From start-ups to enterprise organizations, many business leaders are exploring their options for office space solutions to accommodate their needs going forward. And since office space is one of the biggest expenses in their budget, the cost of coworking space is a key consideration.
If you’re unsure about how much you can expect to pay for a flexible office lease, this article’s for you. We’ve broken down all of the factors that contribute to the cost of coworking so that you can decide if it’s right for you.
Here’s what you need to know.
How Much Does a Coworking Space Cost in 2022?
To determine how much a coworking space costs, you need to understand the factors that impact price. Coworking space costs vary based on things like:
- Location (i.e., large city, suburban areas, proximity to transportation)
- Amenities and services
- Type of membership you purchase
Because it can vary, we recommend you always book a tour and check out the coworking space in person. You can get a sense of the place, ask any questions you need, and better understand the value you’re getting.
Cost of a Coworking Hot Desk Membership
What is coworking? Also referred to as hot desking, this is perhaps the purest form of shared workspace. Hotdesking is when people share workspaces and don’t have a dedicated desk. Instead, they bring their own computer, choose any open seat in the communal workspace, and get to work.
Average cost: Coworking Insights published its 2022 Hot Desk Price Index, which analyzes data from 13,894 spaces in 172 countries. They found the following average prices (USD) for a monthly hot desking membership:
- $239 (Dallas)
- $316 (LA)
- $345 (New York)
- $289 (Washington DC)
The Cost of a Dedicated Desk in a Coworking Space
What is a dedicated desk? If you don’t want to “hot desk” and need something more permanent, a dedicated desk is the next step up. With this option, you have your own private desk where you can keep your personal belongings or add decor like photos and plans. Dedicated desks also come with locked desk drawers for additional security.
Average cost: Dedicated desks are typically 20-30% higher in price than a hot desking coworking membership.
The Cost of a Private Office in a Coworking Space
What is a private office? A private office in a coworking space is a secure, locked workspace used only by the individual or team who rent it. Some solopreneurs prefer their own private space instead of hot desking or having a dedicated desk in a shared area. Small teams may also occupy a private office with multiple workstations. Private offices are often located on the same floor as open workspace areas and share the coworking amenities with other members.
Average cost: Private office prices vary based on size, location, and layout. Most coworking spaces will offer a custom quote for you or your team, but you can expect prices to start at around $600.00 for a single occupancy private office.
The Cost of a Team Suite in a Coworking Space
What is a team suite? Like a private office, a team suite is a dedicated, secure workspace. They’re typically used by much larger teams and may take up an entire floor or half floor of the coworking space. Team suites are often equipped with their own kitchen or meeting rooms as well.
Average cost: Again, similar to private offices, the prices for team suites vary significantly based on size, location, furniture, and amenities. Coworking spaces can provide a custom quote based on your needs. .
The Cost of a Coworking Space Day Pass
What is a day pass? Traveling professionals or occasional coworkers may choose to optimize the cost of coworking by paying on-the-go. A day pass provides one-time access to the coworking space, typically in an unassigned area, plus amenities and services.
Average cost: A coworking day pass ranges between $20-$50 per day, depending on where you’re looking. Some limit the hours you can be there to business hours, others may be 24-hour access. Amenities like printing or meeting room access can vary as well.
The Cost of Coworking Space at Launch Workplaces
At Launch Workplaces, we offer a range of services, including hot desks, dedicated desks, private offices, and team suites. Our all-inclusive memberships mean there are no hidden fees and we’re always happy to work with you to make the space exactly what you need.
The cost of coworking spaces at Launch include:
- Day Pass: $20/day for one-time use, Monday-Friday, 9:00 am-5:00 pm
- Coworking Membership: Starting at $200/month, Monday-Friday, 9:00 am-5:00 pm
- Launch Pass: Starting at $275/month, 24/7 access
- Dedicated Desk: Starting at $412/month, 24/7 reserved access
Prices for our private offices start at $600/month, and increase based on occupancy. Team suites vary based on size, location, and specific features or needs for your team. If you’d like to dig into the details and receive a quote, we’d love for you to get in touch with us to start a conversation about what you’re looking for.
Other Considerations for a Coworking Space
We’ve talked a lot about the cost of coworking space, but we want to end by saying price isn’t everything. It’s important to find something within your budget, of course, but there’s more to consider.
Coworking isn’t about finding a desk to sit at. Rather, it’s an all-inclusive membership to a community-centered environment where you have everything you need to do your best work.
And by “everything,” we mean:
- All the coffee, tea, and water you can drink
- Access to printing, copying, and scanning
- Conference room hours to hold meetings
- Flexible areas and spaces like lounges, kitchens, private phone booths, and more
- A like-minded community of professionals, with opportunities for networking and social events
- Virtual office services
Launch’s commitment to hospitality and community means that we’re here for you. Whether that’s planning the next exciting activity, helping you set up your meeting room, or always making sure there’s a hot pot of coffee, we’re here to help.
Consider more than the cost of coworking space when you’re looking for a new office. Here’s our list of 12 things to look for in a coworking space so you can make the right decision.
Is the Cost of Coworking Space Less Than Traditional Offices?
The last thing to consider with the cost of coworking space is its comparison to a traditional office lease. Many commercial office buildings have rigid, long-term leases. So if your team has downsized thanks to COVID19 and the work-from-home movement, you’re stuck paying for more than you need. On the other side, if your business is growing and you need more space, it might be hard to get.
In contrast, flexible offices in a coworking space are designed to allow you to scale up or down as needed. Launch’s team suites, for example, are suitable for larger teams who need private, secure office space. They sign on to a simple, short-term license agreement that’s designed for flexibility. The suites are move-in ready and include all the services and amenities our coworking members enjoy.
When you look at the total value per dollar, flexible offices in a coworking space can help you save money in a few ways:
- Pay for just the space you need and use
- Flexible contracts that allow you to scale up and down
- All-inclusive pricing with access to services and amenities
- Shared overhead costs with other businesses and coworking members
Coworking spaces offer a cost-effective alternative to the traditional office. They also offer amenities, services, and communities that create an engaging and productive environment to get work done.
Whether you’re looking for a new space for your team or just want to get out of the house, coworking might be for you.
If you want to learn more about Launch’s services and the cost of coworking space in our various locations, contact us today and book a tour of your nearest Launch Workplaces.