- December 27, 2023
- Eicrasoft
- 0
Shared office spaces, also known as coworking spaces, have revolutionized the way we think about work environments in the modern era. These spaces offer a flexible and cost-effective solution for freelancers, startups. And even established companies looking for an alternative to traditional office settings.
One of the key attractions of shared office spaces is the community aspect; they provide a dynamic and collaborative environment where individuals from various industries can interact, share ideas.
However, The Question is to ask, “Is Investing in Shared Office Space a Wise Decision?”
Moreover, shared office spaces are often equipped with high-end amenities, like state-of-the-art meeting rooms, high-speed internet, and comfortable workstations.
Is Investing in Shared Office Space a Wise Decision?
Investing in shared office space can be a wise decision, depending on your individual needs and circumstances. Here are some factors to consider:
Pros:
- Flexibility: Shared office spaces typically offer flexible lease terms and month-to-month agreements. Which can be ideal for businesses that are growing or changing rapidly
- Affordability: Shared office spaces are often more affordable than leasing a traditional office space, especially for small businesses and startups.
- Amenities: Shared office spaces often offer a variety of amenities. Such as high-speed internet, conference rooms, and break areas. Which can save businesses money on overhead costs.
- Community: Shared office spaces can provide a sense of community and collaboration. Which can be beneficial for businesses and employees alike.
Cons:
- Distractions: Shared office spaces can be noisy and distracting, especially if you are not used to working in a collaborative environment.
- Privacy: Shared office spaces offer less privacy than traditional office spaces. So they may not be ideal for businesses that need to keep sensitive information confidential.
- Lack of control: When you invest in a shared office space, you are giving up some control over your work environment. For example, you may not be able to choose your own furniture or customize the layout of your space.
Overall, investing in shared office space can be a wise decision for businesses that are looking for a flexible, affordable, and collaborative work environment. However, it is important to weigh the pros and cons carefully before making a decision.
The global Shared office space market size is expected to be USD 28890 million in 2022 and is projected to touch USD 66024.12 million by 2031, at a CAGR of 9.6% during the forecast period.
There are Different Types of Shared Office Spaces
Yes, there are different types of shared office spaces, each with its own unique features and benefits. Here are a few examples:
- Coworking spaces: Coworking spaces are the most common type of shared office space. They are typically open-plan spaces with a variety of seating options, such as desks, hot desks, and private booths..
- Serviced offices: Serviced offices are more private than coworking spaces. They typically offer private offices and suites, as well as a variety of amenities, such as high-speed internet, reception services, and conference rooms.
- Virtual offices: Virtual offices provide businesses with a business address and phone number, as well as access to a variety of business services, such as mail forwarding and administrative support.
- Incubators and accelerators: Incubators and accelerators are shared office spaces that are specifically designed to help startups and small businesses grow. They often offer a variety of resources and support services.
- Creative spaces: Creative spaces are shared office spaces that are designed for creative professionals, such as designers, artists, and writers. They often offer a variety of amenities and resources that are specifically tailored to the needs of creative professionals.
In addition to these general types of shared office spaces, there are also a number of specialized shared office spaces that are designed for specific industries or professions.
Is Shared Office Spaces May Be Better Than Traditional Offices
Shared office spaces may be better than traditional offices for a variety of reasons, including:
- Cost: Shared office spaces are often more affordable than traditional offices, especially for small businesses and startups. This is because the costs of rent, utilities. And other overhead expenses are shared by all of the members of the space.
- Flexibility: Shared office spaces typically offer flexible lease terms and month-to-month agreements. This can be ideal for businesses that are growing or changing rapidly. As they can easily scale their office space up or down as needed.
- Amenities: Shared office spaces often offer a variety of amenities that businesses would otherwise have to pay for separately, such as high-speed internet, conference rooms, and break areas.
- Community: Shared office spaces can provide a sense of community and collaboration. Which can be beneficial for businesses and employees alike. Members of shared office spaces can network with each other.
In addition to these general benefits, shared office spaces may also offer specific advantages for certain types of businesses. For example, shared office spaces can be a good option for startups and small businesses that need to be located in a central or desirable location.
