Do you also hear the word coworking spaces and immediately imagine a picture of luxury at the workplace? If that’s the case, then it is time to change your opinion of them. Coworking spaces are not untouchable. They are modernized office spaces with first-class amenities, and yes, they sound expensive to the ears at first. But in reality, they are not that expensive.

So, where does this tag of big expense fall in relation to coworking spaces? Is it the idea of fully furnished modern furniture or an accessible location? There is something about coworking spaces that misleads people about their affordability.

Shared spaces have a lot of benefits to offer us. Anyone who rents these coworking spaces must have a need that can’t be met at a traditional office or home. So, here we will talk about rates of coworking spaces and how the prices vary due to different factors:

Average Cost of Renting Coworking Spaces

In coworking spaces, you can find many seating options for yourself. The price of your workstation rent will vary depending on the type of desk you choose. On average, the typical range for a dedicated desk is around $300-$500 per month. Whereas, private offices are more closed spaces than workstation desks, so their costs are significantly higher. Private offices come in the range of $500-$900 per month. These may seem pricey, but working in coworking spaces will significantly increase your productivity and work ethic.

How Coworking Space Costs Vary

Now you know the average cost of desks and private offices in coworking spaces. But you must be wondering how these prices are set. Moreover, when you explore different coworking spaces, the prices of all will vary. So, how can you make the right decisions and choose the package that best suits you? It is important to understand how coworking space owners set their rates. So, here is a breakdown of the different factors that affect the rent of coworking spaces. 

Types of Desk Spaces 

First of all, the cost of your coworking space rent will depend on the choice of workstation. The desk options include shared desks in an open floor plan, which have two categories: flexible desks and dedicated desks. Keep in mind that a single desk or a couple of desks are small workstations that you can rent easily, and they won’t have higher prices.

Whereas, there are private offices that are completely isolated from other seating plans for proper focus. Renting a private office for a small team in closed walls will cost you more than single desks.

Additionally, there are meeting rooms and boardrooms available for use during important meetings. Now, meeting rooms are specially equipped with all the necessary technical gear and comfortable furniture to host client meetings. The prices of these meeting rooms will be higher than those of other workstations.

Location of Coworking Space

Next, we have the location of coworking spaces that affects their prices. Usually, shared spaces are built in the prime locations of metropolitan areas. These commercial locations offer easy and quick access to other essential amenities, such as transportation, markets, hospitals, and malls. This factor automatically increases the land prices in those commercial areas. Therefore, coworking spaces in cities have higher rent everywhere.

Another location of shared spaces is in small towns. The coworking spaces in towns will have lower rent costs because land prices are lower in towns as compared to cities.

Facilities of Amenities

Coworking spaces offer all basic amenities. Free Wi-Fi, coffee, and tea, as well as technical equipment such as LCD screens, microphones, printers, and scanners, are provided. However, these amenities don’t increase the rent costs. These facilities will be available in all coworking spaces, but additional amenities such as a gym, gaming zone, valet parking, and daycare will be available in select coworking spaces. With these bigger facilities, the rent of shared spaces increases.

Memberships of Coworking Space

Next, we have different membership options at coworking spaces. They offer multiple membership options, including monthly, weekly, and daily passes. These memberships enable individuals to rent the space according to their needs and also save on additional costs. With these flexible membership options, the rental costs of workstations at shared spaces are high.

Are Coworking Spaces Worth It?

After understanding the reasons why the rent of a coworking space varies, another question arises. Are coworking spaces worth investing your money in to get a workplace space for yourself? The question is very valid. Here, we can help you find the answer by explaining how they can benefit you and what disadvantages you can face while renting a workstation in the shared spaces.

Pros of Coworking Spaces

Flexibility of Working Space 

Get any type of workstation, and you can also work while sitting on a sofa or a beanbag. The location of shared spaces is also very accessible for all.

More Networking Opportunities

In coworking spaces, individuals from diverse industries share new and exciting stories with you. In such an environment, you can make stronger connections. 

Boosts Work Productivity

In shared spaces, the workstations and private offices are designed in a way that makes it easy for you to focus on your work and stay productive throughout your working hours.

Cost-Effective Solution

If you're a small business in need of an office space, coworking spaces are the ideal solution. Without a long lease contract, you can quickly set up your new office.

Cons of Coworking Space

Lack of Privacy

In shared spaces, single desks on the open floor are occupied by other people. In such a space, some people may find it challenging to work, and they may also experience difficulty having confidential conversations. 

Recurring Cost

Coworking spaces may be expensive for some people. Over time, paying recurring rent costs may become difficult to manage, and it can put a strain on their finances. 

Noise and Distraction from Other Teams

In shared spaces, many freelancers and small businesses rent their spaces. This setup may become crowded over time, and it can cause noise problems during your working hours.

Who Benefits From Coworking Spaces?

Here is the list of those who can benefit from the coworking Space:

• Freelancers

• Remote Workers

• Digital Nomads

• Remote Teams

• Startups

• Small Businesses

• Students and Researchers

• Employees of Large Corporations 

Final Thoughts

Many people might think that coworking spaces are costly and they can’t afford to rent them monthly. However, if we examine these shared spaces more closely, the factors that contribute to their rental costs and the benefits they offer us, these spaces are not an impossible thought. They might seem a pricey investment, but they help you stay focused and punctual as a remote worker and boost your productivity.  

If you start the search for coworking spaces, you will find many options. But not all of them would be perfect for you. But Workpod is different. It is the best coworking space in Johar Town Lahore where you get the best cost for office space with all the benefits.