In today’s fast-paced and highly competitive business environment, there is an unprecedented demand for office spaces. With workspaces evolving rapidly, flexible and creative options such as coworking spaces and managed office spaces have replaced conventional offices. While both have their own advantages, the biggest dilemma in front of business owners is whether to go for a coworking space or a managed office space. Are you looking out for an office space but confused which one to opt for? 

Here are certain parameters that will help you decide whether a shared office space will suit your business or a managed office space would be the right one for your business.

1. Cost

• A coworking space being a shared office space is a more cost-effective option than a managed office space.
• Generally, a shared office space has daily or monthly rentals which are significantly lower than a managed office space.
• Compared to a coworking space, a managed office space has more starting costs, since it includes the setup costs as well.
• A managed office space is taken on lease for years by large organizations.
• While a shared office workspace may appear to be expensive initially, it offers long-term savings.
• By choosing a managed office space, your business can stay stress-free about unexpected expenses such as cleaning, utilities, maintenance, repairs, etc.

2. Safety and security

• In today’s business world, safety and security is a top-most priority for organizations.
• A managed office space has advanced security and surveillance systems in place.
• This guarantees the safety of organizations and their confidential data.
• Even though a coworking space may have round-the-clock security, it is shared by other companies too.
• Hence, compared to coworking space, a managed office space offers more safety and security, since its exclusive access is limited to the employees working in your organizations. 

3. Privacy

• A coworking office space fosters collaboration through its shared spaces and facilities.
• However, it has separate conference rooms and meeting rooms for those confidential discussions.
• On the other hand, a managed office space has distinct demarcations of space, thus offering more privacy.

4. Design

• A managed office space design can be customized to suit your exact work requirements.
• This means that if you have hired the space, the rooms and areas will reflect your brand’s identity.
• On the other hand, the design of a coworking space will facilitate collaboration and sharing of amenities.

5. Lock-in period

Compared to a shared office space, a managed office space has a longer lock-in period.

The main difference between a coworking space and managed office space is sharing. A coworking space is a shared office space by others, while a managed office space offers the elements of customization and autonomy. 

In the dynamic business world that exists today, a one-size-fits-all approach does not work well when it comes to office spaces. The choice between a coworking space or managed office space depends on the unique needs of your organization, preferences, industry, and the nature of your business. Understanding the parameters to decide and the difference between the two is vital in making the correct decision. The right choice for your business between a coworking space and managed office space will play a crucial role in determining long-term business success. Are you looking for an office workspace near you? Get in touch with The Address today.