That’s a question that every startup founder, enterprise head, and interested parties in commercial real estate buying and selling have in their minds. Do they need more space than their study or living rooms have to offer or just a workable functional work desk? Either of the options suffices their questions. If you’re someone who can work remotely and churn out productivity from any desk having a power outlet and some uninterrupted WiFi; you don’t have any problem. But, for professionals and entrepreneurs, a stable work environment with all the basic amenities and other add-ons is essential. In such scenarios, shelling out huge portions from your financial chunk as every month’s rent doesn’t seem like a great idea. Neither is going for heavy investments on unwanted office space that you might not require after few years. To come to a conclusion you need to weigh both the options and scale all your needs.
Selecting the right location of your growing startup’s headquarters isn’t a cakewalk. In today’s growing commercial real estate market, buying or renting a workplace comes with attached surveys, due-diligence, understanding of market patterns and more. Smarter investments in CRE always lead to better deals.
Additionally, the growth of job opportunities in Indian metro cities and its satellites have created a huge demand in office spaces that delivers optimum working atmosphere. Startups and companies want to retain good talent and apart from the financial perks, great office design and facilities are where they can play to hold people back. In 2015 alone, about two million jobs were created across major cities in India; as a result, growing businesses across the nation started searching for new offices. This has resulted in a competitive commercial real estate market. According to a study, the demand for commercial office space continues to trend upward while supply struggles to keep pace.
Here, we’ll take a look at which one is better – rented coworking or your own office; to help you decide which works better for you and your business.
Costings: When it comes to costing, coworking spaces in Gurugram, New Delhi, Bengaluru, or Mumbai have relatively easy offerings. It can be somewhere from Rs.5000-10000 for a dedicated desk. There is a wide range of costs that coworking offices have in their kitty. And, it all depends on your requirements. Do you want a first-come-first-served seating area for your team, or a couple of dedicated desk spaces, or a private office? How many days do you plan to use it and when does the tenure expire? Depending on these factors and your personal preferences, you can decide on a membership at a coworking space. And, it might be worth the cost.
When it comes to your own office space, there is a range of tasks involved including market surveys, and huge capital investments. There is leasing involved and you get a great permanent prime address. The other offerings are also immensely satisfying. You get great location sans any conveyance hassles, and most of the time the proximity to popular marketplaces.
Community and events: Co-working is a great place to surround your team with peers within the industry and potential mentors from other areas of work. And it’s called a coworking networking for a reason, and you can reap amazing benefits with the right connections. Most of the coworking spaces also run periodic events and workshops to boost community growth and prosper relationships.
There is no dearth of events and activities under self-owned offices too. But they aren’t as frequent when compared with coworking spaces. Events on learning, team building, inter-department coordination and sometimes charitable groupings are held on occasions. Not all coworking spaces are alike in the types of networking opportunities and educational workshops. Some could be low-key, and the effort of organizing a community event totally depends on the collaboration of the management. Corporate offices see a lot of sponsored events with bigger brands and could even see involvement from celebrities.
Smart layout: Focus and ease of work are why startup entrepreneurs, enterprise, or an organization choose an office in the first place. Most coworking spaces have essentials such as Wi-Fi, printing and scanning facilities, meeting and conference rooms that let a person work in his/her own comfort. Private offices are built to keep your team focused on your organization’s objectives and mission. Plus, it is less likely outsiders will accidentally overhear confidential information. In both the cases, you’re away from the small distractions of your home life—things like household chores, children, pets, and anything else that might take your attention away from your work.
Amenities: Your focus should be on your business, and that’s what workspaces mean to attain. It helps you with the latest in office hardware and software so that your daily work output can be achieved seamlessly. In terms of the amenities that workplaces provide, the list can be super-long. Both co-working and self-owned offices are equipped with have essentials such as wi-fi, printers, scanners, and fax machines, conference rooms, pantry and canteen areas that have a decked-out kitchen with free snacks, coffee/tea, and other refreshments. In terms of networking, private offices can outdo co-working spaces. There are A/V conferencing rooms with dedicated internet lease lines, which promises greater connectivity. Many coworking spaces are investing heavily in their networking facilities.
Turnkey: Coworking offices are membership-based, and only after series of surveys can you decide on one. Whereas with private offices you do not need to sweat the details. Your commercial real estate partner will set up your office. You get dedicated office services in both the scenarios and all you need to do is just show up and work.
Branding: Private offices can offer huge space for enhancing the brand. Modern office design is both functional and brings your brand to life. You can customize your own office to match your brand and company culture. This is why most well-funded startups go for their own offices which can be used to grow the brand value. A huge brand logo or few motivating words in attractive calligraphy on the walls can go a long mile in encouraging people to stay focused. These attributes are absent in coworking spaces. All you can see is their own branding. However, many coworking spaces are using attractive ways to keep their workspaces lively and energetic.
With such great functionalities, both co-working spaces and private offices offer a suitable environment to manage your business with ease. To come to a decision is a tough call, and to be honest, there is no right answer. Both are great to work at because it’s a nice feeling to speak and work with other people. In terms of networking and having meeting spaces, plus the ability to grow, both private offices and coworking spaces offer amazing opportunities.