If you only need a single executive office, it may not be worth renting out an entire commercial space. Instead, most people look into sharing office spaces with other similar professionals. But this can be a challenge as well.
Sharing Space With Competing Services
It's usually beneficial to share space with others within the same industry. As an example, an accountant would want to book space within another accountancy firm. This ensures that the same services that the accountant will need will be provided within the shared space. But it presents potential problems because competing professionals and executives will be within the same location. Alternatively, companies can attempt to mix services in a mutually beneficial way. For instance, the legal industry and the accounting industry tend to work very well together.
Little Control Over Overhead
In a shared office situation, there may be substantial overhead such as common area equipment and cleaning. Though you may be required to pay for these services, you might have limited control over the reduction of these expenses. Instead, these expenses will usually be determined by either the main lessor or the group as a whole. To avoid this problem, you can negotiate a flat rate of rent -- but this could also mean that you miss out of some of the benefits of the shared office space.
Potentially Disruptive Operations
Because you don't control the common areas, you may experience potentially disruptive operations from time to time. Companies may have end of year parties outside of your executive office door, or clients may be in and out all day. If you are the type of person to find these issues distracting, a shared office space may not be ideal for you. Likewise, if your clients are likely to find this distracting, you may want to avoid the loss of prestige.
Difficulty When Re-Negotiating Leases
When renting a single office space, you will almost always be a sub-lessor. This gives you little control over the negotiating power when the main lessor renews their leases. In fact, you may find yourself in a situation where you need to move abruptly simply because the other lessors have chosen to do so.
For those who want to avoid the above issues, there is another option. Virtual office spaces can also be rented out to provide the amenities of an executive office without the potential pitfalls of them. Either way, there are many solutions for an executive to consider.