This article explores the growing trend of shared office space and compares it with traditional offices. We discuss the differences between coworking spaces and traditional offices, how to evaluate a coworking space for your unique business needs, and what everyone says about productivity in shared office spaces. If you’ve been thinking about moving all or a portion of your workforce to a coworking space in the near future, this is for you. 

Rent and Utilities

How much the office space will cost is one of the key factors when using traditional offices. Regardless of how frequently you use the entire space, you are entirely responsible for paying for it. Furthermore, they could force you to commit to a three- to five-year lease.

On the other hand, license agreements, which are far more flexible and let you select a monthly agreement and workspace that best meets your needs, have taken the place of leases on shared office spaces. Depending on how frequently you use the workplace, you can rent a private office, a specific workstation, or just pay a daily rental fee. You can even rent meeting and conference rooms on an “as-needed” basis.

UClub in Singapore for example has a variety of coworking options for all kinds of professionals. With options ranging from a $30-a-day Day Pass to monthly packages like Virtual Offices that offer such as mail forwarding services and Dedicated Desks or fixed desk costing between $25 and $380 a month, you’re guaranteed not to break the bank.

Equipment and Furnishings

In a traditional office setting, the lessee or owner is responsible for providing the facilities and services needed to operate a viable business, such as employing a cleaning staff, setting up equipment, and considering security issues. If the workplace is unfurnished, buying furniture and other items will increase the cost.

Typically, when you sign your initial contract, the provider outfits a shared office with the items you selected. This often includes furnishings, on-site coffee shops or fully equipped kitchens, designated workspaces, and more.

Support Services

In a traditional office setting, you are responsible for the costs of Internet and phone lines, as well as office supplies like copiers, scanners, and fax machines. A shared workplace offers these services at a significant discount.

As you can see, traditional office rentals may be very expensive because you are responsible for covering all of the costs associated with the rent, utilities, Internet, staffing, and other similar charges. You should give shared office spaces some thought before signing a long-term contract. Not only will it be less expensive, but you’ll discover that you have extra money each month to put back into your company. Additionally, shared office agreements don’t need lengthy commitments, allowing you to test one out with little risk to evaluate if a shared setting will satisfy your demands.

Networking Opportunities

The fact that coworking spaces bring together professionals from various fields, educational backgrounds, and degrees of experience makes them excellent places for networking. This gives you the chance to exchange ideas, learn more about various initiatives, and perhaps could even be a good investment in the long run because you get more opportunities to locate possible business partners or investors.

Conclusion

In recent years, shared office spaces have grown in popularity in Singapore. They provide a less expensive and more flexible option to conventional office premises. Shared office spaces are an excellent choice for small firms and startups looking for flexible and economical office space in Singapore, even though traditional office spaces have their benefits. UClub offers prime locations in Bugis Junction, Launchpad@One North , and Suntec City Tower 2, ensuring a great environment to grow professionally. With affordable monthly packages, a completely furnished workspace, and amazing networking opportunities, it’s no question why professionals of all kinds flock to experience the benefits of coworking spaces. Book with us today and experience the UClub difference.