How Much Does a Shared Office Space Cost?

The shared office space concept, often known as co working spaces, has taken the corporate world by storm, offering flexible, cost-effective solutions for freelancers, startups, and even established businesses. The cost of these shared office spaces can vary widely based on several factors. This article will provide an overview of shared office space pricing and the determinants that influence these costs.

Factors Influencing Cost:

Location: As with many real estate offerings, location is paramount. Prime business districts in major metropolitan areas are typically more expensive than suburban or smaller-town locations.

Type of Desk or Office:

Hot Desks: These are shared desks available on a first-come, first-serve basis.

Dedicated Desks: These are reserved desks in a communal area.

Private Offices: Enclosed spaces which offer more privacy and can accommodate individuals or teams.

Amenities and Facilities:

Enhanced amenities, such as high-speed internet, state-of-the-art conference rooms, complimentary refreshments, printing services, and more, can elevate the cost.

Some spaces may also offer perks like on-site gyms, rooftop terraces, or event hosting areas.

Lease Duration: Short-term or day-to-day rentals can have higher per-day costs compared to longer-term agreements.

Branding and Network: Premium, well-established coworking brands might charge more due to their reputation, services, and networking opportunities.

Average Costs:

Hot Desks: Depending on the city and region, hot desks can range from as low as $50 a month in developing countries or smaller towns to upwards of $400-$500 a month in major cities like New York, London, or San Francisco.

Dedicated Desks: Being a step up from hot desks, dedicated desks can range from $200 to $600 or even more per month, depending on the location and facilities.

Private Offices: These are priced higher and can start from $400-$500 a month in more affordable areas to over $1500 or more in premium locations or for larger office spaces.

Cost-saving Tips:

Membership Packages: Some spaces offer tiered packages that bundle amenities, which can provide savings over individual services.

Long-term Commitment: Opting for a longer-term contract can sometimes secure a better monthly rate.

Off-peak Usage: Some providers might offer lower rates for using their facilities during non-peak hours.

Promotions and Deals: Keep an eye out for introductory offers, seasonal discounts, or referral promotions.

Group or Team Rates: Renting multiple desks or offices can sometimes offer opportunities for group discounts.

While the appeal of shared office spaces often revolves around flexibility and a collaborative environment, it’s essential to consider the associated costs. Research multiple spaces, understand their offerings, and compare them against your budget and requirements. Whether you’re a solo entrepreneur, a digital nomad, or a small business, there’s likely a shared office space solution that fits your needs and budget.

This post was written by Tara Kintz. Tara is a director at Signature Workspace which is a coworking space 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.