Should You Rent an Office or Coworking Space?
When looking for a workspace, there are two major options. Coworking spaces like BrightWorks Coworking in Ann Arbor are extremely popular for solopreneurs, freelancers and startups. They offer flexible membership plans, high speed wi-fi, meeting rooms and valuable networking opportunities.
Or you could rent a private office and have your own dedicated space that can be tailored to your needs and preferences, with stability through longer term leases and more control over the environment.
Both have their advantages and it’s all about individual needs, budget and growth goals.
What is a Coworking Space?
A coworking space is a flexible and collaborative workspace for a variety of professionals.
At BrightWorks coworking in Ann Arbor we have two locations: Forest Cove and 777 E Eisenhower Pkwy, each with their own unique feel. Here are the key features of a coworking space like BrightWorks:
- Shared space: Coworking spaces are a shared workspace where people from different backgrounds and industries come together to work independently or on projects together.
- Flexible plans: With multiple plans to choose from, coworking spaces offer the flexibility to choose a plan that fits your needs, part time or full time. BrightWorks offers flexible plans for individual desks and even private offices in Ann Arbor.
- Networking: Coworking spaces create a sense of community and plenty of networking opportunities. It’s a melting pot of like minded professionals where you can connect, collaborate and learn from others.
Amenities: Coworking spaces have amenities that help you be more productive and convenient. At BrightWorks, these include high speed wi-fi, meeting rooms, comfortable workstations, free parking and coffee to keep you fueled all day.
Coworking spaces have become especially popular in recent years especially among freelancers and startups. The dynamic and inclusive environment of coworking spaces helps you be more productive, creative and build a network of professionals.
What Does Renting an Office Get You?
Renting an office space means securing a dedicated private space with longer term leases, so individuals and teams have more control over their environment. If renting an Ann Arbor office space for lease, you will get:
- Dedicated private space: Office rentals give individuals and teams their own space, so you have privacy and can customize the area to your needs.
- Longer term leases: Unlike coworking spaces that offer flexible plans, renting an office means committing to longer term leases so businesses can have stability and a sense of permanence for a consistent work environment.
- Control of the environment: With an office rental you have full control of your environment, noise levels, temperature and overall vibe. Businesses can customize the layout, decor and branding elements to match their unique identity and work culture. This control gives you a sense of ownership and allows you to create an environment that maximizes productivity.
- Larger Teams: Office rentals are often suitable for larger teams or businesses that need dedicated space for collaboration and teamwork. They have room for team meetings, break out sessions and room to grow.
Coworking Space Advantages
Coworking spaces are great for individuals and small teams looking for flexible and affordable workspace solutions. The top benefits are:
- Affordable: Coworking spaces are an affordable option, especially for individuals and small teams, no big upfront costs to set up a traditional office.
- Flexibility: With multiple locations and plans to choose from, coworking spaces give you the flexibility to choose a space that fits your needs, whether it’s a short term project or long term commitment.
- Networking: One of the best things about coworking spaces is the opportunity to connect and collaborate with like minded professionals from different industries. These spaces encourage networking and help you build valuable connections and potential partnerships.
- Fully Furnished and Premium Amenities: Coworking spaces are fully furnished so you don’t have to buy and set up furniture. And often have access to premium amenities like high speed internet, meeting rooms and common areas.
- Community: Coworking spaces create a community where individuals can interact, share ideas and collaborate. This community gives you a supportive and motivating environment, to be more productive and happy.
Office Rental Advantages
Offices have their own benefits as well, such as:
- Privacy and Focus: With an office you have the freedom to work without distractions and have confidential meetings, so sensitive information remains private.
- Customization and Branding: Renting an office gives you control of the design and branding of your space so you can create an environment that matches your company’s identity and maximizes productivity.
- Scalability and Growth: Having your own office space means you have the potential to scale your team and operations as your business grows.
- Permanence and Professionalism: A rented office space gives you a sense of permanence and professionalism, so clients and partners can trust you and your business looks more established.
Coworking Space Challenges
While coworking spaces have many benefits, it’s important to acknowledge the challenges they bring. These challenges are lack of privacy, open layout and shared spaces can be distracting and limited confidentiality.
Coworking spaces also don’t give you full control of the work environment and layout. And while networking opportunities are one of the biggest advantages of coworking spaces, not all connections may be relevant or beneficial to your industry or business goals.
Office Rental Challenges
Renting an office space has its own set of challenges to consider. First and foremost, the high upfront costs can’t be ignored. Furnishing and equipping an office from scratch can be a big financial burden, especially for small businesses and startups with limited resources.
Committing to a long term lease limits flexibility – you can’t adjust to changing needs or unexpected circumstances. And renting a private office might be too much or too expensive for solopreneurs or early stage startups who don’t need that much space. You need to weigh these challenges against the benefits and see if they fit your business needs and growth trajectory.
Cost Comparison
When choosing between a coworking space and renting a private office you need to consider the cost and how it fits your business needs.
Coworking spaces like BrightWorks have flexible membership options priced between $75 and $85 per month per person.
Renting a traditional office in Ann Arbor costs around $4500 per month. And don’t forget to add utilities, maintenance and furnishing costs on top of traditional office rentals.
Community and Culture
One of the biggest differences between coworking spaces and private offices is the emphasis on community and culture. Coworking spaces are collaborative and inclusive, you feel part of the community and engaged. Startups and solopreneurs can benefit from the opportunity to connect, share ideas and get inspired by others in their community.
BrightWorks Ann Arbor coworking spaces put extra emphasis on this: we believe great ideas come from collaboration not found in traditional offices. The open floor plan and common areas are designed for beneficial networking and ideation.
Coworking Space vs Office - Conclusion
Both coworking spaces and rented offices have their own set of advantages and challenges to consider when choosing a space for your business. A bigger and faster growing company might need their own office, but coworking spaces offer flexibility, affordability and community, perfect for solopreneurs and early stage startups.
In the Ann Arbor area, BrightWorks Coworking is the place to go for collaboration and coworking. Contact us today for great deals or to learn more about BrightWorks!
