The demand for more flexible office spaces is steadily on the rise. Office co-working and co-tenancy spaces, where groups of people working for different companies share the same general area, are becoming increasingly popular with freelancers, flexible workers, SMEs, and start-ups. This kind of working arrangement has many advantages especially over a traditional office setup—particularly for entrepreneurs who thrive on surrounding themselves with like-minded individuals.
But what is office Co-tenancy, and how can it benefit you and your business?
Office Co-tenancy Explained
Co-working or Co-tenancy lets small businesses and individuals rent out pockets of space within an office floor or building. This space can be as small as a single desked room—co-working rental deals are flexible enough to suit different business needs and sizes.
To encourage more growth for the co-working industry, there must be innovative Co-tenancy companies to provide the right services for businesses of different sizes, starting with start-ups and SMEs. Whether you outgrow your space early or you end up paying for surplus space, typical leases are usually too inflexible to best serve growing organisations.
Here’s where CoTen comes in. Unlike serviced office providers, we offer flexible and quality office spaces at competitive fixed rates for as long as you need it, letting you make the most out of your budget.
And, as we’ve said, one of the defining characteristics of office co-working or co-tenancy is the fact that you’re with different people and businesses in the same general workplace. It may not be obvious at first, but this arrangement brings several key benefits, such as…
Potential for New Clients
For growing businesses, co-working increases the likelihood of gaining new clients easily because the people or other businesses within the same general workplace might become customers themselves, depending on the situation. For example, if you’re a growing digital marketing agency, look around—you might just find a start-up sharing the same office floor who are in need of your expertise to promote their business.
And, since you’re already near each other, communication is made easier. What’s more, relaxed and welcoming co-working spaces make it easy for you to connect with your clients and form longer-lasting, profitable business relationships. At CoTen, many of our tenants have formed business relationships with each other, and that does not include the even greater number who have been able to help other tenants by introducing them to their clients who are in need of different services.
They may not become your clients but the other tenants in the same co-tenancy space could become your partners one way or another.
This is because co-tenancy offers the possibility of connecting with other like-minded individuals within your workplace who, like you, are driven to succeed and open to new ideas. You’ll also be able to open yourself up to valuable contacts who may be able to push your business to the next level.
In other words, office co-tenancy puts you in a good position to communicate with other businesses from the get-go, since you’re already in the same general location. And, if you collaborate with your fellow tenant businesses, who knows? Maybe they can lead you to more leads in the long-term.
There’s something thrilling about being with bright, active, entrepreneurial minds within the same location. Traditional office spaces usually don’t offer this and, in turn, may hinder expansive thinking. Not only can you find new business contacts, you’ll potentially get to know more people who will motivate you to do better, and it is always good to be surrounded by older, wiser heads who have seen a few business cycles, or whose expertise, being legal, financial, marketing or a host of other disciplines can be brought to bear on any issues you are experiencing over a cup of coffee in a break out area.
Overall, this kind of environment promotes a more active mindset that can produce more ideas. A co-tenancy space drives this, producing a culture conducive to more learning and different from the dull and boring traditional office setup.
A Sense of Community
You may not be technically within the same company but you and the other people in the same co-tenancy area have the same aim: to achieve business success. This allows you to relate with each other’s success and struggles, forming a solid sense of belongingness and togetherness.
Employees can discuss what they do in a general sense, their aspirations, and their hopes with others working for different companies in a non-competitive environment. Doing so helps relieve stress and contributes to having an atmosphere that values communication. This can also lead to more working satisfaction as those in the same co-tenancy space can look forward to a place of work where people listen, and each member is not a rival but is more of a comrade. Work can be lonely and isolating—especially withing SMEs or start ups it’s always good to have added support in the workplace, emotional or otherwise.
Inspiration and Support
If you have the right mindset, seeing other businesses grow and gain more success right in front of you will inspire you. Co-tenancy gives you front row seats to witness this, motivating you to work harder and smarter. You might also pick up useful insights along the way that you can use to improve your own business.
We all know how tough the commercial world can be. Start-ups struggle to get off the ground, market conditions change, and plans fall apart. Co-working introduces you to people who understand these unique challenges and can offer you some helpful, practical advice.
With these advantages—and we’re only talking about one facet of co-tenancy—it’s easy to understand why more and more businesses are considering co-tenancy. If you want to experience these benefits and more for your growing business, CoTen has you covered. With quality office locations in highly sought-after Sydney CBD buildings, we provide collaborative working environments at a fixed price to suit your needs. As the only co-tenancy providers of our kind in Sydney, we offer a community vibe you’ll find beneficial for attaining more growth, success, and worker satisfaction. Contact us today to find out how we can give your thriving business the perfect office space it deserves.