Can office space be shared? This question is coming up more as Houston companies decide to shed unused space.
We are approaching the 1-year mark of this pandemic season and workplace rhythms are becoming the new normal. Business leaders are shaking off the wait-and-see mode and making wise fiscal decisions that support the new office workflows. This practice is adding flexible high-end, amenity-rich subleases to the sublease market and cutting costs for offices in the most desirable locations.
Shared Workspace Sublease
A sublease is a lease between the original Tenant and a Subtenant. The Tenant is still responsible for the full obligation of performance of the lease with the Landlord while offsetting their office’s rent by subleasing private offices, shared offices, coworking space, or dedicated desk workspaces to a third party. Shared office spaces in Houston might be a better option than coworking space for professionals seeking a more private dedicated office space and meeting rooms.
Subleases for shared office space are typically leased to subtenants at below-market rental rates and often come fully furnished with desks, meeting rooms, and amenities such as conference rooms. The original Tenant, known as the Sublandlord usually takes on the cost of demising the office space, but sometimes offices can’t be divided. Fire codes that govern exit separation often preclude tenants from dividing a workspace or shared workspace in the desired manner.
The Sublandlord may be willing to shrink down into the back of the office but prefer to maintain the cache’ that comes with having their company sign off the elevator lobby. In such cases, the subtenant is given the option to share the reception area and conference room with stunning views. When defining the terms of the shared office space there will need to be consideration regarding the hours and appropriate use of conference rooms, networking events, coworking spaces, and front desk staff.
Shared office space sounds simple. Don’t all roommate relationships start out that way?
Here are some things to think about before the kumbaya stage rides off into the sunset.
How is company signage placed for the shared offices, without creating confusion for clients?
How will each company access the IT Server Room?
How is a front desk receptionist shared? Who do they actually work for?
How will use of the conference rooms be coordinated?
How are the separate shared work spaces secured?
What about the shared breakroom and coffee station? Who actually cleans out the fridge on Fridays?
Looking for shared office space in Houston TX?
Limestone Commercial is here to help with your commercial real estate needs, even if that means helping with shared workspace or subleasing office space. We can help maximize your budget with a shared office in prime locations with top amenities. If you need a dedicated desk for yourself or a private shared office for your team, we know where to look for premier shared workspace options to suit your budget. Businesses are looking for creative solutions for flexible team hours and workdays with so many utilizing virtual options that subleasing shared office space is becoming increasingly popular for small businesses.