Where you work has a huge influence on how you work—having a quality office space can improve productivity and increase employee satisfaction while working in one that is rundown and offers sub-par facilities can lead to unhappy workers. For businesses looking for an office space they can both afford and be proud of, co-tenancy is being seen as a great solution.
According to Collier’s Flexible Workspace Outlook 2018 report, flexible workspace operators accounted for 40% of the Australian market in 2017. Demand is expected to grow even more over the next few years, as more and more businesses learn of the unique and distinct advantages associated with office co-tenancy environments.
Co-tenancy is a specific lease contract that allows multiple tenants to share a single working space. Working trends in Australia are moving away from large cellular offices towards integrated and customised spaces, with more small- and medium-sized enterprises (SMEs) choosing to share the same building or floor in quality CBD locations. CoTEN, The Co-tenancy Company, is at the forefront of this movement, offering quality workspaces to businesses, especially those comprised of 4-20 employees who need more than what a serviced office offers.
Co-tenancy offers a number of advantages over traditional leases and serviced offices, especially for smaller businesses who are experiencing growth and those just starting out, such as the ones below:
That Thing Called Convenience
Co-tenancy provides a level of convenience that is not easily available with traditional leases or serviced offices. Regardless of your industry, the location of your workplace is critical to your long-term success. Co-tenancy allows small businesses to work in convenient central locations and take advantage of existing services. From high-speed Internet and shared reception areas through to kitchens and gyms, convenience should never be underestimated when it comes to productivity and workplace satisfaction.
The Perks of a Nice Location
Co-tenancy allows even the smallest operations to access quality office locations. Why rent a cheaper office far away in the suburbs when you can choose to work in a prestigious and professional CBD location? Working in a quality location alongside other ambitious businesses will project a highly professional image to your clients and inspire your employees on a daily basis. The level of amenities workspace co-tenancy offers is generally much higher, with employees able to access top-notch common areas, gyms, and other facilities that enhance productivity.
Flexibility has become a huge buzzword over the last few years, especially in the context of workplace satisfaction. Flexible workspaces are not just hip, however, they are also an incredibly practical solution. Instead of setting up your entire operation at once, co-tenancy arrangements allow businesses to progressively set up and share services and spaces with other businesses. Flexible workspaces enable businesses to expand and contract with ease, something that is especially attractive to younger businesses and those involved with seasonal products and services. In CoTEN’s case, co-tenancy is also available on a fixed price model, which allows for better budget flexibility and more savings.
Stability is Key
When you’re setting up or pushing your new business to greater heights, stability should never be underestimated. Instead of moving around every six months due to unstable rental agreements or leases, clever businesses are choosing flexible shared workspaces that allow them to grow and evolve with security. Co-tenancy allows businesses the kind of stability and amenities that smaller businesses and those in shared offices normally wouldn’t have access to. This is an important point for productivity as well—working in an environment that doesn’t offer stability (e.g. you have to move again after a few months or the services/amenities available to you change regularly) can be distracting and disrupting, negatively affecting your employees’ performance.
Co-tenancy is more affordable than traditional office leases in many ways. Since the workspace itself and the facilities within have been set up already, all your business has to do is just “plug and play,” allowing you to avoid doing expensive fitouts, renovations, and structural installations. This in turn helps you gain huge savings on items such as internet setups and other capital investments. And because you’ll be working with a fixed price model where everything you need is already included, you don’t have to pay extra for add-ons. With highly affordable rents and reduced office admin costs, co-tenancy allows you to focus on your business instead of being a slave to recurring maintenance costs and other building demands.
Last but certainly not the least, co-tenancy inspires workplace collaboration and community building. People work better when they’re working alongside other people, not just between employees in the same business but also between businesses in the same office location or floor. Co-tenancy ignites camaraderie between employees and firms and enhances networking opportunities between different commercial spheres. This friendly and collaborative working environment fostered by co-tenancy enhances employee satisfaction and inspires loyalty and can even lead to new opportunities through business partnerships and networking.
At CoTEN, we provide growing businesses with flexible working spaces that offer top-notch amenities situated within A or A+ grade office buildings in prime business locations. This means that you’ll have access to a professional work environment that not only has everything your business will need but also promotes business communication, collaboration, and even fun, recreational activities to increase employee satisfaction and encourage growth. All that at a cost-effective fixed price model for less budgeting hassles and more affordability.
If you’re looking for a workplace that has these characteristics, contact us today and be closer to joining the flexible workspace revolution.