Moving to a new office can be stressful, but it doesn’t have to be. One of the first decisions to make is what kind of space do you want? Do you want a traditional office or a shared space that includes services and amenities? Let’s explore some of the trade offs between a traditional office and a shared office.
How Long Are You Willing to Commit?
One of the biggest differences between traditional office space and shared office space is the term of the lease or agreement. A traditional office lease is at least 3 years and usually more like 5 or 10 while a shared office usually offers shorter term agreements from 3 months up to 1 year..
If your business is relatively stable and you don’t expect to grow or shrink dramatically, then a long-term lease may be a good fit for you. Committing to a longer term will probably get you a better base rent for the space, excluding any buildout or furnishing costs. If you do end up needing a different space (bigger or smaller), it’s important to remember you’ll be liable to the existing lease unless you or the landlord finds another tenant.
If you need more flexibility in terms of space or up-front dollars, a shared office may be a better option. Shared spaces like at Work Better require shorter term commitments from 3 months to a year, which gives you the opportunity to be flexible with your business. Shared offices also give you the opportunity to add space as you need it. If you plan to add 3 team members over the coming year, you can simply expand your space when that happens and only pay when you need the space. With the longer term approach of a traditional office lease, you’ll be paying for the cost of new team members before you even hire them.