The end of the year is, no doubt, encouraging businesses to review their strategies. What new opportunities are on the horizon, what’s working, and what isn’t will be key questions to ask during the reassessments. What won’t work anymore is paying for empty offices and unused desks. It’s hard to imagine, especially with high inflation and the lingering effects of Covid-19, but many businesses both large and small are still paying for traditional office space when flexible workspace—sometimes called “the third workplace”—might be better suited to their organizations.

Among its many other advantages, renting a shared workspace is one of the many office cost saving ideas that can save your company from a variety of unnecessary expenses and overhead. For many businesses, coworking space saves money on cost centers such as rent, staff, furniture, and utilities.

Renting an office in a shared workspace ensures a business only pays for the space it really needs—no more wasting money on, for instance, unused meeting rooms. All tenants help pay for the communal spaces and amenities such as kitchens, restrooms, lounge areas, conference rooms, green space, high-speed internet access, and some standard business equipment.

And a flexible workspace will ensure you’re prepared for the future, as it’s fully scalable and adaptable. This, too, is a cost savings.

Support service staff such as housekeeping, maintenance, administrative, and IT can be covered by the workspace provider. In some cases, an extra pay-as-you-go fee might be charged, but that’s nowhere near the cost of hiring one’s own dedicated staff.

By taking away the responsibilities that come with general office management (setting up amenities, keeping up with general maintenance, fixing broken hardware)…you will be able to dedicate more of your time and focus towards what you’re really there for.

An empty shell usually comes with the leasing of traditional office space. For some, that translates into a substantial initial investment for furniture such as desks, filing cabinets, chairs, and tables. With coworking space, however, furniture is part of the overall package. The business can get right to work without having to spend time or money outfitting the space.

Just as nice, the coworking furniture is as flexible as the office space itself, allowing ample opportunities to easily scale up or down as required—paying for just what’s needed as it’s needed.

Electricity, water, heating/cooling, and internet are unavoidable expenses. However, fluctuations in the property value and utility rates will not concern you anymore once you join a coworking space. This is simply because the workspace provider covers for these charges, allowing you to pay a fixed agreed price. In general, utility fees might vary, but they will be shared among all of the tenants.

Coworking spaces offer a myriad of advantages—from big boosts in creativity, to increased productivity, to ample networking opportunities. One of the biggest advantages coworking provides, however, is its way of cutting operating costs. Coworking space has proven to help save money and direct more energy and resources to running the actual business and increasing its profitability.