Should a company invest in a traditional office space for rent or take the coworking route?

Are you more of a traditional office space kind of person? Or do you feel co-working is any day a better option? Well, before you take a call or harbour any preconceived notions, it is a good idea to explore the pros and cons of both- Advantages of co-working spaces:Pocket-friendly- Office space for rent can be quite pricey, while co-working spaces often offer various types of membership to suit different budgets. So be it as a freelancer or as a team, you can take your pick according to your requirements and budget. Flexibility: you need to sign multi-year contracts to lease traditional office spaces, which can be quite a risky affair for budding businesses, as they are not sure how their enterprise is going to shape up in the years to come. On the other hand, co-working spaces mostly operate on month-to-month memberships- even if you outgrow your current membership or are not too keen to continue in that workspace, you are not bound by a long-term contract. Coworking spaces also allow you to upgrade your membership in case you feel your team needs more space. Community and networking: Since co-working spaces are occupied by professionals from different companies and often different industries altogether, they offer a wider scope of networking, which bodes well for businesses. A traditional office space too gives a sense of community, but in a very limited manner, since all your colleagues will be from the same organization. Variety:not only in terms of co-workers, but co-working spaces are very flexible and varied in so many aspects, including membership, space options, facilities, and so on. Disadvantages of co-working spaces:Limited space: while most spaces try to be as accommodating as possible, you might not have the room, in case your team needs to upgrade. In that case, if you foresee having a larger team in the future, it is better to settle for a traditional office space. Distractions: if you are accustomed with working from home, a co-working space can prove to be quite distracting, since you will need to work in close quarters with others. You also have to be mindful of other people’s comfort- so you cannot talk on phone for long, in the open areas. Lack of privacy: though this is largely determined by your membership type, mostly coworking spaces do not offer as much privacy as you can expect from a traditional office space. So if you business has to deal with sensitive, highly confidential information, or you simply want a quieter place for work, traditional office space is a safer bet. Advantages of traditional office space:Size: these are highly useful if you have a larger team, since coworking spaces often do not have the capacity to accommodate private offices for sizeable teams. Stability: traditional office spaces are preferable for companies who plan to expand their teams. If you can foresee that in the near future, it is better to seek a stable environment where the team can put in their best efforts. With coworking spaces, you will have to uproot your employees and move every time you outgrow your co-working space. Consequently, their efficiency and productivity will be compromised, thanks to the disruptions. Privacy: a traditional office space guarantees much more privacy as you don’t have to share the space with other businesses. This also can benefit your team tremendously. Disadvantages of traditional office space:Expensive: they need a high investment from your end, which can take a toll on your budget. So, unless you have a sizeable team or plan to recruit mote employees in the foreseeable future, a traditional office space is not a feasible option, especially if you are a freelancer or a startup team. In metro cities, the cost of traditional office spaces is even higher. Lack of flexibility: traditional office spaces offer limited flexibility, thanks to the multi-year contracts they typically involve. Thus, you hardly have the option of increasing or decreasing the amount of space you are renting, in the long run. Also, it can be pretty difficult to leave the office, if required. Isolated: this is a major loophole for freelancers and remote workers. By working in a private office all by yourself, there is barely any scope of meeting your fellow tenants. And it goes without saying that for those engaged in their work day in and day out, a sense of community makes a lot of difference. Thus, you need to carefully assess which of the two options will work better for your business and budget. Our needs, priorities, and goals differ, and you should take your pick of workspace accordingly, in order to make your business thrive.