When looking for a new office there are many decisions to make. This has never been more true than now as the way we work continues to evolve rapidly thanks to the rise of hybrid working. The most important consideration may be whether you choose a private office or a shared space.
Both types of office have their advantages and disadvantages. Read our guide to private offices vs co-working spaces to find out which space is right for your business.
What’s the difference between a private office and a co-working space?
A co-working space – also known as a serviced office in some cases – is a space shared between a number of companies, often centred around communal amenities and facilities.
A private office is the more traditional option where you rent the whole of a space, floor or building for the use of your company alone. You will also have sole use of any amenities or facilities within that space.
What are the benefits of co-working offices?
A co-working or serviced office comes with many benefits for your business in all areas of its operation. The first is that sharing a space with other companies opens up room for collaboration and support in ways that a private office can’t provide. For example, you could be an architecture practice sharing with a civil engineering firm, or a content marketing agency next door to a team of graphic designers.
A flexible office comes with a flexible contract. In a traditional private office you generally have to sign a contract for years at a time. With a co-working or serviced office like those provided by FigFlex, you can enjoy a flexible contract that rolls over month by month and your business can be more agile as a result.
Related to the previous point, a co-working office allows you to scale your business more easily. As the contract rolls over month-to-month, you will be able to add more desks as required when you grow without having to look for a new office each time you expand.
Not only does this mean that you can grow in partnership with your office provider, it also ensures that you are only ever paying for the space you use rather than having to predict ahead of time how much space you might need in a year and pay for it up front.
No additional charges
Finally, a co-working office or a serviced office comes with no additional charges. You will pay for the desks you use and everything else in the building comes with that. This is also the case when it comes to bills – everything is included in one package so there are no surprises.
In this way, you can make use of facilities like meeting rooms, kitchens, gyms, cafes and more without paying extra. You can also use the services of the building management team whenever you need.
What are the benefits of private offices?
Control over the space
If you have a private office, you can expect to have more control over the space than if you are in a co-working space which is managed by the office provider. This can extend to decorating the space, arranging its layout and more – though it should be noted that private offices often come with strict terms which may limit your control. Likewise, many co-working and serviced offices now work with you to personalise what space you have in a bespoke way.
Long term costs
The long-term cost of a private office can be lower in some circumstances. If you sign up for a long time, you give the provider assurance that you are going to pay rent for many years which may bring the overall cost down.
However, it should be remembered that the rent for a private office doesn’t include bills like a contract with a serviced office, so the cost may fluctuate and in many cases end up higher. You are also paying for floorspace that you don’t need to – for example corridors, meeting rooms and reception floorspace is all included in the all-in-one cost of a serviced office rent.
Those are just some of the positives and negatives of each kind of office – to learn more about what makes a co-working space or a serviced office such a great fit for any business, get in touch with our team today by clicking here.