There is quite a bit of public confusion over the terminology used in the office space industry regarding executive suites and coworking space. Many still believe that an executive suite describes the suite of offices on or near the top floor of a skyscraper where the top executives of a company used to work; including only the president or chief executive officer, various vice presidents and their staff. In other words, only the top brass. While coworking space is a relatively new phenomenon and many do not understand what it is. Here is some information that will hopefully clear up the confusion.
Essentially, what they both are is shared serviced offices operated by a management firm that house multiple companies. They have different styles to accommodate different workplace goals. Coworking space has become an extension of the executive suite concept with a different spin. Originally coworking space was intended to serve like kinds of businesses that could work together while still being independent. They have morphed into offices with networking opportunities with other occupants. Here is another article on the idea “WeWork Is Basically Regus With A Paint Job.” WeWork is the largest Cowork provider and Regus the largest Exeutive Suite Provider.
The executive suite / coworking centers are an excellent option for small companies, branches 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 and coworking spaces are both 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. Whether you choose to go with the more conventional executive suite style or the newer coworking trend with depending on the way you want to work.
Generally, executive suites cater to those companies looking for privacy in their workplace; Businesses or individuals who want to be in offices. Coworking space is more suited to those looking to create synergy and network with other companies or individuals located in the space.
They both offer features such as utilities and janitorial, receptionist, secretarial, personalized telephone answering, mail handling and coffee and food service on-site. There are still a lot more of services that you can avail. They are very much customizable depending on your style, budget and needs.
In an Executive Suite or coworking office, your efforts can be dedicated entirely to your business, while the management company is responsible for typical office management. You will enjoy a professional reception and 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, along with coworking office space, allows 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.
- 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).
- 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 – 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 / Coworking space provide enhanced Internet technology and first-class concierge handling of business needs.
If you are interested in estimating the cost of an executive suite or coworking space, give our executive suite calculator a try. It will compare your costs at an executive suite type space with that of a conventional office space.
If you are looking for an office, we’d love to help. It is what we do day in and day out. We not only find the right space for your business but also negotiate the deal with you to ensure no mistakes are made and that you get the best deal possible. Contact us for your no obligation meeting.