Commercial Real Estate has evolved over the years to keep up with the demands & needs of the ever-evolving workforce & businesses.

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A few years ago, the only space a business would work out of would be a traditional office space with cubicles for employees & multiple teams for handling the operations of the office space: from cleaning the space to monitoring the internet.

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With the startup culture booming, traditional office spaces have taken a backseat as companies with a small workforce cannot handle the dead weight a traditional office brings with it. And from the ashes of the traditional office rose the model of Co-working Spaces.

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Whether you are a startup, or an enterprise, office space is vital for you, but which workspace solution should you go for? Read on to understand more about the future of workspaces & make the best choice for your organization & its culture.

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Co-working Space

What does a Co-working space mean? A Co-working space is a shared workspace where individuals (freelancers), startups, small companies, & others work out of the same space & share resources like internet connection, meeting rooms, & other perks & benefits like games, events, wellness & recreational areas, as well as the pantry & the food court.

Here are some of the major perks of Co-working spaces:

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• Flexible & Scalable: The best way to describe a Co-working space would be say a flexible & scalable workspace that can cater to most of your requirements. From a startup growing from just 10 employees to 100, a Co-working space will give you the space to grow over time & scale your business with it.

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• Collaboration Opportunities: A Co-working space plays an important role in networking & collaboration as multiple companies share the same space with each other & individuals such as freelancers.
• Housekeeping & Security: A Co-working space comes with its in-house housekeeping & security team. A dedicated team for housekeeping & security is not required when joining a Co-working space. This helps in focusing on hiring the most essential team members & focusing on them while the coworking space takes care of the rest.
• Cost-Effective: A Co-working space combines all the individual costs of any commercial space into one single payable amount. This rent includes the internet, consumables, space, meeting room credits, electricity, housekeeping, & much more. But as most of the resources are shared with other companies & individuals, the overall cost per person is considerably lower than what it would normally cost in a traditional office setup.

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But, what solution works for a startup that grew beyond the Co-working space? The answer is Managed Office!

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Managed Office

This can be the first time you hear of Managed Office, & wonder 'What is a Managed Office?'

Simply put, Managed Office is a Co-working space on steroids. It's a customized workspace solution that is leased, built & managed by a third-party provider. Managed Office is a workspace-as-a-service option that combines the cost-effectiveness & flexibility of a Co-working space with the control, security, & personalization of a traditional office.

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Here are the perks of Managed Offices:

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• Customized: A Managed Office is your own office, customized & built to your requirements & personalizations to suit your brand image & employee requirements.

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• Housekeeping & Security: A Managed Office comes with an in-house housekeeping & security team that is on the third party's payroll. The salary, training, & requirements for housekeeping & security are all managed by the third party.
• Cost-Effective: A Managed Office combines all the individual costs of design, construction, internet, consumables, maintenance, housekeeping, & much more into a single amount of rent that's payable every month. A Managed Offices takes away the headache of putting down a large amount of money for getting the lease, & the space built out.
• Private: A Managed Office is dedicated & maintained for a single company with its own access control, internet, & teams for facilities & housekeeping which makes them private, secure, & safe.

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Traditional Office

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Traditional Offices are offices leased, built, & managed by the company. They are fully customized for the company but need dedicated teams & resources for their upkeep & management. All resources like internet, housekeeping needs & pantry materials come under the purview of the company.

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The perks of a traditional office setup are:

• Customized: A traditional office is customized, built, & decorated to your company requirements following the brand guidelines & requirements.
• Private: With your own office space, & teams dedicated to maintaining access control & security, internet & IT services, facilities & housekeeping, it doesn't get much more secure & private than this.

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What's best for you?

The answer is quite simple.

If you are a new startup that is just growing, & don't have more than 100 employees, Co-working spaces make the most sense for you. With the flexibility & services offered by a Co-working space, you can focus on your product idea while the space takes care of the rest.

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If you are a startup or an enterprise with 100-500 employees or have offices in multiple cities, Managed Office will be your best bet. A Managed Office has all the perks of the Co-working space but is customized as per your needs. Managed Office provides you the flexibility to scale up without having to worry about creating dedicated teams for the management & upkeep of the office. The space for the office is leased by the third-party provider who also invests the money in building out the space & you only have to pay rent in monthly installments. All the CAPEX & investment is the third party's responsibility.

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Now that you have grown beyond 500 employees, you might want to build your own traditional office with dedicated teams taking care of the space. You can also go with Plug 'n Play option wherein a company will design (as per your design requirements & personalization) & build your workspace & recover the investment in design & build in the form of rent over 3-5 years.

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*2gethr is a premium Co-working space with clients like Puma, Jaguar Land Rover, & Zepto just to name a few.

Recently 2gethr has also stepped into the Managed Office & Plug 'n Play workspace solution with clients like Tekion, Samsung ElectroMechanics, ElasticRun, & Diligent just making the top of the list.*