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Home Office Pros and Cons

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More and more entrepreneurs today are operating small but profitable businesses from the comfort and convenience of their own homes. Most home-based businesses start small and provide a second income to a person that works in a traditional workplace. As the business grows and thrives, many are choosing to grow their home businesses and give up the traditional job.

There are some very clear advantages to being able to work from a home office; there are also some drawbacks to consider. Here are a few of the points to consider if a home-based business is in your future:

Pros:

Freedom: When working from home, you can often set the hours you want to work and maintain better flexibility when time is needed for children, doctors appointments, and other things you’ve longed to be able to fit into your schedule. This can be a huge advantage for self-motivated people because lots of productive work can be accomplished after the kids are in bed or very early in the morning.

No Commuting Hassles: No one really enjoys commuting to work, whether they drive, carpool, or take mass transit. Commuting eats into your free time when working in a traditional office. With a home-based business, your commute is only the distance from your bedroom to the room you have set aside for your workspace.

Time Savings: Without the commute, you will save many hours a week that you would be normally in your car..

Tax Benefits: Home businesses often qualify for a wealth of business dedications when income tax times rolls around. Of course, you’ll need to speak with your tax professional but you’ll likely be surprised at how much you can deducted for your home office and operating expenses, significantly reducing your tax burden.

Low Startup and Operating Costs: There is little overhead with an office space in your home. After all, the room was already there, you just hadn’t defined it as your office previously. You may need to update your computer or add an extra phone line for faxing, but the costs of start-up will be minimal compared with a traditional office. Also, there’s no rental or lease to worry about. You don’t have to own nearly as large a collection of professional clothing when working from home.

Cons:

Discipline: Working from home requires a great deal of self-discipline. It’s very easy to become motivated at first, but over time it is also easy to allow yourself to see all sorts of things that need done around the home and begin procrastinating about business tasks.

Business and Family Overlaps: It’s also very easy to allow your family to interrupt your business time. Just as easy, many people end up spending time working that should have been quality family time. Making a set of clear boundaries is necessary but difficult.

Boundary Issues: It is very easy to “go to work” since it is just around the corner, but it can lead to family problems of another kind.  There is no boundary between home and work and it can become a problem, or a very delicate balance, for the very highly motivated entrepreneur.

Stagnation: Lack of social contact is an issue for some outgoing people who decide to try working from home. It’s also very easy to lose contact with your professional network, making it much more difficult to remain on the cutting edge of progress.

Pressure and Stress: While working from home is flexible, it is also easy to work yourself into stressful, pressured situations. You want to please all your clients and generate constant leads, but many people become overwhelmed by trying to do too much. Some set unrealistic goals and attempt to achieve them while others simply take on too many clients or fail to outsource when necessary.

Image: Depending on your client and customer contact, your company’s image could come into question. Setting up a client meeting at home or Starbuck’s can be less than impressive. There are alternatives such as a virtual office. They are pay-as-you-go subscriptions for office space. You have an official business address with an executive suite operator and can use their facilities on a “as needed” basis.

 

Executive Suites , Flexible Workspace , Home Office , Virtual Office Space

Report: US Office Market Improving

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According to a recent report from Colliers International, it appears that the U.S. office space market has turned the corner and absorbed 6.5 million square feet of office space during the third quarter of 2010 compared to only 1.8 million sq. ft. of absorption activity for the previous quarter.

It was the major office space markets that showed the largest office leasing absorption for the quarter. Among those, the Washington, DC office space market showed over 882,000 square feet of net absorption during the quarter, resulting in an office space vacancy rate of only 11.6%, the lowest in the nation. The Washington, DC office rental rate increased to $52.32 per square foot, an increase of $1.06 over the previous quarter. The rental rate and absorption gains are mostly due to the addition of new government jobs and a limited supply of new office space coming on line during the quarter.

Also of interest, during the 3rd quarter the amount of sublease office space nationally continued to decrease, to only 7.6%of total office space vacancy compared with 8.2% at the end of the 2nd quarter.

The national office space vacancy rate decreased slightly from 16.3%to 16.2% during the third quarter, but it still is above the 16% at the end of the 3rd quarter 2009.

