This question about office space has gained in popularity/frequency since COVID hit the scene. In this article, we will take a look at the traditional office space for lease options, and then discuss several other options you can consider, as well as some questions you need to ask yourself before deciding.
We are Paddock Place Office Suites, serving the Fort Worth area with affordable shared office space. Call us at 817-439-3224 for more information about our coworking space in the Fort Worth Design District.
Traditional office space.
Traditionally, and we are talking about two-hundred years, at least, in this country, leasing office space meant leasing a stand-alone office, or leasing an office in an office building. The other option, which we will not cover, is to purchase the office/office building, an option only available to the richest of rich.
Leasing an office will cost you by the square foot; the larger the office, the more the monthly lease payment. Also at play is the location; generally speaking, the more desirable the area, the more an office will cost you.
However, that is only part of the cost discussion. You will need signage. You will need to pay for utilities and WiFi. You will need furnishings. You will need insurance. The cost of renting an office space for rent may only be $2000 per month, but it will most likely cost you several thousand in secondary costs before you can open your doors for business, and then secondary monthly expenses will cost, at least, another thousand or two.
Those were acceptable costs when the economy as firing on all cylinders and there was money to spend, but COVID changed all of that, and sent business owners scrambling, looking for alternatives.
The increase in remote working changes office space needs.
COVID meant the necessity for remote working due to the fear of contagion. Either workers could do the work at home, or the work would not be done, and not doing the work meant the death of many a small company. “Adapt or die” became the battle cry for many American companies, and it still is today. With rising costs, many small companies would not be able to compete if they did not find new ways to approach old problems.
A new player on the scene.
One sure solution is called coworking, or shared office space. With this new approach, businesses only rent office space when it is needed, on a short-term basis, and they share common office space with other businesses. The cost is much less expensive. The furnishings and utilities and WiFi are included in the rental price. Signage is not needed. At places like our own Paddock Place Office Suites, an office can be rented for as little as $550 per month, no long-term leases, and everything you would need is included in the price.
It is the perfect solution for a new era of business.
A final word about Paddock Place Office Suites.
Paddock Place Office Suites is locally owned and operated, and it is located in the Fort Worth Design District, alongside Box Office Warehouse Suites and the Golden Triangle Business Park. Call us and arrange for a tour of our coworking space.