Events
The best part of coworking culture is the events and business workshops that can bring your team together to enjoy some quality time after work. This is also a great chance to network with like-minded professionals that opens pandora’s box of new opportunities for your business.
Smart Office
Coworking spaces are already laced to ready-to-move infrastructure – shared work desks, IT support, WiFi, printer/scanner, pantry area, meeting rooms, and much more. Your shared workspace should be a fully digital office utilizing coworking software that maximizes your team’s productivity.
The benefits of leasing your own office
Most of the commercial estate around us are traditional office spaces. These workspaces are also laced with adequate utilities and infrastructure. Here are some of the benefits of leasing private office space:
Privacy
An ideal private space helps your team focus as they won’t be distracted by other companies around them without impeding their productivity. If you own a business that virtues on non-disclosure of your client’s information, then private space is something you should vouch for.
Space to grow
If your employee strength is accelerated from double digits to triple digits, then private office space should be the first and last resort to thrive within. Not all coworking spaces may offer the same solution, and if they do sign up for the long-term contract without compromising on the flexibility part.
A private office let your brand grows
Office spaces of today and tomorrow are north functional and bring brands to your life. By leasing a private space you have the advantage of customizing your office to match your product’s brand appeal. With shared office spaces, you don’t have a say or control over the interiors or the layout. But in your own private space, you can create a conducive atmosphere that attracts productivity and the company’s success.
Last Thoughts!
There are zillions of factors when hunting for an office space for your growing business. Both coworking and private space have their due benefits but each company has its own set of circumstances, workflow, and other business requirements.
When you evaluate from the above factors, customize according to your core values, employee growth plan, and your company’s growth trajectory.
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