Traditional Office Space vs. NYC Serviced Workspace
There are several advantages and disadvantages to both options. It is very important that you consider all the features before deciding which is best for you.
Build Your Own Space or Move Into a Prebuilt Option
It is true that, if you build out your own space, you get exactly what you want today. But what happens if your business grows or contracts at a rate you didn’t expect. over the multiple years of your investment, the space can be obsolete, or not cost effective. in a serviced workspace, you can add offices or give them back to the provider as you need. And if your business takes off faster than expected, then that may be the time to find traditional space.
The NYC serviced workspace option may be the better way to go if you are a start up or an established small company. Larger, more established companies would most likely prefer their own space.
Hire Staff or Use The NYC Serviced Workspace Team
Hiring your own employees can become very expensive. Benefits, payroll taxes and vacation time can really add up. Within many serviced workspaces, also known as coworking, you will find a staff that you can use by the hour. They also employ reception staff and telephone operators. If you are a small company or a start up, the serviced workspace option may be the way to go. However, a larger established company may actually find it to be more cost effective if they did hire their own staff. Dealing with the management of the office can also take you away from your work. Maintaining the space can become a full time job, taking you away from your core business.
When considering traditional office space vs. serviced workspace, you really need to consider who will be managing your IT infrastructure. Technology is changing so fast, it is important that you either have someone on staff, or at least a consultant. Not only does technology change quickly, but your infrastructure will need to be maintained and updated. Serviced workspace operators, such as Workspace by Rockefeller Group have staff on their team, as well as work with consultants.
With both options having their advantages and disadvantages, it is important that you find a reliable broker to show you both options. A seasoned broker, such as Mike Rizzo of CBRE can help guide you through the process.