Reduce Expenses With Coworking Space

The end of the year is, no doubt, encouraging businesses to review their strategies. What new opportunities are on the horizon, what’s working, and what isn’t will be key questions to ask during the reassessments. What won’t work anymore is paying for empty offices and unused desks. It’s hard to imagine, especially with high inflation and the lingering effects of Covid-19, but many businesses both large and small are still paying for traditional office space when flexible workspace might be better suited to their organizations.

Among its numerous other advantages, renting a shared workspace is one of the many office cost saving ideas that can save your company from a variety of unnecessary expenses and overhead. For many businesses, coworking space saves money on cost centers such as rent, staff, furniture, and utilities.

Rent
Renting an office in a shared workspace ensures a business only pays for the space it really needs—no more wasting money on, for instance, unused meeting rooms. All tenants help pay for the communal spaces and amenities such as kitchens, restrooms, lounge areas, conference rooms, green space, high-speed internet access, and some standard business equipment.

The flexibility built into coworking space can be used to great advantage as business owners can quickly expand or downsize as the needs arise. This, too, is a cost savings.

Staff
Support service staff such as housekeeping, maintenance, administrative, and IT can be covered by the workspace provider. In some cases, an extra pay-as-you-go fee might be charged, but that’s nowhere near the cost of hiring one’s own dedicated staff.

Time and money spent on an office maintenance team and front desk service, for example, can now be redirected to running the business.

Furniture
An empty shell usually comes with the leasing of traditional office space. For some, that translates into a substantial initial investment for furniture such as desks, filing cabinets, chairs, and tables. With coworking space, however, furniture is part of the overall package. The business can get right to work without having to spend the time or money outfitting the space.

Just as nice, the coworking furniture is as flexible as the office space itself, allowing ample opportunities to easily scale up or down as required—paying for just what’s needed as it’s needed.

Utilities
Electricity, water, heating/cooling, and internet are unavoidable expenses. However, fluctuations in the property value and utility rates will not concern you anymore once you join a coworking space. This is simply because the workspace provider covers for these charges, allowing you to pay a fixed agreed price. In general, utility fees might vary, but they will be shared among all of the tenants.

Coworking spaces offer a myriad of advantages—from big boosts in creativity, to increased productivity and lots of flexibility, to ample networking opportunities. One of the biggest advantages coworking provides, however, is its way of cutting operating costs. Sometimes referred to as “the third workplace,” coworking space has proven to help save money and direct more energy and resources to running the actual business and increasing its profitability.