July 26, 2018
People and Businesses Renting Office Space by the Hour
There is a growing trend of individuals and companies hiring office space on rent in medium and big sixed cities across the country. What is new and surprising is the fact that this office space is not rented on a permanent basis but on an hourly basis. It gives great convenience and freedom to individuals and companies of all hues and sizes. They are not bothered about finding an office in a commercial building, signing a lease and then maintaining furniture, utilities, and employees. They just contact the owner or the broker and get to enjoy the space that is fully furnished for as many hours that they want to use it.
But before we begin to talk about this new and exciting trend, it is interesting to know what sort of individuals and companies are going in for rented office space for a few hours.
Travelling business people
A large number of business executives are active across the country in cities like New York, Los Angeles, or even mid-size cities like Tampa, Florida. Booking conference rooms in hotels proves to be a very costly affair. These business class travelers need to meet in a short term hourly office rental that they can easily sign up online and use for just a few hours on a given date and time.
Companies not yet having secured a permanent office
Many companies, when opening in a new area, need to start their hiring process even before they have found a permanent office space. They find it easy and convenient to utilize short term rented office space to carry out their hiring exercise.
People working from home
Freelancers working from their homes often find that their efficiency and productivity is going down because of distractions at home. These professionals book hourly meeting rooms in a city of their choice for few hours daily to get away from distractions. They are able to close the door to distractions, when needed, but have no further long term commitments.
Attorney meeting their clients
Many attorneys prefer to meet their clients in a rented office in a place that is convenient for the client or close to courts or other legal facilities. This is particularly true of attorneys whose offices are located in the suburbs, yet need a private place to hold discussions on the occasions when they have a need to be closer to the city center. These shared office facilities often also have short term video conference rooms if they need to collaborate with another attorney in a different office or hold a disposition with a remote deponent.
There are many more types of people requiring rented office space for few hours, in which signing a long term lease makes little sense. Sales managers, for example, can hold their regular employee meetings with their remote sales people. Franchisors can hold their training meetings with new franchisees. And, finally, while closings on real estate are becoming more and more remote using digital means to execute property transfers, there is still the need, at times to meet people in person for signing the final documents.
Short term, hourly rentals are here to stay. They are a growing aspect of the office market. While it has become easier for us all to conduct business remotely, the need for in-person meetings will never go away. Renting office space by the hour solves this need and allows the participants to avoid the long term commitment necessary with more traditional office space.