If you’re in the market for shared office space, the word “coworking” is probably a term you’ve heard thrown around. Much like “the cloud” in IT services or “social media” in the marketing realm, this has become one of those tidbits of popular vernacular that can mean so many different things. Before you order the salsa, beware that it comes in flavors ranging from mild to zesty. In our blog post this week, we’re going to walk through what exactly coworking is, the different types and whom they are best suited for, private office pricing, how coworking has changed over time, and what our outlook is for the future of the coworking industry with a focus on coworking Miami. Vamos!
What is the Best Coworking in Miami? Digame la verdad…
Before we delve into the menu, let’s discuss the cuisine. Coworking in Miami originated from the advent of the nomadic office. As technology has evolved over time, it’s become possible for workers to hail from a home office or a satellite location that is remote from headquarters. The word “work” has come to mean a state of being rather than a physical place. Occupancy levels are constantly in a state of flux as companies aren’t filling their entire floor like before. The modern day workforce requires flexibility, and coworking provides immediate access to only what you need without long term commitment.
A coworking facility is leased by a primary tenant who then fills the space with “subtenants” who sign leases directly with the primary tenant. The burden is far lighter in terms of duration (leases can be short term) and size of security deposit. Coworking is ideal for growing companies or those with an unsteady workforce.
The need for coworking will continue to grow. However, we see more segmentation in terms of options offering the user more choices in terms of how a person works, what it is they want to accomplish, and what kind of community they feel comfortable working in. The coworking industry has morphed into so many different types of communities and is going to get more specific in the future as to what each worker wants to accomplish. Some coworking communities are geared towards each client pitching in and sharing responsibility for the uptake of the center. For other clients, community means connecting with other people as they choose and using the network as a way to scale their business.
Coworking Miami Options
It seems like coworking is the latest hot trend in commercial real estate. While this is beneficial for the tenant, its popularity has also created some risks. Fledgling coworking operators have sprung up in every major city to accommodate every user type. “Not every business model is sustainable,” cautions Laura Kozelouzek, Quest Workspaces CEO. “Before making a selection, conduct due diligence on the operator and find out what the track record has been in various market cycles.” As operational continuity is key for any business, users should be wary of having to switch locations, address, and phone number due to an operator failure.
With so many options on the menu in the Miami coworking scene, you may find it hard to pick the right one for you. There are basically three forms of coworking space, each one with distinct characteristics when it comes to pricing and amenities.
The Whole Enchilada
Some coworking companies are integrated, total solution providers who offer fully serviced offices. Regus, a national coworking chain, is a prime example of a company who serves up the whole enchilada. This option maximizes “I space” as it would be possible to work out of a Regus center with really having to interact with other tenants.
Amenities are filled to the brim, from IT support to fully staffed reception, maintenance and cleaning services. Some companies will even customize the design of offices for clients. Networking events may be held, but they are not wild soirees but corporate style meetups instead.
This option is ideal for those who prefer, and in some cases even demand, privacy and quiet. A great example is a lawyer who has to hold depositions, or a tax attorney who helps his or her clients get out of trouble with the IRS. Not only would it be a reputation risk, but it could also mean a breach of client confidentiality for these meetings to be known publicly.
In terms of pricing for private offices in this scenario, these types of coworking facilities tend to rank on the higher end of the scale.
The Mango Margarita
As the name suggests, this is an ultra social experience that has brought a whole new twist to business networking. WeWork, a communal coworking organization, typifies the Mango Margarita experience.
These less formal environments typically will offer limited amenities and communal open areas with shared desk space. Private offices are available, but as in the case of WeWork, in many cases the walls are made of glass which provides total transparency to any onlooker.
Hours tend to extend past the 9 to 5, and much like Starbucks it’s bring your own everything. Networking events span the gamut but has a much “cooler” feeling to it than corporate. This is a great option for the startup company or entrepreneur who just wants a place to go and work out of his or her home. People who do well in these spaces are those who aren’t prone to distraction and don’t mind overhearing human noise such as other people’s phone calls or meetings. Many companies see the social environment as welcoming because it gives them to chance to grow by meeting other companies at the “cool kid table” who provide opportunities to be partners or even clients in some cases.
Private office pricing tends to be on the lower end of the scale as compared to more serviced or corporate style coworking spaces.
The Chips and Salsa
A great beginning to any meal, the Chips and Salsa menu choice is the first step in a company’s office life. In recent years, many real estate companies have structured their office space as incubator facilities. An example is VentureHive in Miami.
Incubators act as an extension of the company by providing resources to take the firm from startup to the next level. Some tenants start with just a concept while for others revenue production is in full effect. In addition to office space, the incubator provides seed capital, technology infrastructure and support, and mentoring services to support the tenant’s growth. Events are less social and more instructional, teaching tenants the business skills they need to grow.
This arrangement works well for serious minded entrepreneurs who are open to support and influence from outside. There is no private office pricing to speak of in this scenario. Incubators take the stress of startup costs out of the equation but on the other hand there are expectations and goals that the entrepreneur must follow. This is the most structured of any coworking setup.
The Combo Platter
Enjoy your frijoles negros along with carne aside and a zesty tequila. Yes, you can have it all! This option combines the best of the Enchilada and Margarita into one. An example of a hybrid coworking operator is Quest Workspaces.
The Combo straddles the two extremes when it comes to formality. Dress code is professional but relaxed. The noise level is moderate and there are options for private offices as well as open communal working areas. There is the opportunity to find peace and quiet, but you can also meet other tenants depending on what you choose to do. Amenities are provided, but can vary according to the location.
The Combo is great for the startup or established company who needs freedom to work the way you want. Networking events are professional yet social at the same time.
Private office pricing for the Combo platter tends to be in the middle of the road.
The Takeout Menu
While virtual office services do not technically qualify as coworking, they are worthy of mention in the coworking discussion as, just like the takeout menu, it allows you to access the food without having to leave your home.
Virtual office services are offered by coworking operators who recognize the need for occasional office space. Virtual office packages tend to provide the client with an address where professional mail can be sent as well as a phone number for the business.
Pricing varies but as we’ve said before, the lowest cost virtual office isn’t necessarily the best one.
Ready to Order?
Regardless of what type is your cup of tea, there are many options on the menu to choose from. If the combo platter is your soup of the day, email info@questworkspaces and we’ll serve you up the meal of a lifetime, complete with the freedom to work the way you want.
