Traditional office spaces are now a thing of the past, with more and more businesses and working professionals opting for shared coworking offices to get the job done. It is not something that would come as much surprise to anyone as with their offered flexibility and many other benefits, businesses can guarantee growth without needing to manage the operational complexity of traditional office space.
However, there is still one question that needs to be answered about the premium coworking offices in Noida – how much would they cost?
The operational costs are certainly one of the biggest consideration that a business need to make before deciding between coworking & traditional offices. After all, any business would naturally lean towards the most cost-effective solution.
So, how can one determine which option is better? That is what we will try to do here. We will break down the cost associated with these working spaces to make your choice a bit easier.
Understanding Traditional & Coworking Offices
Before delving into the cost associated with operating both of these workspaces, let’s first understand what they are and what is the fundamental difference between them.
1. Traditional Offices
Traditional Office Space is not something that needs any introduction whatsoever. It is the standard office design that we all know and have seen for decades now. They are characterized by tiny cubicles, private offices for higher-ranking executives, and even dedicated conference rooms for meetings.
This setup, in the gist, is what traditional office space is all about. A dedicated space that is leased or owned by one specific business to run its operation. This allows for the corporate entity to be woven into the area, reflecting the company’s culture, ethos, and brand.
2. Coworking Offices
Coworking offices are quite different from a traditional office setup in every way possible. They offer a modern, flexible approach that breaks away from the conventional mold. These shared work environments are characterized by their open design, community-oriented ethos & diverse membership in the workspace.
Unlike traditional office space, which is often occupied by a single company, coworking offices are typically home to a mix of freelancers, remote workers, small businesses & more. This naturally differs from what one might experience at a traditional office.
Flexibility is one of the biggest selling points of these shared coworking offices, as the members can quickly scale up or down their operation as needed without needing to move to a bigger workspace.
These are the concept behind the two distinct styles of workspace. Consider which type serves you best according to your requirement, and then make your choice. Now, let’s get to the cost that is associated with both of these spaces.
Cost Comparison Between Coworking Offices & Traditional Offices
How much a business would have to pay to operate from a workspace is naturally the first concern for any company – and as it should be. To run a successful operation, a business must strive to pay as minimal of an amount as it can while getting every facility that it needs. This is why the first point of consideration is the monthly rent for both of these facilities.
When it comes to the cost of leasing a traditional office space, the monthly rent could vary due to a number of factors. Depending on location and the size of the area, the company would be expected to shell out a significant sum each month. And if the choice of location is in India’s primary business hubs, such as Mumbai, Bangalore & Delhi, the monthly rent would only go up a notch.
Coworking offices also follows pretty much the same model – a company needs to pay for continuous use of the space. However, unlike traditional office spaces where they would need to sign a long-term lease, coworking offices in Noida requires a monthly payment. Furthermore, while traditional office leases usually demand a substantial security deposit and mandate long-term contracts, such is not the case with coworking spaces.
Monthly rent is not the only concern a business would have when it comes to operational costs. Companies also must take into account the various utilities, such as electricity, water heating, air conditioning, internet services, etc., that they simply cannot do without.
For traditional office space in Noida, a business would need to deal with individual service providers of these services, which not only can be expensive but would also add an extra layer of administrative work. Also, these charges can be unpredictable, often fluctuating month by month, making budgeting a challenge.
On the other hand, premium coworking offices in Noida typically include all utility costs within the monthly membership fee. This makes the matter a lot easier for companies and even sole-working professionals to handle. It also simplifies budgeting by providing a more predictable monthly expenditure and simultaneously eliminates the hassle of dealing with multiple service providers.
Maintenance might be overlooked, but there is no doubt that it is a crucial aspect of managing office space. A business must ensure that its office premises are properly maintained to make sure that nothing is impeding the important work done at the workspace.
In a traditional office setup, it is the responsibility of the businesses to handle the upkeep of their premises. This includes regular cleaning, minor repairs, larger-scale maintenance work, and even things that are as mundane as replacing light bulbs. Depending on the age and condition of the building, these can quickly go up and increase the operational costs of maintaining a traditional office space.
In contrast to this, coworking offices typically include maintenance services as part of the monthly membership package. From cleaning services regular repairs, and even ensuring that the shared amenities are in working condition, the coworking provider takes care of it all.
Naturally, a business cannot operate without having access to crucial equipment such as printers, copiers, scanners, telephones, and other essential hardware. Regardless of how cloud-based operation a business is running, they still need access to these old but gold pieces of equipment to run a smooth and hassle-free operation.
Traditional office setups require a company to invest significantly in these. In addition to this, they must also consider the ongoing costs, such as repairs, upgrades, and even eventual replacements. Now, depending on the size of the business, these expenses can be pretty substantial – so they cannot be neglected as little details.
Premium coworking offices in Noida, in comparison, generally provide access to essential office equipment as part of their membership package. Simply put, members can have direct access to some of the crucial pieces of equipment they need to run their operations without needing to pay any extra for them. This not only leads to direct cost savings but also eliminates the need to manage and maintain the equipment.
Amenities might not be the first thing that would come to a business owner’s mind when setting up their office space, but they can play a significant role in the overall office experience. Amenities in the workspace can also contribute to employee satisfaction and productivity – so it is crucial to invest in them.
Traditional offices often have space dedicated to amenities such as a well-equipped kitchen, a comfortable lounge area, or even a fitness center on the premises. However, constructing them as well as maintaining them can be a costly endeavor. Also, depending on the size and layout of the office, there might be space constraints to consider.
A business working from a coworking office in Noida does not have to worry about anything as such, including paying high costs for amenities. These coworking offices often come with a variety of amenities as part of their membership plan. And in case there is a specific amenities that you want and are not available at your preferred shared office space – you can always move.
Finally, the location of the office space can also have a significant impact on the business. And this is something that is true whether one opts for a traditional office space or a coworking office – to different extents.
Businesses that like to prefer working from traditional work would likely prioritize the location based on their specific business needs. For instance, a financial firm might choose a traditional office in the heart of the city’s financial district. This would allow them to be closer to their current major and even future clients. But it is something that does not come cheap as these prime location often comes with a hefty price tag in terms of rent.
Coworking offices offer businesses the flexibility to set up shop in prime locations without the long-term commitment or even the high costs that come with traditional office setups. A business that is operating from a coworking space has the freedom to choose a location that suits its business needs now and then move to a better location in the future – without any issue.
Choosing between a traditional office and a coworking office space is not a one-size-fits-all decision. It requires careful consideration and careful analysis of various factors, including costs, team size, business stage, and more. There are pros to both of these options as well as cons, and the best choice ultimately depends on the individual circumstances.
But if we have to cut to the chase, it is pretty clear and straightforward that a coworking office space in Noida would be a far cheaper option than setting up a traditional space. But again, the final decision would ultimately rest on you and what your current requirement is!