Since the pandemic, the modern workforce has been navigating more economical and flexible office spaces. Coworking space has become a broad term that defines today’s expectations of a workspace solution. The demand for remote work opportunities is creating a buzz in the job market, forcing a shift from traditional offices to more budget-friendly coworking spaces in Kolkata. Upgrading to a modern serviced space environment can have many benefits, such as saving on major utility expenses like rent, electricity, and water bills
In this blog, we analyse the differences between a coworking space and the conventional office space we are familiar with. Moreover, a coworking space is a community space where you can nourish your communication skills to become an expert at handling workspace hurdles. Whether you are a freelancer or working in a company, coworking office space offers resources beneficial for your professional growth.
Coworking Space: The Modern Workspace Trend
Coworking spaces in Kolkata bring freelancers and corporate employees under one roof. By sharing a common business centre in Kolkata, employees can independently work on their projects, using all the amenities of a traditional shared office space, such as an internet connection, electricity, a meeting room, a cafeteria, and many more. Workspace providers are an essential part of major cities of India, including Mumbai, Kolkata, Cochin, etc. By 2050, 70% of traditional office spaces for rent in Kolkata will be replaced by coworking spaces, adding time-trending benefits.
The key features of coworking space are:
Flexible workspace
Flexibility is the attraction of the best coworking spaces in Kolkata. You can choose private desks, open desks, and private conference rooms in accordance with your budget and work requirements.
Networking opportunities
Networking opportunities give you new perspectives on collaboration, which can be the driving force for professional growth.
Amenities
Coworking spaces offer the equivalent atmosphere of a traditional office with amenities and services such as printing stations, cafeterias, in-built gyms, and many more.
High-speed internet
A secure and fast internet connection is an integral part of today’s digital landscape. A coworking space meets all your internet requirements, enhancing your professional satisfaction in such an environment.
Flexible membership
The most attractive part of coworking space is its flexible membership terms. Monthly and hourly payment options are available for employees.
Accessibility
Most coworking spaces operate around the clock due to the increasing number of international employees.
Traditional offices: The fading concept
Traditional managed offices for rent are an inclusive place for company-specific employees. They are designed with cubicles and private cabins for enhanced privacy.
Conference rooms, fixed working hours, and a reception area are some of the features that distinguish traditional office space from coworking space. A traditional office requires long-term agreements, and the cost includes rent and other utility bills. The interior and exterior designs are expensive, and they need time-to-time maintenance.
Coworking space: the cost analysis
Unlike traditional office settings, coworking space is a comfortable nest for freelancers and remote workers who work in different time zones. Coworking spaces offer various membership plans based on the hours used and the features accessed.
The base membership will be accessing the hot desk, which is available in a common area with basic amenities like printer stations and a cafeteria. However, this base access has limitations. This facility will be available for daytime workers, and the remaining time will be for maintenance and housekeeping. The minimum charge for managed office space to rent can be around 1000–1500. The charge may vary depending on the location, features, and specific services.
Private offices are another option for those who need a private enclosed office with locked storage and other exclusive amenities, such as conference rooms. The premium membership plan equally gives access to common areas and other perks, including metro offices, gyms, professional mail service, 24/7 access, and many more. The minimum cost for this is around 3000-7,000, with options to choose what features you need.
Traditional offices: cost analysis
Comparatively, traditional offices involve various payments that significantly affect a business’s budget. Understanding the costs of running a conventional virtual office in Kolkata can help you with effective financial planning.
Lease agreement
A lease agreement is the primary expense that comes with it. A traditional office requires at least one year of lease agreement, and the monthly rent varies depending on the location, size of the floor, and other facilities.
Utility bills
Utility bills are the next recurring expense that comes up with the rent. Electricity and water bills belong to this category. In addition to it, renters are accountable for providing the internet connection and phone lines required for the businesses to run.
Maintenance and repair costs
Maintenance and repair costs are essential for the smooth running of the business. In some cases, this will not be included in the lease agreement. Whether it’s a late plumbing emergency or floor repair, the cost can exceed the assumed budget.
Interior and cleaning cost
Furnishing and equipment are the initial steps in setting up a workspace. Furniture, computers, and printers are essential for a company to run effectively. Plain office solutions offer the freedom to set up a customised office space according to your plan.
Cleaning services are expensive nowadays, whether you are hiring a cleaning staff or opting for a term-based service.
Employee amenities
Traditional office space creates a team spirit. To feel its rhythm, you need to provide facilities such as coffee, water, snacks, parking, and other transportation facilities, to name a few.
Renting a traditional office involves various costs, and they can fluctuate based on the location and size. The minimum expense for running a conventional office space is above 25000, while the minimum expense for coworking space is 10000 INR. Which one do you think keeps your pocket filled?
Conclusion
Coworking space is the new trend that shakes the workspace industry. Understanding the costs associated with each will give you an idea about what you choose for your business. This blog compares the key differences between both. As a workspace provider, we are ready to give you a personalised cost analysis based on your location and requirements. Contact us for more.
