Types of Office Space
An office space is an important place where almost everyone in their life spends most of their time and energy. And office space comes in all shapes sizes and different building classes. And compared to earlier times due to present startup culture there have been a lot of changes in terms of types of office space availability as mentioned below.
HOME OFFICE – Many people might not know that when you have to register your business as per the government rules, but you can provide your residential proof and register your business. This helps a lot of people like freelancers, bloggers etc. So it doesn't require big offices for you to start your entrepreneurial journey. The Internet has given us the provision to have your office right from your home. So, you can start working on your idea right away instead of spending a lot of money on Traditional offices.
COWORKING SPACES – As we all know the commercial rentals are very high. It is always not possible for many young startups with a very small team to spend a lot of money on office space setup. The various advantages which makes a preferred option for many startups, freelancers or SME’s are lower CAPEX, good networking opportunities with like minded entrepreneurs and have accessibility to all kinds of facilities such as event space, food courts and also amenities of internet, stationery etc. This kind of setup provides you with flexibility in terms of duration of lease, increase or decrease of the team size, rents etc….
VIRTUAL OFFICES – Like home offices many are unaware of this type of office space also. Many might not find a necessity for an office, but they only require an address for their business. This looks more professional compared to a home office in getting your mails delivered, hosting a client meeting instead of meeting in house/café.
BUSINESS CENTERS / SERVICED OFFICES / MANAGED OFFICES – This is a furnished space provided with all the facilities and technologies for companies to start with immediately without providing a long term commitment as it is always not possible to setup offices from day one. This kind of setup is more found in Hotels, SEZ’s etc managed by a private facility management company allows you to focus on your business as the complete operations are taken care of. These are usually located in the commercial pockets of a city and are more preferred by well funded companies and companies to have a plush branch office with a small team size.
SHARED OFFICE – It is a type of space where they lease out a space and the total space is shared between two or three companies only. This mostly happens between friends or people in their own network. There might be some issues with this type of setup i.e there would be many common elements like electricity, water, cafeteria which usually causes problems when sharing..
TRADITIONAL OFFICE/ PRIVATE OFFICE – This is the kind of office we all know about. Typically multistory buildings, individual buildings or tech parks. It can be furnished or unfurnished in nature. You have to work for it from scratch. Works best for the businesses with large staff looking for a silent and private environment. Bounded with rules and regulations. Every facility comes with an additional cost. For law firms, financial service companies, accounting firm and investment firms etc this kind of setup works as confidentiality is very important.
OWN OFFICE – Nowadays many MNCs or startups if they are clear that they are going to sustain in the market for long instead of paying rent they buy the office space as it would be an asset to the business in the longer term.