Sharing an Office Space with Other Companies: Efficient for New Businesses

Sharing an Office Space with Other Companies: Efficient for New Businesses

An office space is the space where you can meet your customers, conduct meetings, and manage the workflow of your staff. Though having your own office space is an enormous investment, it can be a major overhead expense if your new business is just new. Thus, a good alternative would be having a shared office space. A shared office space is similar to a regular office environment. The only difference is that there are other professionals or companies that share the office space with you. If you decide to get a shared office space for your business, you may want to consider the following.

Location. Just like any business, location portrays a very significant factor. For example, if your shared office space is situated in far places, clients would have a tough time reaching you. Besides that, you have to take into account if the location is favorable to your employees. Will they have a difficult time commuting to work? Keep in mind, a good working environment can help increase your employees’ productivity.

Cost. As this is your first business, a large office space is out of the subject. Usually, the bigger the office space, the higher rent you need to pay. If you don’t need so much space for your shared office, think about renting one that can accommodate your workers and the other tenants. It would be wise to compare different fees from various buildings to know how much you can spend for the shared office.

Occupants. Among the most important factors when deciding on a shared DC meeting space is the tenants who share the area with your business. The best way to do is to look for businesses that would match with your business. This can be a good opportunity for future collaborations and referrals. For example, you can partition the office space with a law firm who can help you in your legal transactions. Another factor in choosing a co-tenant would be the company size. Certainly, all of you wouldn’t want to be shoved in a small office space.

Amenities. Choose a shared meeting space Washington DC can offer with services that benefit you and the other dwellers. The shared office space must be furnished with business equipment like fax machines, telephones, and photocopying machines. You should also inspect if the building has mail and delivery services.

Duration of the Contract. In most occurrences, a lease for a shared Washington DC meeting space typically lasts for at least 3 months and a maximum of ten years. It is advisable to evaluate the contract prior to leasing a shared office. This helps you recognize the requirements and avoid breach of contract.

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