Different businesses thrive in different office settings.
Shared office spaces, or coworking spaces, are increasingly popular because they offer dynamic layouts and flexible membership plans without the investment of a traditional office.
For established businesses, a traditional office is a settled space to call their own.
It’s important to determine whether your business and employees will perform better in a fixed or flexible setting in the coming years.
Use this article to determine if you should grow your business in a coworking space or a traditional office space.
Traditional Offices Are Best for Businesses With Fixed Needs
Traditional offices are best for mature businesses with a sense of the future.
According to a recent survey, more than 80% of employees want to spend at least some of their working time in an office.
A typical commercial lease is 3-5 years. Consider a traditional office only if the needs of your business and employees won’t change much during that time.
A traditional office may work for your business if:
- You have clear business goals
- You know your employee headcount
- You have forecasted growth
- You want a private space for your business
Your office must be a space that employees want to be.
It should comfortably fit all employees and offer a variety of spaces in which employees can complete tasks and socialize.
Personal space is also important to employees because its where the majority of work gets done.
If space gets scarce, though, productivity and employee satisfaction will decline. Meanwhile, office relocation is a costly and disruptive process that impacts employee happiness and the bottom line.
A traditional office is a long-term commitment and capital investment. It suits businesses with well-defined goals, a known headcount, and fixed needs.
Coworking Spaces Offer Flexibility and Savings
Coworking spaces are a flexible option for growing companies.
From WeWork to local coworking spaces, you can choose from a range of coworking spaces with varied offerings.
Your business may succeed in a coworking space if:
- Your business needs will change over time
- You’re unsure of how many employees you’ll need in the future
- Your employees value the varied areas in a coworking space
- You value networking and collaboration opportunities
Most coworking spaces offer a variety of floor plans and layouts to meet businesses’ and individuals’ needs.
Around two-thirds of coworking spaces have private meeting rooms.
Businesses can pick a coworking membership that meets their needs, then modify the membership as they grow.
For this reason, companies often stay in a coworking space for several years.
The comforts and flexibility of coworking spaces make them appealing to both businesses and employees. Another benefit is that companies with a desirable office will find it easier to recruit and retain top talent.
Coworking spaces offer a versatile and dynamic space in which companies can grow without the capital investment of a traditional office.
Choosing a Traditional or Coworking Office
Businesses whose needs could change during the span of a 3-5 year lease should consider an office in a coworking space.
Businesses with fixed needs, growth, headcount, and want a greater degree of privacy are best served by choosing a traditional office.