What is affordable office space, and is it possible to find it in 2023, considering the current state of our economy? We will tackle those two important questions in this article by Paddock Place Office Suites, leading the way in the Fort Worth area with affordable office space. Call us at 817-439-3224 for more information and to arrange for a tour of our office space for lease.
What is affordable office space?
The old saying “Beauty is in the eye of the beholder” applies with regards to affordable office space. Obviously, what is affordable for Tesla Corporation, with annual sales in the billions of dollars, is not affordable for a small, one-person enterprise with annual sales of $100,000.
The simple truth of the matter is that most office space for rent, in a desirable location in most cities, will cost, at the very least, $1000 per month, and in most cases at least $2000 per month. Add to that the cost of utilities, WiFi, signage, furniture, insurance, and, well, is it any wonder that most small companies, those with 1-5 employees, find it practically impossible to afford any office space at all?
Is affordable office space even possible in 2023?
And, the future of office space does not look any brighter in 2023 and beyond. Inexpensive office space is not being built. It is not profitable for commercial developers to build office space small enough to satisfy the simple needs of a one-person company. From a business standpoint, looking at it from the eyes of a developer, this makes sense. They are in business to make profits, just as every other business is, and if they can make more profits by developing larger properties, larger offices for rent, larger retail space for lease, larger warehouse for rent, then that is what they will do . . . until the market trends change considerably, forcing the developers to change their approach.
Creative, successful people adjust to the changing times
All of this means that small business owners, in need of office space, must be creative in their approach, and that leads us to coworking space.
Coworking space is shared office space, and the concept is sweeping the nation, as all good ideas eventually do. Coworking space is simply rented by the month, and all utilities are included in that monthly rental fee. For example, at Paddock Place Office Suites, shared office space starts at $550 per month, with utilities included. Compare that to the traditional office space for lease, in the thousands, plus utilities, and it becomes obvious why coworking space is so popular.
Which leads us to this question for you, the small business owner: do you really need office space for the entire year? Would it be possible to conduct your business remotely, instead of incurring the massive monthly expenses of maintaining a full-time office? If the answer is yes, you could do quite well by simply renting an office occasionally, then coworking space is worth looking into.
A final word about Paddock Place Office Suites
Paddock Place Office Suites is located in the Fort Worth Design District, in the Alliance Area of North Fort Worth. Call us and arrange for a tour of our facilities. We are locally owned and operated, and we would love to discuss how coworking space can work for your small business.