With 10+ years of experience within the Executive Suites (Shared Office Space) industry, I have seen many vital aspects of both Traditional Office Space and Shared Office Space change. The economy has helped shaped both of these industries terms pretty drastically and for technology has a more prominent role in their service offering than ever before.
The Economy is healing but at a slowed pace. Traditional Office Space is going through some pretty sever changes and is struggling to stay relevant. Building owners are trying to keep their units rented by discounting their Per Square Feet rates, playing with term lengths and find it a challenge to keep their CAM costs under control. When it comes to bigger corporations and organizations (Fortune 500 for example or the US Government, etc.), their goal is to lower their real estate foot print and increase employee productivity. This is where Shared Office Space comes into play. Executive Suites such as Executive Suites at Lakewood Ranch find an increase in corporate tenants and large organizations. These types of clients no longer find value in renting out thousands of square feet to house a few new employees; now it’s all about one person offices or shared offices and maximizing their productivity. This same principal also applies to small business owners who once found prestige in renting out a free standing building or a spot in a strip mall but now it’s about cutting their expenses and going to a less traditional space.
With an Executive Suite business model, you get a shared receptionist to answer your calls (no more expensive payroll), you only use the space you actually need. Furthermore you are surrounded by other like-minded individuals from small business owners to account executives of larger corporations. Think of the great possibilities of in-house networking!
Technology has changed an awful lot as well. When I started my career in this industry, cell phones were current technology and the Internet was just starting to make its mark on industry and society. Cell phones were used to make “quick and brief” calls or during hours where it was free to dial out (“call me only after 7pm or on weekends”). Now cell phones are pervasive and have morphed into smart phones with all that their expanded technology entails.
Internet speed has increased exponentially and has created an improved method of communication known as VOIP technology. Cell phones and VOIP are not only a major method of communication but they are also a way to advertise our businesses, receive our voice mail and text messages and help us with directions to our next appointment. Furthermore, the innovation of smart tablets and much smaller portable computers have shifted the dynamics of how we report to the “office”. Today’s business professional needs a lot less space in our modern world to work. That is why places like Executive Suites at Lakewood Ranch with smaller offices and collaborative work spaces are the new norm. Save on overhead, find a professional place other than a Starbucks to conduct your business (and still get great coffee) and close some deals…isn’t that what all small business owners strive for?