Shared office spaces can also be a good option for businesses that have a remote workforce. As they can provide a place for employees to meet and collaborate on a regular basis.
Shared Office Space Vs Traditional Office Space
Feature | Shared Office Space | Traditional Office Space |
Cost | Typically more affordable, especially for small businesses and startups | Can be more expensive, especially for large businesses |
Flexibility | Typically offer flexible lease terms and month-to-month agreements | Lease terms are typically longer |
Amenities | Often offer a variety of amenities, such as high-speed internet, conference rooms, and break areas | Businesses may need to provide their own amenities |
Community | Can provide a sense of community and collaboration | Businesses may need to create their own community |
Privacy | Less privacy than traditional office spaces | More privacy than shared office spaces |
Control | Businesses may have less control over their work environment | Businesses have more control over their work environment |
Office Space Rental Price in Our Areas
Office Location / Area | Bashundhara | Banani | Gulshan |
Rent Per Month | BDT: 7,80,000/= | BDT 10,20,000/= | BDT: 12,60,000/= |
Minimum Contract Duration | 03 Years | 03 Years | 03 Years |
Advance Deposit | 01 Years | 01 Years | 01 Years |
15% VAT and 5% Tax | To be Added | To be Added | To be Added |
Days need to Deliver after Contract. | 02 Months | 03 Months | 03 Months |
Minimum Space of Office | 3500 SQF | 3000 SQF | 3000 SQF |
Fully Furnished & Ready to Go Sate | Yes | Yes | Yes |
Pickup & Drop Car Service | NO | NO | Yes |
Expand office space (extensions) | YES | NO | NO |
Branding inside/outside | Yes | Yes | Yes |
Type of Building | Commercial | Commercial | Commercial |
Security Deposit | 2 Months | 3 Months | 3 Months |
How to Choose the Perfect Shared Office Space
- Define Your Needs
- Space Requirements: Estimate how much space you need based on your team size and work style.
- Amenities: Identify must-have amenities like high-speed internet, meeting rooms, printing facilities, and kitchen areas.
- Location: Consider a location that is convenient for you and your team, ideally accessible by public transport and close to essential services like cafes, banks, and post offices.
- Set a Budget
- Determine how much you are willing to spend monthly on a shared office space. Remember to include potential additional costs like parking fees, extra amenities, or occasional overuse of resources.
- Research Options
- Online Search: Use online platforms and coworking space directories to find available shared office spaces in your desired area.
- Local Networking: Ask for recommendations from local business groups, friends. Or colleagues who might be familiar with the coworking scene.
- Visit Spaces
- Schedule Tours: Visit multiple locations to get a feel for the environment and amenities.
- Observe the Community: Pay attention to the existing community and whether it aligns with your professional ethos and culture.
- Evaluate Amenities and Services
- Check if the space offers the amenities you listed and evaluate their quality and accessibility.
- Consider additional services like mail handling, receptionist services, or event hosting.
- Consider Flexibility and Terms
- Look for flexible lease terms that can accommodate the changing needs of your business.
- Understand the terms of the agreement, including notice periods, deposits, and any hidden costs.
Conclusion
Shared office spaces represent a significant shift in the modern work environment, catering to the evolving needs of a diverse workforce that includes freelancers, startups, remote workers, and even established companies seeking flexibility.
These spaces offer a unique blend of cost-efficiency, networking opportunities, flexibility, and access to amenities that are not typically available in traditional office settings.
The rise of shared office spaces is a response to the changing dynamics of work culture, where collaboration, community, and connectivity are highly valued. They provide an ideal solution for those looking to balance.
FAQ’s
Are Shared Office Spaces Safe and Secure?
Most shared office spaces prioritize security with measures like keycard access, security cameras, and sometimes on-site security personnel. However, it’s always a good idea to inquire about specific security measures in place.
Can I Personalize My Space in a Shared Office?
Personalization options may be limited, especially if you are using a hot desk. Private offices within shared spaces often offer more scope for personalization.
Do Shared Office Spaces Offer Networking Opportunities?
Yes, one of the key benefits is the opportunity to network with professionals across various industries. Many spaces also host events and workshops to foster community engagement.