You should be aware of all your options if you are looking for office space. Are you searching for a Class-A space A executive suite? Are you interested in subleased space? Which one is better?
Executive suites are in high demand due to their cost-effectiveness and collaboration. Globally, there are more than 13,000 coworking spaces and executive suite centers. The industry for executive office suites is worth nearly $11 billion annually. There is no sign of a slowdown in industry growth.
Is an executive suite the right choice for you? You might also consider coworking, a sublease, or traditional office space leasing. We’ll show you the hidden costs and pros of executive suites in this post.
What is an Executive Suite?
A serviced office, also known as an executive suite, provides a tenant with a private office space equipped with basic furniture and shared amenities like lobbies, break rooms, and conference rooms. One office building could house 40 businesses that use shared and individual spaces. Businesses can rent space less from landlords who lease executive suites than they would from traditional office space. Executive suite leases are also less expensive than traditional office leases.
Consider a marketing consultant running their LLC from their home office. It is essential to have a professional office space because of the constant need to meet clients. It would be much easier to rent executive office space for client meetings. The executive assistant can receive clients by letting them enter the building. They could meet in one of the conference rooms. The consultant can also use the executive suite’s presentation technologies as required.
For small businesses that want to impress visitors with a professional image or exude a corporate vibe, executive suites can be a great choice. This setup may not be the best for everyone. Take a look at the information below to find out if this is the right place for you to start your search for an executive suite.
The Advantages and Benefits of Renting Executive Suites
There are many executive suite options, and not all offer the same amenities. If you are interested in a specific suite, make sure you inquire before signing anything. These are the main amenities and benefits of this type of space.
- Collaboration and networking Unlike single-tenant offices, executive suites allow you to meet people from other industries and companies that can add value to your company. You can always ask the woman in the kitchen who works for the company if you need legal advice.
- Use larger conference and meeting rooms– Companies that need more space and technology for their presentations occasionally do not have to rent or buy their own. They can reserve the space and the technology in the suite whenever they are needed.
- Professional appearance without the cost– Instead of answering calls yourself or hiring an office manager, you can assign administrative responsibilities to the shared office staff. They might answer calls, organize meetings, collect mail, and do other things depending on the agreement.
- Flexible lease terms– Usually, landlords who rent conventional office space require tenants to sign leases that last at least three years. Executive offices are a good option for companies looking for flexibility and a shorter-term solution.
- Mailing services and physical address Small business owners might not like to put their home addresses on business documents. The suite office managers will be able to collect your mail while you are away and place it in your office when you return.
- Shared utility expenses- High-speed Wi-Fi can be costly, but it is cheaper when multiple companies share the costs. You don’t have to pay for water, electricity, and trash pickup all by yourself. Instead, you can share the costs with other tenants.
- Office and kitchen supplies– Often shared kitchens provide appliances such as coffee makers, fridges, cabinets, and microwaves. These are all expensive items that you don’t need to purchase. What is more important than coffee? Some suites offer office supplies such as paper, pens, and envelopes.
Potential disadvantages to renting an executive suite
Executive suites offer the opportunity to save money and have shared access to more traditional office spaces. However, they are not for everyone. These are some of the potential drawbacks to consider before you start your search for an office.
- Fixed layout– Your space’s design and layout are likely to be set in stone. You won’t probably be allowed to bring your own furniture. You may not have enough space to store the standing desk that you purchased at home if the space already contains a desk. It is not possible to paint or renovate the space so it must remain as it is.
- Disagreements regarding shared spaces– Despite having a clear policy for the preservation of shared amenities such as conference rooms, technology, and other technology, it is possible to have a disagreement about the length of a meeting or the condition of technology. You might also find yourself with dirty dishes every day because people don’t always clean up after their own actions.
- Reduced productivity- Executive suites can offer collaboration opportunities that can prove to be very useful. Working with other businesses, even in private offices, can be distracting. Before you move in, make sure to check the environmental factors such as noise levels.
- Security issues- You need to be cautious when you discuss sensitive business matters in a shared space. You may need to protect your information if you work near a competitor or another tenant you suspect of being suspicious. You may also need to protect your data from being stolen by others.
Do you need an executive suite to rent?
Each space is unique. Before making a decision, consider cost, commute time, proximity to tenants, amenities, and the environment. To see if an executive suite is right for your needs, you can sign up for a few months to test it out.
coworking space may be the best choice if you are interested in the social aspect of shared office space but prefer a more casual environment. Remember as your company grows you’ll likely get lower rates renting office space through licensed tenant brokers than inflexible shared spaces.
This post was written by Tara Kintz. Tara is a director at Signature Workspace which is a work space in Tampa. Signature Workspace, owned and operated by Cantor Fund Management, offers services and amenities such as private offices, flex space, co-working space, virtual offices, meeting/conference rooms, and more.