How economical is it to work at a shared office?

Changes call for innovation, and innovation leads to progress. - Li Keqiang. Premier - State Council of the PRC.

Indeed, innovation in any discipline leads to overall progress. Whether it is technology or medicine, science or mankind, innovation makes life easy.

Similarly, in the last decade, we are experiencing changes in consumption, due to the introduction of sharing economy. A sharing economy model enables people to share resources such as services, skills, and equipment with one another, thereby decreasing the cost.

Today, the trend is changing how businesses across industries operate traditionally, whether it is renting a taxi, a hotel room or products or services, the process of consumption and supply is evolving.

Sharing office space is a fine example of yet another innovation in the shared economy model. In the commercial real estate business, the growth of flexible working spaces such as shared office or coworking space indicates growth of sharing economy.

Now, the question is, will this model benefit running businesses, especially for startups, in a shared office environment? The answer is a definite YES. Let's take a look at few important benefits.

• The most obvious benefit of a shared office space is - low rent which saves significant operational costs.
• Apart from saving on operational costs, new businesses or startups can avail the benefit of flexible occupancy i.e. no long lock-in periods.
• Compared to tied-up traditional office space, shared office spaces offer a flexible work environment.
• A shared office space provides a community of professionals who enable each other in a flexible, yet professional environment.
• Businesses can save operational costs on infrastructure, IT, furniture & fixtures, electricity bills, water bills, internet connectivity, and housekeeping.
• Most shared office spaces have full-fledged meeting rooms with the latest technology. Easy for businesses to conduct meetings or conferences.
• New enterprises can also save on transportation costs since the availability of shared office space is relatively close to their residences or are located in a business locality.

In the commercial real estate area, the innovation of shared office space is simple, economical, profitable, and easier than anything the industry has experienced before.

To conclude, the concept of shared office space is increasingly favored as corporates and startups are actively realizing its benefits.