Advantages & Disadvantages of Co-working spaces
Co working spaces are all the rage. However, as with all things on the face of the earth, there are advantages and disadvantages to co-working space. Here we analyze them, and weigh out the pros and cons for you.
Advantages of Co-working spaces:
PRESTIGIOUS LOCATION AND ADDRESS
Most co-working spaces are located in city centers, putting them at the heart of the action. A prime business location would significantly increase your professional impression. Impress your potential customers as well as vendors, prospective employees and financiers contributing towards business growth.
Most co-working spaces and serviced offices employ staff to provide you with office services. The services range between: professional receptionist, secretarial services, IT support, office and building maintenance and cleaning staff. This frees your time, allowing you to concentrate more on growing your business.
FACILITIES AND SUPPORT READY-TO-GO
Serviced offices usually come with ready-to-use infrastructure. Utilities such as water and electricity are already included in the rental fees. This allows you to move in and commence work almost immediately rather than face weeks of preparation.
SIMPLE USER-FRIENDLY RENTAL AGREEMENTS
Agreements for serviced offices are usually written in plain English for easy understanding of the average business owner. Most co-working spaces have constructed contracts to be ‘user-friendly’, avoiding unnecessary terms and clauses commonly found in commercial office leases.
LENGTH OF RENTAL AGREEMENT AND FLEXIBILITY FOR GROWTH
Not all business owners can predict where their business will be many years from today. Most serviced offices allow for flexible leases. In most co-working spaces, tenants have been known to be in one office today and be in larger or multiple offices the next day due to growth and increased staffing. Likewise, the reverse can also be applied. IF a small business requires less space, it can easily move to small offices without needing to change their business address or phone number.
Co-working spaces and serviced offices provide you with the opportunity to network with a variety of other businesses residing within the same facility. Often the networking may not be structured as you may encounter other tenants while heading out for lunch or picking up a parcel from the reception counter. These encounters facilitates networking within the community.
BETTER AMENITIES ONSITE
Most co-working spaces are designed with the sole purpose of providing a better work experience for its users. As such, they would have much better facilities and amenities onsite than what a traditional office would have. In fact many co-working spaces and serviced offices have designated work, relaxation, and food areas, providing its members a seamless work experience.
Most people will tell you that serviced offices can bring about several disadvantages. Here are some examples we have come across.
YOU MAY NOT BE ABLE TO EXTEND YOUR PERSONAL BRAND AND CORPORATE STYLE TO YOUR OFFICE SPACE
For companies who are very big on branding, and have specific company colours and a specific style of design, this may be an issue.
However, at Colony we allow clients to design and furnish their private office suites to their taste, as long as the spaces are returned in original condition when the leases end.
THERE IS LESS VISIBILITY FOR YOUR BUSINESS
With traditional office spaces, you are able to place a signboard facing the road on the exterior of your office. This will help you to be able to gain traffic visibility as the people who pass by are able to see your billboard. In a co-working space, you may be unable to do that.
We at Colony offer a solution to this by providing listings on our directory board in the lobby for your company name.
SHARED FACILITIES MAY NOT BE AVAILABLE WHEN YOU NEED THEM
Unfortunately, there will be occasions where certain facilities like meeting rooms and lounge areas are unavailable for use. Reserving in advance will ensure its availability at the time you need it.
PRIVACY MAY BE AN ISSUE
In a shared work space, people from other companies will inevitable be around. As such, if confidential information is left lying around, your business may be compromised.
When it comes down to it, you need to evaluate if a working out of a co-working space suits your business needs or not. But there is no denying that co-working spaces do offer many conveniences and advantages that a traditional office space does not.
For more information, feel free to book a tour or just talk to us here.