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Short-term rental offices capitalize on flexibility
Rent by the month, the day, or the hour - "plug in and go" office space is the latest trend in commercial real estate. From home-based businesses to expandable corporations, a non-committing rental agreement and the ease of office set-up appeal to many entrepreneurs.
Shared office space, the alternative to mobile offices and trailers, offers the convenience and comfort of a traditional, professional atmosphere without high start-up costs and the time needed to develop business space. It also encourages a "come and go as you please" attitude, allowing businesses to avoid long-term, costly lease agreements requiring overhead and capital investments.
"It’s kind of like a hotel for businesses," says Ty Dowell, owner of Key Executive Offices in Marlboro. Dowell purchased the facility in July 2006. It has been in the same location for 20 years, and most of the building’s occupants are steady clients, yet Dowell assures that his shared office plans can adapt to any type of lease, including hourly, daily, and monthly rentals.
The new interest in shared offices began as a product of the dot-com boom, says Robert Cronin, senior vice president at the commercial real estate firm Meredith & Grew. He explains that new technologies and related trends may have sparked the idea. He also indicates that, post-boom, businesses were looking to expand in a cost-effective manner. The move away from corporate buildings and home offices is reflective of the fast-track nature of the Internet craze and resulting in the need for shared office and virtual office space for new audiences, he says.
In terms of cost-effectiveness, shared offices are most adaptive for small groups of employees. Most spaces serve home businesses looking for a more professional setting or larger corporations in need of regional office accommodations.
Shared offices, usually averaging between 100 and 150 square feet, generally include a receptionist, telephone and Internet access, furniture, office supplies including copy machines and fax machines, a kitchen area and conference rooms. There are additional services offered such as a voicemail system, a personal mailing address, and additional administrative assistance.
"People can grow their business and we take care of everything else," says Lisa Kirby Gibbs, president of the future Highland-March Executive Suites in Westboro. The facility plans to open in January 2007, with the goal of offering a professional, affordable atmosphere for businesses looking to begin, expand, or relocate.
According to the company’s website, the Executive Suites will offer Class A office space in a "community-based environment," offering business appeal without overloading on cost, time, or inconvenience. Kirby Gibbs says that this is especially true for home-based businesses, which seek a meeting place in a safe, private environment other than their own homes.
Perhaps the biggest advantage for the business owners would be a full-time receptionist to answer telephone calls. The receptionist answers each call as if he or she works for each individual company in the shared office building, using a business greeting. Often, the receptionist is also required to greet and welcome guests upon entry to the office suites.
Having a professional receptionist is beneficial, especially when secretarial services are included in the price of shared office spaces. Just ask Bob Cassidy, founder and owner of Cassidy and Fishman located at Key Executive Offices in Marlboro. One reason that his company chose shared office space was for the benefits of secretarial support.
"Just the amount we would have had to pay a receptionist would have been more than our annual rent," Cassidy says. He claims that shared office space made sense for his company, allowing the firm to focus on sales instead of stocking shelves.
"We did not want to be bogged down with the mechanics of running an office, renting or buying a copier, or dealing with mail," Cassidy says.
This is also true for larger corporations that utilize shared office space as regional locations, often used for meeting with clients that are not located near the main corporate facilities. "Many companies are finding that with network technology, their people can be located anywhere," says Steve Akers, founder of Auraria Networks, a technology consulting company located at Key Executive Offices.
Instead of requiring a person to commute long distances to central locations, they can work either in a shared office arrangement or work from home, or perhaps both, and it is more cost-effective than having them hosted at a central facility, Akers says.
Although shared office spaces and executive suites may seem like a new idea, HQ Global Workplaces in Framingham has been in its location for 25 years. HQ is part of The Regus Group, a network of approximately 1,000 locations worldwide and is the largest provider of shared office and executive office space in the world, according to the Framingham locations’ operations manager, Elizabeth Baldelli.
"It’s not a new concept, but believe it or not, it still continues to amaze people when they walk in here," Baldelli says. HQ’s Framingham location provides over 60 offices, two meeting rooms that provided access for up to 15 people, videoconferencing, and a staffed reception area, as well as other necessary office amenities including T-1 access and voicemail.
"I think business large and small have to be smarter about how they spend money," Kirby Gibbs says. "No one uses a conference room eight hours a day, seven days a week."
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