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What is a coworking space?
Coworking spaces are an alternative to office space that you can share with other businesses and get your work done. This is an ideal option for those who want to escape a home office's isolation and work in a new environment with new people.
How much does a coworking space cost?
There is no fixed price bracket for a coworking space. It varies from location to location and depends on the type of amenities offered. Generally, it costs anywhere from $250 to $500/month.
Cost factors of a coworking space
- Location: Location is an important factor that you should consider when searching for a coworking space.
- Budget: Be sure to do your research when searching for a workspace. There are typically different membership tiers you can choose from.
- Amenities: Many coworking spaces offer different amenities. This includes complimentary coffee to free beer on tap, quick internet, phone, and meeting rooms. Be sure to choose one based on your needs and preferences.
Price And Membership Tier Breakdown
There are several types of membership tiers that you can choose depending on your needs, here's what a coworking space membership plan may look like:
- Hot desks: You can access coworking space but without a permanent desk. Members who choose hot desks can enjoy all the basic benefits such as conference rooms, discounts, events, etc. According to DESKMAG, the average monthly price for a hot desk is $195.
- Dedicated desks: As the name indicates, a dedicated desk is similar to the hot desk but gives you the same working spot each day, and the average monthly cost for a dedicated desk is $387.
- Private offices: Private offices give members access to a coworking space with the privacy of working in their own office. This is an ideal option for small startups or remote teams. On average, it costs about $770 per month, depending on the location and facilities.
- Hourly or weekender: This plan offers you a coworking space with all the basic facilities on an hourly basis. On average, this plan can cost from $5 to $15 per hour, depending on the location and amenities.
Examples of coworking spaces and their price breakdown:
WeWork is one of the biggest coworking spaces in the U.S. They primarily focus on events and communities that are going to help your business grow. WeWork offers limited plans for joining its network. Generally, the price starts at $450/ month per person.
2. Impact Hub
A strong and vibrant community that gives you inspiration and a great place to work. Impact Hub has 14 different locations in the US, which means you can work and travel with ease. Typically, their plans are budget-friendly and range anywhere from $81 to $300 per month per person.
With 8 locations in Colorado, Proximity Space is one of the best coworking spaces in terms of amenities and a dynamic working environment. They have flexible pricing options, and you can contact them for details depending on your needs. This space offers a free trial, which means that you can cancel your membership if it's not a good fit for you.
Benefits of a coworking space
The main benefit of working at a coworking space is that the cost is substantially less than a traditional office space.
Additionally, coworking spaces give a sense of professionalism that most people do not get from a traditional office or working from home.
How To Lower Your Coworking Space Costs
- Choose the right facilities - A coworking space offers plenty of benefits, but they come with a cost. Choosing the right ones can significantly help you lowering your coworking costs.
- Go with the one that suits your budget - There are several coworking spaces, but all of them have a varying price range. Do your research and select the one that provides the best facilities for your purpose and falls within your budget.
- Have a free trial if possible - Not all of the coworking space providers allow a free trial, but if you can have one, it is always good to use it and check if it's the right fit or not.
- Opt for a suitable location - You can save some bucks for your everyday commute towards your workplace. Therefore, picking the right spot can prove beneficial for your purpose of renting a coworking space.
Contributors to this article:
- Muhammad Abdullah Murad
- Samantha Walls, Head Of Content @ Starter Story
- Pat Walls, Founder @ Starter Story
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