Are you in the market for a new office? Then you may be wondering what the difference is between an executive suite and a traditional office space. This week’s blog post will explore why executive suites are a great option for startups that require a collaborative environment and corporations looking to branch into new cities.
What is an executive suite?
An executive suite is a collection of shared offices that are used by executives or leadership teams. Executive offices are also frequently referred to as a type of serviced office. Serviced offices are similar to traditional offices or office buildings, but they are furnished, equipped, and managed by another company.
Entrepreneur’s Small Business Encyclopedia defines executive office suites as, “Shared offices with services provided by a management firm.” Novel Coworking’s office suites, for example, provide access to communal lounge areas, kitchenettes, conference rooms, business services, mail service, and more.
Featured above is a Smart Suite from Novel Coworking Superior in Chicago
What is the difference between an executive suite and office space?
The key difference between executive offices and conventional office space is that executive suites provide added features that are not listed in a traditional lease. Executive suites often include:
Fully furnished – Move-in ready offices allow teams to cut back on furniture and moving costs, while also minimizing startup time. This is a great option for teams who need to transition into their new space quickly.
Amenity-rich – Unlike traditional office space, executive suites include amenities such as break rooms, coffee, wi-fi, snacks, and more. Amenities not only provide value to employees, but also save on costs associated with running an office.
Business services – Management teams for executive suites provide business services such as mail delivery, building management, and printing capabilities. Often there is even a full-time receptionist that can greet your visitors.
Communal spaces – The community environment of an executive suite is a large part of what distinguishes it from a traditional office space. Think of it as a business center, a hub for professionals to meet and collaborate. The provided conference rooms and collaborative environments are great for developing a company’s brand and community.
What are the benefits of renting an executive suite?
While traditional office spaces may hold their own appeal, executive suites have a number of clear advantages:
Affordability – The office should not only provide a great place to work, but it should also be affordable. The savings associated with an executive office suite make it an attractive option for business owners.
Location – Executive office suites can make renting an office space in a major city much more practical. Novel Coworking locations can be found in key business districts across the U.S.
Flexibility – Lease terms for executive office suites range from monthly to half-year agreements to long term contracts, allowing for greater flexibility and future growth opportunities.
Networking – These vibrant communities include lunch n’ learns, happy hours, and other networking events. Networking opportunities foster richer connections than a conventional office space.
Support – By providing a supportive team, executive office suites are able to deliver additional value to clients. The Novel Coworking team helps to shape lively communities and enrich client experiences.
“I love supporting our client’s business and watching their story unfold. Just like every story, there is a beginning, middle and end— theirs begins at Novel.” – Kelsey Punsalan, Community Manager at Novel Coworking Gaslamp.
Who can benefit from renting an executive suite?
The office suites at Novel Coworking can accomodate 10 to 500 person teams, making them a great fit for a variety of businesses. Executive offices can benefit publicly-traded companies, satellite offices, and venture-funded startups.
Flexible leases and customizable offices allow for huge growth opportunities. Novel Coworking client Athena Bitcoin started with a small private office at Novel Coworking’s Katy Building in Dallas, then added a modest office suite at Novel Coworking’s Wacker building in Chicago. After another year of amazing growth, they added a second customized suite at the same location complete with original murals, a fully equipped kitchen, and fantastic views of the Chicago River.
How much do executive suites cost?
Finding a productive and collaborative workspace is a major step for any business. Not only should the office provide a great place to work, but it should also be affordable.
When deciding between a traditional office and an executive suite, business owners should compare the cost of rent with the cost of services and amenities. It’s also important to consider the location and how it reflects upon the business. Is the office easily accessible to key clients and partners?
Where can you find an executive suite that fits your business goals? Novel Coworking provides office suites in the heart of major cities across the U.S. at an affordable and inclusive rate. The Novel Coworking SmartSuites™ start at $2,999 per month and offer between 800 to 11,000 square feet.
Visit our blog for more tips on finding an office space that’s right for your business. To learn more about Novel Coworking’s office suites, visit our Plans and Pricing page.