Shared commercial office space between different businesses is a continuing trend. You may be wondering if it is a viable option for you and your business. This is a valid concern when considering sharing a commercial office location. At the Menlo Group, we recommend evaluating the following points as it pertains to your needs and situation to determine if this is the best option for you. As with many things in the commercial real estate industry, it is important to assess the pros and cons.
- You can cut costs when you share a commercial office space. It is, of course, ideal that it is big enough to suit you and the other business’ operation. Last but not least, it’s advised that the professional you share this space with is someone you respect and who shares similar ideas about how to “live together” in the office space.
- You may be able to share staff in your commercial office. For example, one receptionist can answer phones for both companies.
- It can expand your networking opportunities.
- It can boost your business’ productivity levels if you are sharing an office with a company that’s not in direct competition with you. Even better, if both businesses complement each other, such as a residential real estate office and a title company, you can find ways to cooperatively maximize your respective operations.
- Depending on the type of industry you work in, some of your client base may wonder why you do not have an office of your own.
- You may need to establish some setting/area for confidential discussions with in-person client meetings. This, of course, can be easily solved by having a private conference room.
Our team at Menlo hopes this information helps you decide on how you’d like to utilize your commercial office space. If you have questions about buying, leasing or selling commercial real estate, contact us at the Menlo Group. We can be reached at 480.659.1777 or by email – firstname.lastname@example.org.