August 02, 2018
In this article, NAI Isaac – conveniently located in Lexington, Kentucky (KY) – is here to provide you with information on coworking spaces to help you see if one would be right for your business. Contact us today for all of your commercial real estate needs.
Coworking involves a shared office space that allows desks to be rented out on a monthly basis. It is most similar to a membership that allows individuals to work in a communal area. The perks are also shared among the inhabitants. This type of working environment is growing in popularity. For startups and small businesses this solution is quite desirable; however, there are advantages and disadvantages to keep in mind before making the switch.
This system is highly sought after due to the flexibility thatthe monthly subscription model allows, compared to the alternative of being locked into a leasing contract for multiple years. There are a wide variety of options available to fit every type of need and budget. Since you are not agreeing to a long-term commitment, you can always find another space if you want. Coworking also provides flexibility in your working hours. You have the freedom to work at whatever time is best for you, not just the traditional 9-5 schedule. Flexibility is by far the biggest benefit provided by coworking spaces.
In a shared environment, you have the ability to network every day. Since coworking attracts members from all industries, you will get to interact and converse with a diverse range of people. To create a more inviting environment, coworking spaces tend to hold many events as a way to encourage members to network, form friendships, and get more comfortable with one another. A sense of community is essential for this type of office atmosphere.
While coworking allows members to work in an unstructured environment, this can come with some negatives, as well. One such con is distractions. Since the environment is conducive to socializing, it can be distracting to have others talking around you. There is no policy limiting noise, so it may hinder your workload.
With an assortment of people around, there can be a lack of privacy. The collaborating environment can put sensitive and proprietary client information at risk. Another downside to consider is that coworking spaces in heavily populated or downtown areas can be difficult to reach. Bad traffic can cause members to have a long commute. An additional issue is that it may not be an affordable solution for everybody.
Coworking can be pricey per square foot. The cost of renting a single desk is seven times higher in a coworking space than it costs a traditional commercial tenant. However, for individuals or small groups it is a cost effective option. There are numerous othermonthly expenses when renting an office, such as utilities, cleaning, and garbage removal. A coworking space usually provides these services for members, so these expenses are eliminated. When considering coworking, it important to weigh all costs to see if this route is fitting for you.
At NAI Isaac, we offer an extensive range of commercial real estate services including but not limited to property management, acquisition and disposition, leasing, property investment, and real estate consulting. Our experts are available to successfully address any real estate issue they are faced with. We are located in Lexington, KY to provide our comprehensive real estate services to the surrounding area. Call us today.