What Is the Difference Between Shared Office Space, Coworking Office Space, and Executive Office Space?
Few things can compare to the excitement of running a business in frenetic Manhattan. With that said, office space (actually all space), is at a premium. This limited space can leave you facing a variety of challenges when trying to establish the home base for your office.
During your search for an office, you have likely encountered several options. The most common are shared office spaces, coworking office spaces, and executive office spaces. Choosing between these three types of office space can be quite a challenge. Making the wrong decision can derail your productivity before your new venture even gets off the ground.
With that in mind, we have broken down the key differences between these three types of office options. We hope to guide you to the right solution for your business. We will start by defining each type of space and then compare the pros and cons so that you can make an informed decision.
What Is Shared Office Space?
As the name implies, shared office space is something that you have to share with others. However, they will not necessarily occupy the same office at the same time.
Think of a shared office space much like a time-share or Airbnb. Once you reserve the space for an entire month, you will have it all to yourself. Don’t get too comfortable though, as another company can book it as soon as your reservation period ends.
Since you are renting a relatively large office, this solution is typically used by startups or other companies that only need to gather periodically. Shared office spaces are usually outfitted with some amenities. These may include the following:
- Coffee machines
- Tech and accessibility equipment
- Perks (i.e., Chairs and tables)
- Features to accommodate groups working together
- Kitchen
Shared office spaces are packed with features, but those offerings are reflected in the price. It is one of the most expensive, short-term rental options available.
What Is Coworking Office Space?
While very similar to the rental offering described above, coworking office space is more suited for the individual freelancer or entrepreneur. These workstations are rented by remote employees or others who need a short-term office solution.
The average coworking office space may or may not include private meeting rooms. They are cheaper and include fewer perks than shared offices. This means no conference room, less total workspace, and fewer amenities
The only thing that is guaranteed in most coworking spaces is a decent Wi-Fi connection and a printer. If you are lucky, you will also get a nice window seat with a great view of Manhattan and some cheap free coffee.
What Is Executive Office Space?
An executive office space is by far the most feature-laden option for your business. Interchangeably referred to as executive suites, this solution is great for small and medium-sized businesses. In particular, law firms can reap the benefits of an executive office space.
When you rent executive office space, you will have a dedicated area to run your day-to-day operations. You will also have access to shared amenities, such as a common lobby, reception area, and more. Additional amenities in an executive office space include:
- Shared receptionists
- Break rooms
- Conference rooms
- Furniture
If you need to optimize the capabilities of your new business without huge financial overhead, then executive office space is an ideal solution.
Which Type of Office Space Is Best?
Before you can make your final decision, it is important to understand the strengths and limitations of each style of office space. We will take a closer look at three different aspects of office space rental to differentiate between the available options. These are amenities, rental terms, and layout.
Amenities
As a new business owner, your office space must have all of the basic amenities that you will need for daily operations. A poorly-equipped office will create unexpected expenses and leave you ill-prepared to carry out vital tasks.
When it comes to amenities, executive office space is by far the best option. These facilities include high-speed internet and essential devices such as printers. In addition, you will have access to receptionist personnel, a modern lobby, and conference/meeting areas. Executive office spaces even include a full kitchen area and modern décor.
While not as comprehensive, a shared office space also provides significant amenities. These include conference rooms, a full kitchen, basic furniture, Wi-Fi, and copiers/printers. Coworking spaces provide the fewest amenities, as they are intended to meet the needs of a single freelancer.
Rental Terms
Once again, executive office space is the front-runner in this category. This style of office space has multiple term options available, which gives you the flexibility needed to grow your business.
A traditional office space often requires rental periods that range from 3 to 5 years in length. On the other hand, executive office space can usually be rented in a month-to-month format. You may also be able to rent your space in 6-, 12-, or 18-month intervals.
Shared office spaces typically offer 12-month leases. However, some offer more flexible month-to-month terms. Coworking office spaces have the greatest flexibility with their daily rental options. However, longer rental options are usually limited to three-month or six-month terms.
Layout/Allocation of Space
When it comes to the layout, coworking office space is the least conducive option in terms of productivity. This is because you will be crammed into a joint area with numerous other freelancers or entrepreneurs. Even before COVID-19, this approach was less than ideal.
Shared office spaces offer a better layout and allocation of space. You have the area to yourself for the prescribed rental period. However, they still fall short when compared to executive office space.
Executive rental options provide the best combination of layout and allocation of space. While you are sharing common areas such as the lobby and kitchen with other renters, your primary working area is all your own.
Bevmax Office Centers
As you can see, an executive office space is the ideal solution for your business. If you would like to get your very own executive office space in Manhattan, Bevmax Office Centers can help. Getting a quote is as easy as completing our short online contact form. We have four prime spaces located throughout Manhattan, including:
Our modern spaces provide a quiet, professional workspace to meet with clients or complete daily tasks. Contact us today and let us make your dreams of an executive office suite a reality.