10 Benefits of Choosing Coworking Spaces Over Traditional Leases

We often hear this question: "Why should I pay more for a smaller space in a coworking centre when I can get a spacious office at a lower price with a traditional lease?"

However, the assumption that traditional leases are cheaper couldn't be far from the truth. Even when solely analyzing the cost factor, coworking spaces are often cheaper overall and plus bring more benefits. Let's delve into these advantages:

1. No Upfront Costs

The initial cost of renting a traditional office can be huge. Renovations, furniture purchases, utility activation, and committing to a minimum 2-year lease represent a significant investment. While coworking spaces might seem pricier per square foot, overall calculations show that they can be a lower-cost option when considering the lack of entry costs. There are no renovation, furniture, utility, maintenance, cleaning, or servicing-related expenses, which can mean savings of hundreds of thousands a year for mid-size spaces compared to traditional leases.

2. Flexible Lease Durations

Related to cost savings, shorter lease commitments like 6 months or 1 year decrease the initial investment and risk. Greater flexibility in lease durations allows you to be more conservative with office spending. You can even rent month-to-month, which might mean an initial investment of only $3000-$4000 for small offices.

3. Upgrade Anytime

Flexibility isn't limited to shorter leases. You can upgrade your office to a larger size anytime (as long as space is available) without penalty or changing the lease duration. For example, if you signed a 12-month lease for a 5-person office but your headcount increased to 8 people after 6 months, you can simply top up the difference and move to an 8-person office for the remaining 6 months of your initial commitment.

4. Easy Setup Process

Coworking spaces offer a hassle-free setup experience. The community team handles layout preferences, furniture selection, phone and access key activation, printer setup, and ensures a smooth onboarding experience. Since all cleaning, maintenance, and utilities are already taken care of, you only need to bring your laptop and personal items to start working.

5. Relocate at Will

If your office location isn't working for you, you can simply request a move to a different location. You have the right to change locations during your lease, as long as the monthly rental of your relocated office is the same or higher.

6. Reduced Overhead Costs

Coworking spaces and flexible leases decrease per-head spending by maximizing space utilization. There's no need to rent a space larger than your current headcount since you can upgrade anytime. This ensures every desk in your office is fully utilized, eliminating expenses for underutilized space.

7. Worldwide Lounge Access

Coworking spaces often come with multiple global locations. For example, WeWork has around 650 locations worldwide, while JustCo has over 40 in the APAC region. Whenever you travel, you can drop by and use lounge space for free!

8. Engaging Community Gatherings

From Friday drinks to yoga classes, community events bring people together and create perfect opportunities to expand your network naturally. Movie nights, workshops, health screenings, wellness consultations, and many more activities allow you to enjoy the perks of belonging to a coworking community.

9. Supportive Staff On-Hand

Community or reception teams are there to assist with day-to-day tasks. These include greeting guests, collecting mail, ensuring cleaning standards are met, stocking pantries, scheduling AC servicing, conducting health and safety checks, and similar tasks to ease your workload.

10. Health and Wellness Amenities

Larger coworking groups like Spaces, JustCo, or WeWork offer wellness facilities within their centers. Gyms, yoga studios, private training studios, meditation pods, and sleeping pods are some of the facilities that cater to the wellbeing of community members.

In conclusion, choosing coworking spaces over traditional leases offers numerous advantages that extend beyond mere cost savings. The flexibility in lease terms, ease of relocation, supportive community atmosphere, and access to wellness amenities create an environment conducive to productivity and growth. Whether you're a startup looking for agility or an established business seeking cost-effective solutions without compromising on quality or community engagement, coworking spaces present an innovative alternative that aligns with modern work culture. Embrace the future of work by exploring what coworking has to offer!