DIFFERENCES BETWEEN COWORKING SPACE AND SERVICED OFFICE, WHICH ONE SUITS YOUR BUSINESS NEEDS?
Gone were the days when we were left without a choice but to rent a conventional office space to do business. Now we have multiple options, including coworking spaces and serviced offices.
Coworking spaces and serviced offices both have their pros and cons. They are two different things, but both still have similarities, notably saving you money in the long run. In this post, we discuss the distinctions between the two, so you could identify what works best for you.
What Is a Coworking Space?
As the name suggests, a coworking space involves sharing a working environment. You don’t need to be employed by the same organization to get to work in a coworking space. In most cases, independent contractors and work-at-home professionals are the ones who do the coworking style of work. It has been a trend worldwide from 2007 to 2017, with 1.2 million co-working professionals.
Benefits of a Coworking Space
1. You can have flexibility over the short contract lengths
Unlike the traditional office spaces, you are not obliged to sign a year contract with coworking spaces. This is a good option for startups since you are just testing the waters.
2. You can expand your personal and business networks
It is an ideal style of work when you crave connection. Meeting interesting and inspiring people can help you become more productive.
3. You can work at a high-quality office that is within your budget
The majority of coworking spaces in Hong Kong are more innovative than ever. Aside from the contemporary style work area, most of these spots also boast stunning facilities.
Potential Pitfalls of Coworking Spaces
1. You could be easily interrupted
Just because you all share the same value- which is to get work done- that does not mean you are now far from distractions.
2. You are forced to adapt to the work culture
Sharing space with strangers isn’t always a good thing. This could either make you productive or easily annoyed.
3. You could hate the commute
Granted, this can happen to anybody. The best way to avoid this to find a convenient location for your coworking space.
What is a Serviced Office?
A serviced office is an office building usually managed by a facility management company. It is also referred to as a managed office, business centre, and an executive suite. It is ideal for businesses looking for new markets, start-up companies, and project-based clients.
Benefits of Serviced Offices
1. You can have highly trained staff
Serviced offices come with dedicated receptionists, IT support, and administrative assistance. Of course, you can also hire equipment or staff to increase productivity.
2. You can save money in maintaining the office
In a traditional office space, you are obliged to maintain your work space. In the serviced office, maintenance is already included in the rental fee.
3. You can take advantage of the flexible terms
You can agree from a day to a year lease term. Choose according to your business needs.
Potential Pitfalls of Serviced Offices
1. There are less collaboration and innovation
Unlike a coworking space, a serviced office does not promise quirky and unique locations.
2. It can be expensive if you have more than 30 staff
Research suggests that serviced offices are more expensive than traditional office space if you have dozens of workers in your team. (Source: http://www.corporateservicedoffices.com/AdvantagesOfServicedOffices.htm)
3. You may not like the idea of uniform offices
Serviced offices might not give you the flexibility to build your idea of a perfect office.
Things to Consider when Choosing between a Coworking Space and a Serviced Offic
Due to the rapidly growing startup community in Hong Kong, you could find dozens of coworking spaces and serviced offices all over the city. The prevalence of start-ups in Hong Kong might make it hard for you to find the perfect location.
Coworking spaces promote a more innovative work culture than a serviced offices. A serviced office is also more expensive than coworking spaces, but you can guarantee that you will get a fully furnished office space along with other amenities.
Pro Tip: Consider the number of people in your team before choosing between a coworking space and a serviced office. Realistically, a small startup with only five members may not need all of the amenities offered in a serviced office.
Here are things to consider when picking the right location for your team:
• Cost – Some environments are more expensive than the others. Expect those in the Central location to be more expensive than their non-Central counterparts.
• Amenities – Does it matter that the location has event space or a rockin’ coffee shop for meetings? Consider the services that will help maximize your productivity.
• Noise Level – Since most people who share one working space are those in the creatives; it matters that the spot is conducive to get work done.
A coworking space and a serviced office both provide the infrastructure and amenities you need. If you want to avoid the potential shortcomings of coworking spaces, the best option is a serviced office.
At Skybizcentre Hong Kong, we offer business centre Hong Kong start-ups will find flexible. We have serviced offices in Causeway Bay and Tsim Sha Tsui. Aside from modern serviced offices, we also have virtual offices, meeting rooms, and lounge areas in these prime locations. Get a quote now or contact us for more details. Send your inquiries at firstname.lastname@example.org or chat with our online consultants.