With shared office space on the increase in the market, this way of working is clearly here to stay. Small and growing enterprises, or those in transition, are the tenants for whom this office space caters. So it follows that as tenants, there is the requirement for flexibility as an organisation grows and evolves. For a relatively transient workforce, then, how can a shared office space remain harmonious?
A good office space maintains its tenants for that much longer, therefore reducing occupant turnover and increasing income stability. As property managers, we at Curchod & Co know that the longer that our landlords can keep reliable tenants, the less risk they undertake. So for building owners or landlords seeking to enter into the shared office area, there are steps to take which can make the space work more efficiently.
The level of service that you offer within your shared office space can vary. Businesses in their very early stages will appreciate the added value that serviced offices bring as they do not have to employ dedicated staff for operational issues. Services like building maintenance, utilities and insurance are standard. For larger buildings, additional services like reception, security and shared conferencing and meeting room facilities make a space attractive to aspirational organisations.
Organisations who are in a transition stage or are smaller in scale benefit greatly from the added value that shared offices bring. Within a traditional long lease agreement, they would not typically have the budget for large internet bandwidth or a central location. So as a landlord, offering these aspects are a great way to ensure tenant satisfaction. Choose an attractive location for your office space that allows its businesses to remain connected. Ensuring that your technology infrastructure can accommodate multiple businesses will prevent any animosity between your tenants.
To share any kind of space it is important to have clear boundaries. This can, and should, come from a building manager or landlord. Within your policies, lay out guidelines with regards to practical aspects such as music, parking and meeting room booking. When the rules of operation are clear, you can help to ease relations between your tenants. As a landlord, you cannot stop shared office staff arguing about who used the last of the milk, but your policies can prevent any larger issues from arising!
Offering enough shared space is important in structuring your serviced office. In addition to formal meeting rooms, many organisations are beginning to appreciate the benefits of social working spaces. These areas allow for relaxed integration between organisations or contractors without it being strained. This can even benefit business for your tenants as creative ideas are often sparked in these environments. Your building could even develop a reputation for offering added value from its networking capabilities!
A shared office space contract will often include furniture that needs to be appropriate across many different industries, from tech start ups to the temporary overflow for a large corporate. So when you furnish your flexible office space, a landlord should take due consideration in their choices. By furnishing in a modern and coherent style, your variety of tenants will be able to adapt the space to suit their corporate identity.
The key to running a shared office space well is in managing the levels of service within that office. Yes, the building layout is important, however ongoing considerations such as maintenance and policy are the factors that will make good tenants want to stay, and maybe even grow, with you. This is why property managers, like Curchod & Co, can ensure the seamless operation of a single space for a range of businesses. This makes a shared office space both harmonious and a fantastic investment.
Any time we start something new it is exciting and we are very motivated and committed. As time goes by, however, the burst of enthusiasm can wane as the reality of how much work is going to be involved kicks in. When you find yourself slacking a little and not being as enthused about the new change or goal you are working towards, that isn’t a sign to quit. It is a sign that it is time to re-commit.Meet the team