What will it cost to lease private office space in the years ahead? We tackle that Herculean-sized question in this article by Paddock Place Office Suites, leading the way in coworking space in the Greate Fort Worth area. Call us at 817-439-3224 for information about the best alternative to traditional office space.
The current price of private office space 2023.
We cannot give a current price for private office space, simply because the price per square foot of office space varies from city to city and from neighborhood to neighborhood within cities.
If you are familiar with the Law of Supply and Demand, you will understand how impossible it is to give a current price of any commodity or service. Perhaps looking at one example will help. Let’s say you live in a small city which only has one office building on its main street. The owner of that office building really is free to charge whatever they choose for that office space, simply because there is no competition within that city. However, if they charge too much, rent beyond the capabilities of most businesses in that city, they will be sitting on an empty building for quite some time into the future.
Now let’s say someone builds a four-plex of office space two blocks from the office building previously mentioned. Suddenly there is competition (more supply) and that will force a change in the pricing by the owner of that previously mentioned office building.
We can tell you what the average price per square foot is in Fort Worth, but we will be quoting an average price. It may be $1.50 per square foot in one area in South Fort Worth, but it may be $7.50 per square foot in downtown Fort Worth.
Having said all that, let’s talk in generalities regarding the future price of office space.
Predicting the price of private office space 2024 and beyond.
A strange phenomenon occurred during COVID, and that phenomenon was the increase in remote working. Many companies found it was incredibly easy to simply allow employees to work from home, essentially eliminating the need for a full-time office. And now, in 2023, with COVID much less of a threat to the general population, remote working has become more and more the norm in this new economy.
Will there always be a demand for office space? We believe yes, there will be, but not nearly in the volume we once saw, and the nature of that office space for lease may very well change.
Check out the alternative office space for real savings.
Which brings us to a short discussion about coworking space, otherwise known as shared office space. With coworking space, a traditional office building is partitioned off into individual office space, or in some cases office suites, and those spaces are leased month-by-month. In today’s coworking environment, it is quite common to see businesspeople from multiple companies, all working in a shared space in one large room.
The advantages of this arrangement are obvious. There are no long-term leases. There is no huge financial commitment. In an uncertain and shaky economy, this is an alternative which makes a great amount of sense for any small business, and even for some large businesses.
And that simply means fewer of the traditional office buildings and more alternative options like coworking space.
A final word about Paddock Place Office Suites.
Paddock Place Office Suites is a coworking environment. Our office space starts at $550 per month, and that price includes WiFi and utilities. You lease by the month, one month, three, six, whatever you need, with no first-and-last month bulk payments.
We are located in the Fort Worth Design District, Alliance Area of North Fort Worth. Call us today for the perfect short-term solution to your office space needs.