Benefits of Meeting Room Rentals Vs. Office Space
Keeping a physical office space has been the standard for many years in the corporate world. Before the advent of digital office technology, physical offices were the only way for a company to have employees work collaboratively regularly, receive mail, and host internal and client meetings.
In the post pandemic and work remote world of today, most if not all of the necessary functions of an office have moved into the digital landscape. Many businesses are opting to work fully online and choose to rent meeting rooms as necessary rather than have a full-time physical presence.
Hosting in-person meetings however is critical to employee and interpersonal development within organizations.
The drawbacks of keeping an office space
Because of the shift to digital working in recent years, the drawbacks of keeping a regular office space for your company are becoming more and more obvious, especially for small businesses.
For one, owning or renting an office space is incredibly expensive. On top of monthly payments for the use of the space itself, most office owners and renters must pay separate fees for utilities like air conditioning, water, and cleaning as well as general administrative costs for stocking office supplies. Add to this the cost of insurance for the space and some estimates place the average cost of maintaining an office space at around $18,000 per person per year.
Another major point against keeping a regular office space is employee satisfaction. According to statistics presented by Forbes, 98% of workers prefer to work from home, valuing the flexibility, comfort, and convenience this offers them. For many of these workers, the benefits of working from home include minimal if any transportation costs, reduced food costs (not having to pack lunches or go out to eat for lunch), and easier childcare options. In fact, 16% of modern companies are now operating fully remote with no physical office hub at all.
The benefits of meeting room rentals
As mentioned, many companies have pivoted from keeping full offices at all times to renting meeting rooms for specific events, which can have significant benefits over the traditional model.
Renting a meeting room offers your company significant flexibility. Given the diversity of meeting place rentals available, you can nearly always choose a venue that has exactly what you’re looking for in terms of space, amenities, and location. If one week, you need a meeting space for 50 people and the next, you only need space for 10-15 people, you can adjust your rentals accordingly. You’re not locked into one spot; you can test various venues for things like parking availability, traffic congestion, and noise levels, returning to your favorite spots and avoiding others if they don’t work for you.
Possibly one of the most influential benefits of meeting room rentals is cost efficiency. When renting a meeting room, you pay only for the space and time you need rather than having to factor in large recurring rent and utility costs. You can opt out of certain amenities and features to save on meeting spaces or splurge on these extras for special occasions with the money you save from monthly billing and still have a safe, comfortable, and professional environment for important meetings and events.
Should you have an office or rent a meeting space?
Of course, there are also benefits to keeping an office and drawbacks to renting a meeting space. Keeping a regular office means that it is available to you whenever you need it, whereas meeting room rentals must be coordinated so as not to overlap other bookings and may have blackout dates. You can also customize an owned office space while there are limits to how much you can change a rented meeting room. Additionally, some people work better when they are able to actively collaborate with others in a shared office space, especially if they meet with clients frequently, and so you may see productivity drop if you opt only to meet occasionally using rented rooms.
The decision on whether to rent a meeting space or keep an office depends largely on your company’s unique position. Consider the long-term goals of your business as well; an established office can help a company remain stable and grounded, but the money saved from using as-needed meeting room rentals might help you to reinvest in your company and grow it. Discuss the situation with those involved, including your accounting department and employees, to get a range of opinions on the matter before making a decision. That way, you can be as informed as possible and weigh the benefits and drawbacks of each option appropriately.
While there are benefits and drawbacks to both keeping an office space and renting meeting rooms, the shift to digital working and the cost efficiency of meeting room rentals have made them an appealing option for many businesses. The decision ultimately depends on your goals and circumstances as a company, so it's a good idea to weigh the pros and cons of each option before making a decision.
If you need to rent a meeting space in San Francisco, The Box SF might have everything you need. Located in a historic printing press building, The Box SF offers six unique and inviting options for corporate meetings and events, with a capacity from as few as 8 guests, and up to 150 guests and a historic mercantile offering unique, in-house-printed souvenirs your employees and guests are sure to enjoy. With gorgeous antique furniture in every room and adaptive rental packages, The Box SF offers everything you need for a unique, exciting, and memorable event or offsite from full technical buildout to plentiful catering and bar options!