The Office Space Dilemma
A brand new startup’s office space dilemma is to convince a would-be landlord to lease them office space. As it usually goes with startups, a shoestring budget only gets you so far. Typically, startups have no revenue history, and in many cases, few to no investors. Making things even more difficult, landlords typically seek multi-year leases, sometimes as long as 5 to 10 years. And even if you are able to convince a landlord to lease you space, you are typically left with no accommodation for tenant improvements—meaning you end up with “what you see is what you get.”
The scenario above is not the exception. Sadly, it’s been a likely outcome for startups. But, the good news is enterprising entrepreneurs have come to the rescue with co-working spaces.
Co-working To The Rescue
Co-working spaces have popped up across the country, offering everything from shared office space to learning programs and communities. Startups now have the opportunity to share services, ideas, and referrals with fellow ‘office-mate’ startups. There are co-working options in every major tech hub in the country and, in many cases, multiple options to choose from in the same city. Co-working spaces are simple: enjoy access to a productive and fun working environment at a fraction of the cost. In addition to providing office space, many co-working options include courses that members can attend on site as well as job fairs where member companies can interact with would-be employees. Plus, most co-working office spaces offer a range of membership; from access to a shared desk to private offices for large or small groups. At one of the more popular co-working companies in Seattle, WeWork, pricing for a one-person office ranges from $500-$600 per month.
More For Your Money
Spending $600/mo on a one-person office might seem steep. But when you compare it to the real costs of leasing a traditional space, the costs become remarkably lower. First, co-working companies typically require only a minimum deposit equal to 1 or 2 months rent. Second, most options are month-to-month meaning you have no long-term commitments. Third, if you consider shared spaces like conference rooms, kitchens, receptionists, and community areas, the $600 a month starts to seem very attractive.
Co-working options are available worldwide so virtually any startup today can avoid the office-space dilemma. Think you’d give a co-working office space a try? Tweet @StaterNoise using #cowork to let us know!
Colorado Native. Concierge Extraordinaire. Startup Enthusiast. Seattle Living Mama & Entrepreneur. Team Coordinator and Content Contributor @StarterNoise