Whether your company is a start-up or a business that’s been around for decades, finding a suitable office space that meets your needs is seldom an easy task. The good news is that you have more choices in today’s office rental market than traditional office spaces when it comes to finding a home for your business. One popular option, especially among small businesses wanting flexibility, is coworking space. However, is this option the right choice for your company? If you need office space, here’s how to choose between a coworking space and a traditional office.
Coworking Vs. Traditional Office Space
Both coworking and traditional office spaces have their pluses and minuses, and how you select between them will depend on key factors such as the size of your company and your needs. Before we go too deeply into choosing a coworking space, let’s look at the main differences between the two options.
What are Coworking Spaces?
Coworking spaces offer affordable office space for small to medium enterprises (SMEs) that want to expand a little or for people who wish to escape the isolation of a home office. They typically have an open-concept layout that is shared with anyone who also rents the space. In addition, these shared workplaces offer office-friendly features that are conducive to collaboration and networking.
What are Traditional Office Spaces?
When you think of office space, what usually comes to mind is the traditional office space. This option is generally reserved for larger office personnel teams and are typically a lot more expensive than many alternative office rentals. However, with the larger price tag comes autonomy over your resources and technology.
Benefits of Coworking Spaces
When deciding the type of office space that fits your unique needs, it’s helpful to weigh the benefits they bring. Here are a few of the main ones that attract people to shared office spots.
Coworking Spaces Offer Lower Overhead
Coworking offices work on a roommate style agreement, which allows businesses and freelancers to share space expenses while also sharing the space itself. In addition, this cost structure makes it much more beneficial for small businesses looking to start out and larger companies looking to downsize their costs. Through shared expenses, available partnerships, money saved on equipment, and even the desired location wanted, coworking lowers overhead costs while still providing workers dedicated workspace.
Coworking Spaces are Highly Flexible
In terms of location and working hours, flexible work has become a priority for professionals across industries, with 80% of employees saying they are more productive when they change locations while working. By 2024, five million people will be using coworking spaces, and flexible hotspot hubs that offer a happy medium between telecommuting and the single concept workstation are largely fueling this trend.
Coworking Spaces Create Growth
When a landlocked brick & mortar company experiences growth beyond what they can contain within their four walls, the traditional workaround is usually to lease a bigger facility with all its associated costs and long-term contracts. Unfortunately, the growth may not be large enough just yet to justify the cost, so this solution is not always ideal. Enter coworking spaces, where a company can rent flex hot spots with a smaller footprint until they can justify the leap into a larger building.
Coworking Spaces Generate Revenue
Shared workspaces can generate revenue, with 72% of coworking spaces becoming profitable after only two years. Significant sources of revenue include the utilization of meeting rooms, coworker and event space memberships, and sale of food and drinks, with the majority of the revenue coming from memberships.
Factors to Consider When Choosing a Coworking Space
You’ll want the appropriate coworking space for your business that benefits creativity, output, and professional goals. So, just how do you go about doing it? The following factors are some things you can consider when screening for the best coworking office in The Big Apple:
Look for these office amenities
Amenities you can expect to find standard in a coworking office include hot-desks, shared tech, office furniture, office equipment and conference rooms. Other popular office amenities you’ll want to look for as part of your package include a reception area, kitchenette, daily cleaning services, trash collection, utilities & maintenance, and mail & package handling.
Make sure you have enough physical space
You won’t get too much accomplished if you are in cramped conditions, so look for a coworking space in NYC that is designed with a spacious and open office layout. The physical space should also provide flexible open desking in a vibrant corporate environment. Other features you should look for include executive desks, fully adjustable seating (including guest seating), filing cabinets or credenzas and a room nameplate to set your membership apart.
Get high-speed Internet as part of your basic plan
Roadrunner-fast Internet is a must-have for most businesses, so make sure yours is included as part of a basic plan. Companies such as Corporate Suites include high-speed Internet access and in-house IT support, and more in their coworking spaces in NYC.
Find a space with good coffee, good food, and other perks
It’s essential to find a coworking space that helps you rev up your productivity levels. Complimentary coffee and teas can be the answer, and these pick-me-up beverages are commonly found in many shared workspaces. Many memberships also provide good food, beer on tap, gym areas, outdoor patios, and networking & community events.
Look for accessibility and security
If you’re a night owl in NYC, be on the lookout for coworking spaces that are doorman secured at night and accessible 24/7. These workplaces allow you to drop in at any time, prepare yourself a cup of java, and get some extra work done when you have that flash of creativeness, even if it’s late in the evening.
Watch out for hidden costs
From work storage to locker rentals, hidden expenses can creep up on you and should be avoided when possible. For instance, some coworking spaces charge for printing & scanning facilities, whereas some offer it as part of a plan. If part of your work requires you to print & scan documents, you should look for a membership in NYC that includes it as part of the basic monthly plan.
Extra costs through upgraded plans
Unlike hidden costs, value-added services through an upgraded plan can be a welcome addition to any NYC shared space. Moreover, these extra costs include customized amenities you’d like to see added to an existing plan and will help you work better and grow as a company. Customizable short-term, monthly, and long-term commitments are also available with many coworking offices, giving you true flexibility to structure your private NYC office space the best way that works for you.
What’s around the place?
The ideal shared workplace would be situated close to your residence in terms of transport and the neighboring area. Also, while you’re shopping for your space, be sure to check and see if there are any metro lines or buses nearby. You can also approximate the amount of time it would take you to get there on foot, on an electric scooter or by taxi. Lastly, ask if there is any parking nearby and what the fees are.
It’s also good to keep in mind what clients dropping by for a meeting will think of the area. For instance, a prime coworking location in Midtown East would put you and your visitors only steps away from Manhattan’s most iconic landmarks and culture while offering a wide array of options for dining, drinking, and shopping options.
Don’t forget the flexibility
The best coworking spaces in NYC give employees an open area and the freedom to work where, how and sometimes even when they want. The shared spaces also have comfortable coworking desks, ideally with access to conference rooms and amenities as needed. They also put all essential workplace types in one area or office. Other desirable features to look for include flexible terms, minimal capital costs, short-term commitment and customizable options.
Assess the office environment
Whether it is the workplace culture or physical environmental conditions, an office environment affects how you work. Before you commit to a coworking space, though, you can do a walk-through and see if the member companies are building a strong workplace culture. If they are, you’ll notice a focus on team building exercises, networking events and periodic get-togethers. While touring, you can also gauge the physical environment with a microclimate monitor. The gadget will tell you if the workplace has proper lighting, is climate-controlled, has good air quality, etc.
Take Your Business & Career to the Next Level with Coworking Spaces in NYC
Creating a business plan, making an important professional connection, and simply having a reliable, comfortable place to work are all possible with a Corporate Suites coworking space in NYC. With convenient locations around the city, you have quick and easy access to clean, inspiring work environments designed to help you launch your business and career to the next level.
If you would like to know more, please call us at (866) 633-9507. Alternatively, you can schedule a tour of our coworking spaces by using our online form.
