WeWork and the other co-working spaces present a tantalizing trade-off for the savvy office tenant who is looking for a bargain or may have a limited budget for rent or a security deposit.
There are significant advantages to WeWork. First, they allow tremendous flexibility by virtue of the month to month leases without any security deposit. Second, aficionados of the co-working concept are delighted by the amenities WeWork provides – free coffee, common spaces, activities, upbeat atmosphere and the opportunity to interact with fellow tenants. Third, the Enterprise by WeWork division allows companies to get their own private spaces for themselves designed under the WeWork model.
However, there are also potential disadvantages to WeWork. Most significantly, WeWork space is more expensive than comparable space per square foot. Further, WeWork is not for everyone. Some companies may prefer the traditional office model with a greater emphasis on private offices and less open space. Others may prefer a sublet transaction which often maximizes value in a tight office market like the current one in New York City.
The good news is that there is no one right way to view office space. WeWork and its fellow marketers of public space (Emerge212, Knotel, Regus) have introduced a new concept for tenants which increases their options. Many landlords are also starting to offer WeWork style benefits on their direct space. However, that does not preclude other options, and there is no one right way to approach your search for office space.
The bottom line is office leases come in all shapes and sizes. Let us help design a customized solution that works best for you and your company. Please call me at 212.759.0408 or email firstname.lastname@example.org.