Traditional Office Lease Vs. Coworking Private Office

Traditional Office Lease Vs. Coworking Private Office

by Mark Fornasiero

Now that we have finally dug out of the last of our lockdown restrictions, people are looking to make some long-term decisions about how and where they will work. We know that commuting to a central office five days a week is not in the cards for many people. But continuing to have a separate place to work outside of your home is still essential for your mental health, for maintaining a healthy boundary between your work and family life, and as a productivity tool. (No distractions like the fridge, Netflix, laundry or pets when you are at an office!)

If you’re trying to decide between renting your own private office for you and your team or opting for a managed office space like you’d find in a coworking location, here are a few things to keep in mind:

FLEXIBILITY

Coworking memberships are designed to be flexible, with no long-term commitments like you will find in a regular office lease from a traditional landlord. Typically, an office membership at a shared space is between 6 to 12 months in length. Businesses change, the environment changes (as we know) and knowing that you aren’t on the hook for a 5-year lease will give you great peace of mind.  

MORE THAN JUST 4 WALLS

When you take a private office in a coworking space you get much more than four walls and a door. You get access to a great community of like-minded people who value community and are serious about getting work done. At ACE we have a full calendar of events to support our members’ wellness, social life, educational opportunities and business growth. Of course, you can make as much use of these events as you choose. Whether a member likes to attend a little of everything or prefers to keep their head down and work, it’s nice to know the opportunity to connect is there if they want it.

SPACE & OPTIONS

A good shared office space will have lots of places for you and your team to work other than just your office. Boardrooms, lounges, café areas and phone booths are all at your finger tips at ACE Coworking and at most well-appointed spaces. Make sure you book a tour before signing up to check all these out.

PEACE OF MIND

If you’re considering an office lease with a traditional landlord, don’t forget that you will still have a lot of other expenses and jobs ahead: you’ll need to arrange your own internet service, cleaning service, schedule the purchase of coffee and office supplies, buy renters’ insurance, and be available when the Amazon delivery shows up. A good coworking space will often have a couple of internet providers to make sure you’re always connected and definitely have someone on site to handle the inevitable IT problems that pop up.

IN A NUTSHELL:

Finding the best way to work as we enter this new, exciting future is an important decision. Make sure you take a holistic view of all the factors that will affect where and how you work. Most coworking spaces with private offices will offer a free trial day where you can see if a shared workspace is a good fit for you. That is probably the best thing you can do to help you make a choice between a fixed, long-term lease and a flexible membership-based shared office space.

 

Mark Fornasiero is the co-founder of ACE Coworking and the creator of The Clear Insight Program. An avid practitioner of mindfulness meditation, Mark also provides professional consulting to entrepreneurs looking to launch and operate their own independent coworking spaces.

If you’d like to get more inspiration and education from the staff and partners of ACE Coworking, sign up for our monthly newsletter. You’ll also stay up to date on the events we run and the amazing promotions we often offer!

Office Space, WFH, Hybrid: What’s the best “place”?

Office Space, WFH, Hybrid: What’s the best “place”?

by Catherine Harrison

Place /plās/ : a portion of space available or designated for or being used by someone.

The modern workplace has shifted and shaped over the past 20 years – with the pandemic accelerating change even more. Until recently, we had office-goers or gig-economy freelancers, home-office entrepreneurs or corporate rush-hour types. COVID-19 threw all that into a blender and tilted how, when, and where we work, creating new confabulations and opportunities. The “place” where we work has evolved immensely.

Even pre-COVID, work had been shifting. Offices had been morphing from cubicles to open shared spaces, creating nomadic work pods and enabling ‘working from home,’ and for traveling professionals, they could ‘work from anywhere. 

Now, as we begin 2022, all this is up for grabs, inviting new iterations to truly reimagine what it means to work and where we can do it best. 

Right now, leaders are determining what the new work world will look like for our teams: those administrative and professional workers who go (or used to go) to the office to get work done. Our choices seem to be: all-office, all-remote, or a hybrid of the two. But coworking spaces are emerging as an important option too. Let’s explore this new way to work. 

 

MENTAL HEALTH BENEFITS 

Humans flourish with a balance of connection, quietude, positive energy, new ideas, development opportunities; a sense of both autonomy and inclusion; and a measure of predictability combined with flexibility. Where does this happen best? Although employees exist at either end of the spectrum – I need my office! I love working from home! – many do best with some time working from home combined with time around others at a work ‘place.’ 

The claustrophobic WFH “Groundhog Day feeling” has caused its share of mental health issues during the pandemic. Countless workers have reported feelings of loneliness, and increased stress that comes with blurred lines between work and home. 

Coworking spaces can help mitigate these issues. We know there are psychological benefits when work life is separated from home life. When solo work is balanced with teamwork. When in-person is balanced with virtual.  When we provide options and opportunities for an employee, their overall health and wellness improves, and we both reap sustainable benefits.

 

MORE CONVENIENCE; LESS COMMUTING

According to research carried out by Pauline Roussel, companies understand that “… coworking spaces can be a part of an office management strategy and a work strategy for their employees. It’s already started: certain companies, such as Spotify, give their employees a monthly coworking budget.” 

Successful coworking spaces offer beautiful surroundings, ergonomically friendly chairs, healthy food and drink options, printers, reliable free WIFI, mail service and concierge options, and enough space to blend solo work with open concept.

Imagine walking to work! Driving less than 15 minutes! Hopping on a local bus or riding your bike! Shorter commutes to a local coworking space can translate to valuable time and energy spent on high-quality work or improved work-life balance. Stress is reduced. Consider the employee who shares living space with others: they may lack privacy or a professional-looking environment for their video meetings. A coworking space offers these benefits, increasing both their efficiency and creativity now that they’ve been relieved of distractions like doorbells, dogs, and kiddies. 

Employers can now create teams in multiple locations at lower costs, with no long-term commitment. When Dialpad Inc. scaled, for example, they decided to use coworking spaces in lieu of satellite offices, allowing for greater versatility. Also, as travel restrictions lift, coworking spaces will appeal to out-of-town businesspeople needing temporary workplaces. 

 

INDIVIDUALS & COMMUNITIES WIN 

 Coworking also boosts local economies. Employees buy lunch, coffee, and even do their retail shopping closer to home. Imagine all the spending happening in your own neighbourhood, instead of the corporate office’s neighborhood, far from home?

Shared office space is also a great way of building up local relationships; people are more likely to network with people from other companies and swap ideas. It reminds me of the Village Square: different proprietors working separately but together. It also requires leaders to think creatively about manifesting and cultivating a corporate culture where employees feel connected and aligned with their company of employment while they mingle with others in a coworking space. 

Whether you be a sole proprietor, run a small business or multinational corporation, consider how a coworking spacemight be a meaningful part of your ‘workplace’ strategy. It will likely help your bottom line, and more importantly, support the psychological and physiological wellbeing of your employees. A true win–win.

If you’d like to learn more about coworking, whether a flexible hot desk or a private office, we would love to show you around ACE Coworking.

Book a tour here.

ALSO…

You’re invited you to join us at our next ACE Book Talk on Wednesday, February 23 from 8:45–9:30am. We will be discussing Three Colors, Twelve Notes, by our guest blogger, Catherine Harrison. This insightful read is a memoir and a guidebook for the curious and those who want to learn how to cultivate a reflective mindset. Email us at info@acecoworking.ca if you’d like to reserve a spot.

If you’d like to get more inspiration and education from the staff and partners of ACE Coworking, sign up for our monthly newsletter. You’ll also stay up to date on the events we run and the amazing promotions we often offer!