When you hear the phrase “co-working space”, what’s the first image that comes to mind? If it’s that of hipsters in skinny jeans, sipping on high-end coffee in a downtown warehouse, as they do work for a tech startup, I’m not surprised. Indeed co-working got its start in urban locations, filling a much-needed niche for independent professionals, many of whom did work for startup companies.
But as the trend continues to grow at a rapid pace, co-working locations are beginning to pop up in the suburbs as well, in dense metropolitans areas like New York City and the SF Bay Area. For many companies, these are more desirable locations than those in the heart of the city. Are you considering using co-working spaces, but aren’t sure whether to choose one in the city or the suburbs, here are a few factors worth considering:
Cost
While the numbers vary from one market to another, it’s no secret that real estate prices tend to be considerably higher in urban areas. This is especially truly in trendy metropolitan areas like the Bay Area, where prices are so high that many smaller shops simply can’t afford space in the city. Unless you need a physical location in that urban area, you can expect, more spacious accommodations in the suburbs, while a downtown co-working office might be a bit cramped by comparison.
Employee Demographics
Consider the demographics of your current employees, as well as those you’re planning to hire in the near future. Are they primarily millennials, who are already residing in the city? If so, there’s an obvious advantage to setting up your co-working space in the city as well. In fact, it may be difficult to lure urbanites out to the ‘burbs, which they may see as distant and removed from all the action in town.
By the same token, do you have a large population of older workers with families who live in suburbia? Their physical commute into the city is likely to be time-consuming and costly, and is probably one of the major factors in their desire to work remotely. They’ll be much happier with a suburban location.
Accessibility
Don’t forget that your staff members are going to need to get to the co-working space. If you’re dealing with a population of workers that lives in the city, and may not own cars, you’ll have to be certain that your location can be accessed via mass transit. On the other hand, a suburban location, with free parking, is great incentive for employees outside of the city limits who are used to getting around by car. An urban location, without parking, requiring them to pay to park would potentially be a real drag.
If you still think that co-working spaces are only for the city, check out 580 Executive Center, to see what a suburban location has to offer for your company.
