How Much Does Shared Office Space Cost?
Are you contemplating a change to your work environment? Does this have you asking, “how much does shared office space cost?” You’re not alone! Recent data reports that more than 500,000 people took advantage of shared workspaces in 2017. That figure is predicted to grow to 1.08 million by the end of 2022.
Remote work has now become a norm in many industries, and co-working and event spaces are getting attention for inspiring creativity, boosting performance, and encouraging productivity. The good news is that shared office spaces are cost-effective and affordable, bringing dozens of entrepreneurs and remote workers together under one roof and removing the expenses of getting your own building.
That said, the cost can vary from state to state and space to space, depending on your business needs, preferences, and more. Here’s what you can expect.
How Much Does Shared Office Space Cost? Here’s The Breakdown
The cost of shared office space cannot be given a specific number. A lot goes into choosing the right space and environment for you, and there are dozens of characteristics to consider that will influence the price. For this reason, we highly recommend knowing exactly what you’re looking for before asking the important question: how much does shared office space cost?
After all, the answer can be all over the place if you don’t know what you’re looking for in a space. The best thing you can do to make sure you’re getting the most out of the experience and your money is to prioritize elements to find something at your price point.
The following elements of shared office space influence the cost most.
Part-time or Full-time
Shared office space comes in a variety of shapes and sizes. A basic shared workspace plan may cost a few hundred dollars per month in some areas, while a daily pass and part-time desk cost much less. On the other hand, a permanent desk will cost you the most but still comes in well under a monthly lease on a space that you must commit to long-term and be completely responsible for.
Depending on your needs and how many hours or days you plan to spend in the office, one shared office space option will be significantly better than the other. For instance, a remote worker looking for a getaway from at-home distractions may find that a daily space or part-time desk once or twice a week works best for them. However, someone who intends to take full advantage of the office space throughout the week will save more by purchasing a plan or permanent desk.
Type of Space
The type of work environment you seek can also influence how much your shared office space will cost you. In many cases, there are multiple options to consider, but they typically fall under one of three co-working layouts:
- Traditional co-working office designs — a mix of single desks, private spaces, and stations of desks grouped together for collaboration.
- Premium co-working office designs — shared office spaces with what many consider ‘premium’ designs have more modern workplace options that prioritize comfort and open spaces. This often includes couches, recliners, and other lounging options.
- Minimalistic co-working office designs — these layouts offer the typical desk, WiFi, drinks, and snack. However, they’re typically off-brand and basic, so the cost is generally lower than more high-end options.
The biggest difference in price between these designs will be how much space you need and whether you want privacy or not. Both will cost you more, with private meeting rooms going for an additional fee.
RELATED: How to Choose a Co-working Space
Where the shared office space is located relative to where you live is important because a long haul to/from work means more time away from doing all the things you love. It can also mean more money for transportation.
Although the number can vary dramatically by state and distance between home and your workspace, one study reported that U.S. adults spend, on average, $5,000 or more on commuting to work. In Texas, the average was around $2,876. This included the average expenses one may spend on gas, maintenance, public transportation, and more.
Whether it’s a cafeteria, lounge, fitness room, coffee bar, or meeting room, the amenities of the shared office space you choose matter. Since they’ll influence how much the shared office space costs significantly, you’ll want one that fits your specific workplace needs. Prioritize what matters most to you to pinpoint which space will work best.
The following amenities, for instance, have incredible benefits, but they can also come at a higher price:
- Parking — according to research, Americans waste more than $20 billion a year on parking. Finding a co-working space with parking included can help you save significantly.
- Pet-friendly — a study on CNBC found that having a pet with you at work can “make you happier, healthier, less stressed and more productive at work.” Paying the extra fee or going to the next tier of your membership may be worth the added price to bring your furry pal with you to work.
- Mailboxes — getting mail at your shared office space will cost an additional fee or require a new membership plan, but keeping work and your personal life separate is crucial. Most importantly, it reduces the chance of mixing up or losing important packages or mail.
- Guest passes — whether you want to introduce the space to a friend or collaborate on a temporary assignment, guest passes can be a great way to bring someone in with you without the hefty costs of full membership when they don’t want to commit to one.
The Value of Being Placed in Co-Working/Shared Office Space
If you’re asking how much shared office space costs, you should consider the value that expense can bring to your well-being and work life.
Co-working/shared office spaces are changing the way we work, from uninspiring spaces to areas where we can be inspired and create incredible things. The business world has evolved in so many ways, embracing the different ways people work, learn, and collaborate. This, in turn, has created a need for spaces that are affordable and accommodating to those various needs.
The value of working in a shared workspace goes beyond the substantial cost savings — which is an added benefit in today’s inflated market— and well into additional advantages, such as:
- Being more productive — maximizing your productivity doesn’t often come easy, but when brilliant minds surround you in an environment of your choosing, it can be easier than you’d think. The key is to find a shared space that influences that boosts productivity for you specifically, such as plants, open floor plans, privacy rooms, drinks, snacks, etc.
- Working in a community — we are humans and are not meant to be secluded for too long. Having a safe and creative space to work and be around others provides a sense of community without forcing you to be social if you don’t have time for it.
- Improves mental health — along the same lines as working in a community, your mental health is substantially better when surrounded by other people. Working remotely can get lonely, causing mental illnesses and keeping you from thriving at work. Being around other workers allows you to get work done when needed and be social when the time calls for it.
- Networking — while being social, another valuable component of shared office space is the ability to network with others. Co-working spaces bring a range of different and like-minded workers together, which can lead to incredible professional opportunities in many cases.
- Flexibility — not every worker requires the same thing from an office space. Shared office spaces are more flexible and allow various types of business people to come together and rent spaces as they see fit. This means daily passes for those that only need occasional work spaces, memberships for those looking for something more permanent, and additional features for those who want the full experience of a shared office.
RELATED: Why Do People Thrive in Co-working Spaces?
Is a Shared Office Space Worth the Cost for You?
How much does a shared office space cost, and is it worth it for you? That depends on what you’re looking for and what it means to you. If you want a vibrant community of creative people around you to boost your productivity, creativity, inspiration, and work ethic — then a shared office space is right for you.
The cost of shared office space is less than renting your own office, especially considering how much you can save on WiFi, water, electricity, rent, and so much more. However, it can add to your expenses if you typically work from home. The difference is it can also be a valuable experience that can make all the difference in how you work and collaborate with others. Like Henry Ford once said, “Every experience is worth having.” And a co-working space may just be the experience you didn’t know you needed to improve your work performance. Contact Vuka to learn more about our shared workspace membership and get your Austin, Texas, location booked before the next workweek begins.