Office Space: Options And Tradeoffs

Commercial Office Space Or Co-Working Space?

If you own a small business, you may realize very quickly that you need an office space. Today, the workplace can be just about anywhere that has internet access, but you also need a professional environment in order for your business to go places. There is no right location for an office space and many small business owners find themselves assessing their needs when it comes to an office space. As you look into the options, you will have to consider the tradeoffs of various office space options.

Terms Of Agreement

When you look at commercial office spaces and co-working spaces, there will be a difference in the agreement contracts. With a commercial lease, you might be able to negotiate some of the terms if there are special accommodations required. There will be a lot of different phrases in the contract, like breach of lease, termination of the agreement, and etc. A co-working agreement, on the other hand, is more like a gym membership. You have standard terms that you take or leave and you have certain obligations and requirements, as does the office space. You should understand what the space is and what you need before signing on.

Use Of The Space After Agreement

When you lease a commercial space, you generally are the only tenant in that space. You can invite friends, guests, clients, and other employees into the space, unless the lease states otherwise. You also have the right to exclude uninvited guests and non-employees. You will have to do things like clean and keep the place in good shape, but otherwise, it’s your for the time being. In a co-working office space, you are sharing the space with other renters and while you may have exclusive rights to a particular office or desk, there isn’t a way to exclude another person from the property. However, you don’t have to repair, replace, or even clean anything.

Leaving The Space

You will always want to look into the exit strategy for an office space because you never know when you will want to move your business somewhere else. There are not always foreseeable futures on the horizon and it is good to know your options. With a commercial space, you will have a clear term stated in your agreement about how you terminate the lease. You will probably have to give a certain amount of notice and it might not be that simple leaving earlier than your lease term. Coworking agreements have much shorter terms and easier termination procedures. They also have lighter penalties if you have to terminate earlier.

Look At The Coworking Options

If you still aren’t sure which direction you want to go, the best thing to do is take a tour at Bizhaus and see the options ahead of you. With shorter terms and more easygoing options, you can try out one space and move to another later. We want to help you find the perfect fit for your growing business!

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