Many people use the terms executive office suite and coworking space interchangeably. While they are similar, there are several differences. Knowing what these are can make all the difference when looking for the best place to set up shop.
By definition, an executive office suite is a collection of offices or rooms. It is also what is commonly referred to as a corporate office. They are office spaces that include a lobby area, business services, furniture and a kitchen, most of which is shared with other companies that share the space. When you rent this type of space, you usually get the services of a full-time live receptionist, as well. Most executive office suites come ready to use. Once you sign the agreement, you get an office with a locking door, furniture, telephone, and internet. Leases can last anywhere from one to three years. This type of working space is a great option for small services firms that are looking to make a good impression on clients.
On the other hand, coworking office space is where everyone shares an office. This type of space is generally more affordable and allows for more networking and social interaction. Instead of a lease, you sign a membership agreement. Instead of an office, you get a desk. You also get access to conference rooms, Wi-Fi, communal office equipment, and a common lounge area, as well. It helps to provide the structure that many freelancers need while also offering them the flexibility they desire. Agreements tend to be month-to-month, but can be shorter or longer, too.
Coworking spaces have increased in popularity due to the fact that collaboration is encouraged. Instead of just getting office space, you also get the opportunity to collaborate with others. This has been shown to boost creativity. In fact, Deskmag did a survey wherein, over 70% of respondents indicated that they were more creative and close to 90% said they felt more confident when in a coworking situation. Moreover, while being isolated is good when focus is needed, sometimes talking to others helps to boost ideas because everyone wants to get their work done and improve their businesses.
If you find that neither of these scenarios works for you, there is also the option of being a part of a virtual office. This enables you to pay for and use office space only when you need it. Therefore, you can work from home and still look professional. A receptionist will answer your phone and take in your mail and you can use the conference room and other amenities only when it suits you. This is a popular option for those that need the professional look to impress clients and potential clients but either cannot afford or have no use for a physical office on an everyday basis. It is also a good choice for those that travel for business and never know where they will be working from.