Your office space should inspire creativity and productivity. After all, this is the place where the magic happens. As an entrepreneur, you have a few space options available.
The two most popular office space types are coworking spaces and serviced offices. Hong Kong is one great example of a city making waves with these popular office plans in their business centres.
Which type is right for you? The correct answer depends on your own individual business needs.
Both types offer many pros and cons. Find out what differentiates each office space so that you can decide for yourself which one is right for you.
Who is the Workspace for?
Serviced offices, executive offices, managed offices, and business centres refer to the same thing. Essentially, they refer to an office space leased by a facilities management company. They are the right home for large and small organisations, whether you’re a corporate entity or SME.
On the other hand, coworking spaces are ideal for entrepreneurs, start-ups, freelancers, and SMEs. This relatively new style of office space offers more flexibility than traditional office spaces. The main idea behind this office space type is to provide open plans for easy collaboration.
Rental Plans
Serviced office’s actual rental space may vary depending on the building size, but some common spaces include:
• Executive office suite
• Private office
• Entire floor
• Multiple floors
For coworking space, rental plans can include:
• Private offices for individuals or group
• Open-plan environment on an open desk basis
• Dedicated desks for you and your team
Amenities & Services
Serviced offices and coworking spaces differ from traditional lease spaces because they come fully furnished. That’s less setup time for you because the management company provides the essentials from the start. The amenities may include basics like:
• Managed reception
• Security and access control
• Maintenance and cleaning
• Phone, utilities, internet
• Mail services
• Communal spaces and/or conference rooms
• Shared office equipment like AV equipment, copiers, fax machines
For serviced office, the exact range of services depends on where you lease your space. There is an added benefit: onsite centre management company typically takes care of day-to-day operations like administrative issues and IT support.
For both office type, one of the biggest benefits remains the same: having the freedom to focus on what you do best – your business.
Further Reading: 6 Rewarding Uses of a Serviced Office Space
Setup Cost
Another major perk of both offices is the low setup cost. Entrepreneurs don’t have to worry about buying expensive office equipment like AV equipment and printers. Instead, you offset the cost of resources because they’re generally shared with other clients in the building.
Flexibility for Expansion
As your team grows, coworking space gives flexibility to gradually add a new workspace with hot desk and dedicated desk space. With hot desk, a team member can freely choose where they will sit for the day - simply plug in and get working. If you prefer each team to group together within the common area, opt to include more seats in a dedicated desk plan that secure you the same workstation each day.
Eventually, your business may grow out of a coworking space. Serviced offices can be an option if you start having many members within various departments. In serviced offices, adding space as you grow is not as hassle-free as coworking space. However, you can still upgrade your lease to include more area or move to a bigger office within the same building.
Room for Networking
Coworking space wins this one. The premise behind these open spaces is for people from different or similar professions to come together.
That’s right. You may share a coworking space with another company or two. This workspace thrives on sharing ideas and connections with others – such as other entrepreneurs.
Coworking space also often becomes a go-to place to host events and industry talks. As such, this workspace benefits entrepreneurs who want to connect with others in their industry.
Environment
On the one hand, coworking offices can give you a relaxed and dynamic working community to work in. They tend to exude a more casual environment, thus creating a lively atmosphere that makes a great alternative to working from home.
Serviced offices, on the other hand, tend to have a more serious image. However, there are serviced offices that allow you to customize your layout and design, from the number of meeting rooms, private office room, common area, to the colour of your walls.
Privacy
Serviced office generally gives you more privately-owned space than coworking space. This means you may have more freedom to discuss about internal company works in open areas like the pantry and lounge, or to dominate the use of meeting rooms for client meetings.
Nonetheless, staying in a coworking space doesn’t completely deprive you of privacy. Coworking space provide meeting rooms, while some also offer call box to make calls in private, and private office room for individuals or group.
Even if you ever find yourself without a meeting room in the coworking space, there are independent conference rooms that can be booked on a one-off basis for 30 minutes and more. These rooms are already equipped with a conference phone, whiteboard, projector, and display screen. With that in mind, you can make meeting room the least of your worries.
Further Reading: Hot Desk vs Dedicated Desk – Which Office Arrangement Fits Your Team?
Wrapping Up
As you can see, there are many pros and cons of serviced office vs coworking space for entrepreneurs. Most business hubs around the world have some form of serviced or shared office. Whichever of the two models seems more suitable to your business, you’ll have no problem finding plenty of office options in Hong Kong and other cities.
Browse the look and feel of coworking spaces and serviced offices in your area.
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