The global shared office space market is growing rapidly as businesses are coming to realise the many benefits of more flexible working environments – a trend that has been especially apparent in vibrant business hubs such as London and New York. By way of illustration, more than 1300 flexible office spaces were available across the UK’s capital in 2018 alone, reflecting a 9% year-on-year growth in stock.
Figures such as these have led many organisations to consider securing a shared office space of their own. For business owners investigating the possibility of making the move, here are the 8 most compelling reasons to work in a shared office space.
1. Time is Money
Shared office spaces are great for lean and agile businesses, examples of which include fast-paced design and tech companies. Organisations such as these directly benefit from shared offices’ potential to save time, and with it, financial resources. Shared offices are exceptionally quick and easy to move into, especially given that all the required facilities and furniture are set up in advance of the move.
The same principle applies inversely. If you find your business has outgrown its occupied space, it’s just as easy to vacate it for that same reason. Time is money, and shared office spaces offer a more cost-effective use of your resources when compared to traditional office leases.
2. A Space that Grows with your Business
Another benefit of shared office spaces is that you only need to rent the exact amount of space your business requires at any given time. If your business is made up of only five employees, you only need five desks, rather than leasing an entire building which may end up being only partly occupied.
Shared offices’ flexibility in this area is key in setting them apart from traditional office spaces. Whereas businesses may have previously struggled to get the most out of their resources as far as space is concerned, flexible offices are driving a change towards greater cost-efficiency. As your business grows, you can simply rent more desks and see your office space grow organically alongside it.
3. Service with a Smile
Much like their name suggests, serviced offices are often fully-serviced, helping businesses to focus on their commercial operations rather than worrying about setting up utilities, arranging security and procuring equipment or facilities.
The range of services available is extensive. As part of an all-inclusive monthly bill, businesses can expect facilities ranging from utilities and office maintenance all the way through to a fully-staffed reception, additional furnishings, 24/7 security, cleaning services and much more.
As a result, businesses can benefit from every high-quality facility imaginable without having to bear the full cost of providing these services for themselves, for example through having to take on extra staff. Instead, serviced offices are there to ensure that everything you need is already set up for you, allowing you more time to do what you do best.
4. Get Right into the Action
Traditional city real estate is both expensive and difficult to source. On the other hand, shared office spaces are plentiful and often located at the heart of desirable business hubs. The availability of shared office spaces in London stands testament to that fact, with the number of new flexible office spaces in Central London having grown by as much as 42% in 2018.
Given the time and financial commitment associated with leasing a dedicated office in a city hotspot, opting for a shared office space in a prime location can often turn out to be much more cost-effective. As the cost of the office will be shouldered by several businesses at once, shared office spaces are helping to bring desirable commercial locations within reach of businesses with fewer resources at their disposal.
5. Be Around Like-Minded Individuals and Businesses
Flexible offices can take on the form of a private, shared, managed or coworking space. Office spaces that fall into the latter category often involve sharing the space with other individuals and businesses. In turn, this can lead to fruitful collaborations as like-minded businesses and individuals align their goals and come together to share their ideas.
Unlike traditional offices, you may often find separate, complementary businesses (for example those working in design, digital and tech) occupying the same shared office. The proximity of these influences can act as a real boost to your commercial operations, making it one of the most attractive advantages associated with a shared workplace. If you’d prefer your business to occupy an office of its own instead, flexible offices also offer plenty of scope to do just that.
6. Take a Break
Many shared or coworking office spaces offer innovative breakout areas where you and your employees can take time to relax away from the office desk. Not only does this provide networking opportunities with other businesses, but it also gives employees a chance to take a break and revisit their workload with a fresh mind.
Many shared offices take a modern and exciting approach to their breakout space. From gaming areas to gyms and from coffee bars to collaborative cubicles, offices such as these are helping employees raise the bar both during work and break time.
7. Impress your Stakeholders
Shared office spaces in major cities such as London, New York or Amsterdam are often fitted out to a high-spec. This means upmarket, modern furniture, carefully decorated offices and stunning architectural features. As such, shared offices provide an incredibly attractive environment in which to work, driving employee motivation and satisfaction.
The beneficial impact of these facilities isn’t just limited to your employees, however. The first-rate facilities provided by shared offices can also serve as a great reflection of your business to your customers, clients and investors, helping you leave the lasting impression they’re looking for.
8. Break into New Markets
Shared offices are fast-becoming a staple of the modern commercial property market. New shared office spaces are emerging every day, and their availability is showing significant growth globally in locations such as New York, Amsterdam, Hong Kong, Berlin, Mumbai, Kuala Lumpur and Melbourne.
As a result of this development, opening a new office internationally has become easier and more cost-effective than ever before – paving the way for your business to break into new, untapped markets.
Looking to Move into a Shared Office Space?
Offering access to some of the best shared and serviced office spaces across the globe, Search Office Space can help you find the perfect office for your business. Our team of experts is here to understand exactly what you need and secure the office space that’s right for you and your business. Start your search now!