What is an Executive Office Space?

An office is just an office, right? That’s not the case anymore.

If you are a small business owner or an executive trying to find a suitable space to establish a satellite office for your company, selecting the right kind of office becomes extremely important. To be able to find such an office, you need to understand the difference between conventional office and an executive office suite.

What is a conventional office space?

Any office space available in a decent building with proper amenities can be classified as a conventional office space. Leases on conventional office space tend to be longer. Normal lease terms for a conventional office space are typically 3 years.

The costs of conventional office space can add up pretty quickly if you consider first and last months’ rent, utilities, internet connectivity and furniture. You can easily run over thousands of dollars setting up a conventional office space.

Office footprint is also an issue, especially if you’re a small business or startup owner. Conventional office space sizes tend to be larger than 1000 square feet. It is challenging to find anything smaller than this.

Conventional office space is not for everyone, though. With the age of internet, our reliance on conventional office space is considerably less than it once was. Through the rise of online connectivity and telecommunications, we are able to accomplish what we need to from home or even on the road. Eventually, there is a tipping point where it no longer makes fiscal sense to continue paying for a conventional office when you are only occupying the space a fraction of the day.

There is a solution, though. Executive office space and shared office space offer much more flexibility.

Executive office space

Executive office space, also called Shared Office Space, can be rented by the hour, day, month or year. It allows the business operator to pay for only what they use and not be responsible for the carry cost of empty space.

Additionally, executive office space gives you access to many more amenities and resources than would a conventional office space. Common areas frequently include:

• conference rooms
• huddle rooms
• kitchens/coffee bars
• relaxing areas with couches and lounge chairs
• open work spaces

The perks of a shared office space

Some executive shared resources even include training rooms. Rarely does it make sense for a conventional office space to include a training or seminar room, because for the most part, it would not be in use. BUT, most businesses do need to talk to their client-base or employees in mass from time to time. Executive or shared office spaces with this type of large space can be a godsend when this type of space need does arise. You can rent the training room by the hour and not be forced to pay for space that is vacant the vast majority of the time.

A bonus feature to many of these training rooms is video teleconferencing. A dedicated Polycom video conferencing rooms, with the ability to share and write on documents across the Internet, can run you a hefty sum. Imagine having access to one of these without the enormous cash outlay! You can rent video conference rooms by the hour and pay a small fraction of the cost.

Executive office spaces are typically fully furnished and come with all other modern amenities such as internet, phone systems, refreshments. You can think of an executive office space as an office hotel; a cross between a conventional office and a hotel. It’s a professional arrangement with a lower price tag and more flexible lease period. Rates per square foot tend to run higher than conventional office space, but when you consider access to all the amenities (teleconference equipment, training rooms, conference rooms, kitchenette, refrigerator and Internet connections), you really can’t beat the value of a shared or executive office space.