Considering the right location for your business is an incredibly crucial decision. Office space is the second biggest expense for business owners. In major cities, rents are skyrocketing, and there’s an ever-increasing demand for more office space. So, what’s a business to do? Physical location is the most important thing for any kind of business – new or established.
Regus polled 19,000 business owners and senior managers and round the world and 80% reported that customer retention rates could be increased by being closer in physical proximity to their customers. 78% also reported that being in the same city as their customer helps resolve customer problems and improves customer satisfaction levels.
When you’re faced with high rents and a competitive industry, it’s important to strategize before investing in office space. According to Kris Bevill of Prairie Business Magazine, due to this “generation of workers who expect instant access to all information, which lends itself well to the no-doors, no-set-hours style of working that coworking centers embrace.” As of 2013, there have been 2,000 coworking spaces established worldwide, and surprisingly only 35% are located in the U.S. Depending on the region, flexible coworking leases are sometimes more favored than traditional leases.
For example, CoCoFargo, a 6000 sqft space in downtown Fargo, North Dakota has a 1-day-a-week plan for $70 per month, and $350 per month for full-time access. CocoFargo and many other coworking space companies often have discounted rates for budding startups.
Sandbox Suites is one of the Bay Area’s premier coworking spaces. With locations in
SOMA, Union Square, South Park, Berkeley, and Silicon Valley, and both virtual and private office options, Sandbox is one of the most popular coworking spaces in the area. Mailboxes go for $75 per month and private desks start at $175 per month. Sandbox also hosts bagel breakfasts every other Tuesday and happy hours every other Thursday. There are also frequent events for startup-ers to mingle and network.
One of our favorite new international coworking spaces isArchipelagoin Mexico City. It’s located in Torre Latinoamerica, a 1950’s office tower downtown and occupies the 28th and 29th floor. The 28th floor is designed to facilitate events, conferences and parties and features a café , large shared tables and private workstations. The 29th floor has an open-floor plan with a “large collaborative table system called todó.” There’s also a reading room and a small workshop for when creativity strikes.