Coworking / Shared Office Space vs. Executive Suites: The Checklist
Here’s what you need to know before making your next office space decision.
Your business is ready for its next big move, literally & figuratively. Thankfully, small teams and growing businesses in Albany & Colonie can find many great office space options available to them in the Capital Region. Coworking / Shared Spaces and Executive Suites are two popular options that provide businesses with varying amenities and terms options.
But which is the best for you? Below you’ll learn what you need to know before choosing your next office space for your business.
With The Anderson Group (Albany, NY), an executive suite is a great office space (typically 100-1000 sq ft) for an individual business with up to 10 employees. Our suites offer all of our tenants great shared amenities such as a lobby, conference rooms, and reception areas.
Here’s what to know about executive suites:
- Privacy – Unlike shared/coworking spaces, our executive suites are leased and accessible by only your team. This will create a much more private experience for businesses to operate compared to a shared space.
- Flexible short-term or long-term leases – with The Anderson Group, our executive suites have a minimum 90-day lease term, but we offer a variety of both short and long-term leases which can be beneficial to various business situations.
- Monthly rent payments – a fixed rent payment per month which typically includes utilities, taxes, maintenance, housekeeping.
- More control over your surroundings – Compared to shared/coworking spaces, your business will likely have much more ability to control general ambience in your executive suite.
- Furnished or unfurnished – your executive suite can be fully furnished or set up more minimalistic to fit with your business culture and needs.
- Brand your own space – with The Anderson Group’s executive suites you’re able to really put your stamp on the office compared to in a shared space. The ability to have your branding in your office space will provide a very professional environment for clients and your team.
- Security – by having your own lockable office door you’ll have more control and security over your personal space and belongings.
- Higher productivity – less distractions from other businesses working around you could lead to higher productivity from your team in your own suite.
Coworking / Shared Office Space
These types of office spaces allow companies to rent a self-contained unit in a larger office space. They will also likely have the same shared amenities as our executive suites but with fewer options to personalize & secure your work space.
Here’s what you should know about typical shared office spaces:
- Multiple businesses – unlike our executive suites, typically a shared office space cannot guarantee as much privacy. The building you rent from may contain multiple other businesses in the same work space.
- Flexible renting – with a coworking office, you can rent the space hourly, daily, or monthly. This flexibility can be a preferable option for some businesses who are only looking for temporary space for specific projects or meetings.
- Membership fee options – many tenants choose to pay for shared spaces with a membership fee, which is a monthly fee that allows you to use the space and the amenities included.
- Possible disruptions – since you will not have this space all to yourself, this causes opportunities for potential problems with workplace compatibility, personalities, or dynamics.
- Less control over surroundings – as opposed to an Anderson Group executive suite, your business will have less control over customization, noise control, etc.
- Fully furnished – coworking office spaces typically come fully furnished.
- No branding – you will not be able to brand your space as freely in a shared office.
- Less security – sharing a space with other businesses can lead to less security regarding personal property and space.
- Lower productivity – the various distractions can potentially impede on productivity.
Whether you’re the business owner or you’re in charge of finding a new office space, it’s important to evaluate your businesses’ needs and explore the possible options when picking a new office space.
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