A shared office space, also called serviced office space, executive suite, or business center, is a one-stop office solution for businesses who are starting, are branching out, or are run by entrepreneurs who do not want to work from home, buy or rent an office space. These shared offices are ready for a quick setup for any business as they are already fully equipped and furnished. They already provide equipment and facilities that can be found in any office space, minus the huge costs of buying them all.
Some of the equipment available in a shared office space includes fax machines, copiers, office furniture, mail services and receptionists. Facilities like conference rooms, publishing or delivery services, and others may also be offered.
Shared office spaces are either standalone in a building or an extra space in a company that either owns or rents the facility. In this way, the company who acts as a lessor is able to generate additional income that can help recoup rental fees or just add cash flow to the company. In this setup, depending on the size of the extra office space of a company, the lessee may rent a desk or an entire extra space as needed by the business. Similarly, multiple businesses can also occupy them to the extent the spaces can accommodate. Businesses may share common facilities in the building such as conference rooms, kitchen and other amenities with the leasing or the owning business.
Examples of businesses who utilize the advantages of the concept of shared offices include medical professionals who share a space with a professional of a different but in a related field. In this way, they are able to complement each other in providing businesses that are of the same field without competing with one another. On the other hand, telecommuters can also benefit from the situation as the office and office equipment can be used by them at a designated period, which may also be used by others at other times.
The burden of investment required to purchase or rent real property, office equipment, furniture, its maintenance and repairs which are altogether reduced in shared offices is the greatest benefit that can be enjoyed by small businesses and starting companies alike.