Pros & Cons of Co-Working Spaces
Prior to COVID-19, many small to mid-size businesses were renting out (or considering) office spaces from other businesses rather than maintaining their own permanent location. Co-working spaces act as shared office spaces for employees of various businesses to come together for a place to work, hold meetings, give presentations, and more. Now that we are living through a global pandemic and times are tough, many small to mid-size businesses have found themselves with high rent payments and an empty office space with employees now working remotely. Are you considering selling your permanent location to rent out a co-working space?
A co-office space can cut costs greatly. Renting a space for a period of time, either regularly or on an as-need basis, will likely be far less than paying rent every single month, plus utilities and the other expenses associated with owning a space. This can make co-working spaces a more affordable option for some businesses, especially those that won’t need a space to utilize very often.
Many co-working spaces offer complimentary amenities, which will change based on the space. Some might have coffee, snacks, couches, TVs, and more. All of these features will be available to you and your team if you choose to rent out a co-office space.
A co-working space can bring community and togetherness to a business when it’s employees don’t always see each other in person. Working remote can be isolating, but a co-office space for weekly meetings offers employees a chance to be a part of a team.
At the end of the day, it isn’t your space. You’ll never be able to design the office to fit your specific business and brand. Everything will be generic, and you’ll have to clean up your space before you go. You won’t be able to pick the furniture or purchase a stand-up desk - you have to use whatever the space has.
Because it is a shared space, you have no control over who is there and what they’re doing. Although you can rent out the space to have on your own for your employees, that’s not always the case. Because of this, it can be hard to cut down on distractions when sharing a space, which can slow down productivity.
If you’re thinking of selling your office space and renting out a co-working location, be sure to weigh your company’s personal set of pros and cons before deciding.