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Lease Negotiations , Office Space , Office Vacancy Rate , Sublease Office Space , Washington DC Office Space

Google Rumored to be Buying 2.9 Million Square Feet in NYC

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It appears that Google may be ready to expand into New York / Mnahattan office space ownership in a big way. According to the New York Post they are looking to purchase the office building at  111 Eighth Ave. building, one of the largest office buildings in Manhattan.  The 18 story office building takes up an entire block between Eighth and Ninth avenues from 15th and 16th streets and has 2.9 million square feet of office space. The rumored price is $2 Billion dollars, which at $690 per square foot is a good deal compared with the $1,500 per square foot prices of 2007.

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Buying Office Space , Investment Real Estate , Manhattan Office Space , New York Office Space , Office Space

Washington DC Claims the Title of Most Expensive Office Rental in the US

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In a recent article in Inc Magazine, Office Space in Washington DC won the most expensive office rental in the US award at an average rate of just under $49.00 per square foot. New York City Office Space was second at $48.53 per square foot. For comparison, the national average is $21.25 per square foot.

The national office space vacancy rate improved to 16.8%

Read more at Inc Magazine

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Manhattan Office Space , New York Office Space , Office Vacancy Rate , Washington DC Office Space

Could an Executive Suite be in Your Future?

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Many office users are unfamiliar with the potential and flexibility an Executive Suite location can offer.

Executive suite business centers are an excellent option for samall companies or branches with up to 10 employees or companies that need flexible lease lengths. Many firms, large and small, choose to operate their business or satellite offices from an Executive Suite. Executive suites are essentially shared offices with services provided by a management firm. They are a great way for small or growing companies to get off to a fast and low risk start and a great way for a fast growing company to have the flexibility for rapid growth.

You'll find many Executive Suites feature the following:

Private offices with utilities and janitorial included
Part time or full time "image" plans (Virtual Offices)
Reception area with receptionist
Conference rooms with visual aids
Personalized telephone answering
Incoming and outgoing mail handling
Coffee and food service on-site.

For an additional charge, many also offer:

Furniture and equipment rental
Secretarial / word processing services
Computer related services and equipment
Administrative and accounting services
Postal meter and scales, UPS / Federal Express
Mailing services
Photocopy equipment
Fax/Telex sending and receiving
High speed Internet access
Reciprocal agreements with other locations you can use
Law Libraries, health clubs, and many more

In an Executive Suite office, your efforts can be dedicated entirely to your business, while the Suite is responsible for typical office management. You will enjoy professional reception, secretarial and administrative support personnel without the headaches of hiring, training and employee benefits; state-of-the-art business equipment without purchasing and maintenance problems, and; a staff attentive to both you and your client's needs.

Executive Suites give you the added flexibility of short term or long term obligations - both from a planning and a financial statement point of view. Other benefits include:

Convenience

A small office near home or the people you do business with every day. One office (120-130 square feet) and corporate suites of several offices (up to 1,000 square feet) are often available.

Cost

Attractive, professional office accommodations at roughly 30-50% of the cost of equipping and staffing conventional office space.

Flexibility

Full or part time accommodations are generally available (hourly, daily, weekly, monthly, annually). Corporate business identity programs are also popular providing you with a professional address, telephone secretary and conference room by appointment. Rental agreements are usually short term and expansion or contraction to meet your needs is much easier than with conventional space.

No capital investment

There is no need to buy or lease office equipment or furniture. Private offices can be completely furnished as well.

Control of operating costs.

Executive Suites usually offer state-of-the-art business support services which are billed to clients.

Higher productivity

By leaving the operation of your office to a staff of trained professionals, your company personnel can concentrate on managing and marketing your business.

Enhanced technology and services

Most Executive Suites provide enhanced Internet technology and first-class concierge handling of business needs. Some examples of enhanced services available from suite to suite are full service travel arrangements, video-conferencing, competitive long distance rates, calling cards, mobile messaging and paging, desktop publishing and project design, telemarketing, catering, law libraries and paralegal, computer networking, consulting, training, and more. You have to ask to find the right suite for your business needs!

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Executive Suites , Flexible Workspace , Office Rental , Office Space , Virtual Office Space