Coworking spaces or shared office spaces have taken over the corporate world. They offer flexible and cost-effective solutions to freelancers, entrepreneurs, and established businesses. Costs of shared office space can vary greatly depending on several factors. This article provides an overview of the pricing for shared office spaces and the factors that affect these costs.
Factors Influencing Cost:
Location is important in real estate. Prime business districts located in large metropolitan areas tend to be more expensive than suburbs or smaller towns.
Desks and Offices:
Hot Desks are desks that can be shared on a first come, first served basis.
Desks reserved for a specific purpose in a common area.
Private offices: Closed areas that offer privacy to individuals or groups.
Amenities and Facilities
The cost of a hotel can be increased by adding amenities such as high-speed Internet, modern conference rooms, free refreshments, printing service, etc.
You may find that some spaces offer additional amenities like rooftop terraces or gyms.
Lease Duration: Day-to-day or short-term rentals may have higher costs per day compared to long-term agreements.
Branding and Networking: Well-established, premium coworking brands may charge more because of their reputation, services and networking opportunities.
Average Costs
Hot Desks: Hot desks are available in many cities and regions. They can cost as little as $50 per month in smaller towns or developing countries, to as much as $400-$500 in large cities such as New York, London or San Francisco.
Dedicated Desks: A step up from Hot Desks, dedicated desks range in price from $200 per month to as much as $600, or more, depending on location and facilities.
Private Offices are more expensive and start at $400-$500 per month for more affordable locations. They can go up to $1500 per month or more in premium areas or larger office space.
Cost-saving Tips:
Membership Packages: Some places offer tiered membership packages that bundle amenities and can save you money over purchasing them individually.
Long-term commitment: Choosing a contract with a longer term can often result in a lower monthly rate.
Off-peak usage: Some providers may offer lower rates if you use their facility during off-peak hours.
Look out for promotions and deals: These may include seasonal discounts or referral offers.
You may be able to get a discount if you rent multiple offices or desks.
The appeal of shared offices is often based on their flexibility and collaborative nature, but it’s important to also consider the costs. Compare the costs and benefits of different spaces. There’s a shared office solution for everyone, whether you’re an entrepreneur or digital nomad.
This post was written by Tara Kintz. Tara is a director at Signature Workspace which is a coworking space Tampa. Signature Workspace, owned and operated by Cantor Fund Management, offers services and amenities such as private offices, flex space, co-working space, virtual offices, meeting/conference rooms, and more.