February 19, 2019
Coworking space is undoubtedly trending for office space these days. As the Triangle continues to grow as a startup and technology hub, coworking companies are gobbling up office space in the best office towers in the area. Is this a solution for your business’ office needs?
Here are some pros and cons of this new trend…
Pros:
- Flexibility– coworking space allows the ability to expand and contract as needed, on a month-to-month basis.
- Reduced liability– places the long-term commitment of traditional leasing liability on the coworking provider.
- Community– fosters a sense of community for small businesses. Companies and professionals can share ideas and best practices.
- Amenities– provides amenities typically only available for large occupiers. Amenities such as gyms, coffee bars, and ping pong tables are popular with a new age work force.
Cons:
- Cost– coworking space comes at a premium to traditional office rent. Companies pay the price for flexibility.
- Untailored Office- offices within coworking spaces need to remain general so that different companies can come and go without incurring expensive turnover costs. According to Gensler’s Kendra Mayfield, “Branded environments will always drive culture and innovation — and thus positively impact a company’s bottom line.”
- Security- the community aspect of coworking can be a double-edged sword. Many professionals are in close proximity to each other and to potentially confidential information. Although security measures are in place, IT Networks are typically shared as well.
Ultimately, coworking space can be a great occupancy solution for certain businesses.
Is it a fit for your company?
