Options for Office Space: Coworking, Traditional Office, and Flexible Offices

We know that finding the right office space is crucial for you. But it’s not getting easier. 

As your business evolves and the choices of how and where to work multiply, the office decision-making process has become increasingly complex. The options are vast and varied, from traditional leases to flexible workspaces, each with advantages and considerations.

Navigating these options requires deeply understanding your company’s needs, priorities, and long-term goals. Location, size, amenities, and budget are pivotal in determining the ideal office solution. 

Additionally, hybrid work models and the needs of Millennial and Gen Z employees have added new dimensions to this decision-making process, forcing you and other businesses to reassess your space requirements and prioritize flexibility like never before.

To help guide you through this critical decision, we’ve comprehensively analyzed what to consider when choosing an office space, along with a detailed comparison of traditional offices, coworking spaces, and the emerging flexible office model.

Factors in Your Decision When Choosing an Office Space

From renting a ready-made office for a few months to leasing an entire floor in an office building and fitting it out yourself, the options in private offices are almost unlimited. 

No matter which option you choose, you’ll need to make the following decisions before you start your search:

• Your Priorities: The building, space, and amenities you ultimately select should align with your business priorities:

• • Uniqueness and culture
  • Location and commutability
  • Arranged for quiet, focused work or prioritizing team collaboration
  • Privacy and security
  • Premiumness of the building and location versus more space 
• Office Size and Layout Requirements: Determine the space you need and the ideal layout to support your operations and workflow.
• Technological Needs: Assess the technology infrastructure required, including internet speed, server rooms, and other IT needs. 
• Monthly Budget: The amount you’re willing or able to spend will determine the office space you can have. What is your total monthly budget, including all loaded costs? Consider rent, service costs, utilities, equipment, stationery, F&B, and more. (In flexible offices like Dreamplex, all these costs are included in one fixed monthly price.)
• CapEx Budget: A Capital Expenditure Budget, or CapEx budget, is the cash you’ll use to fund projects like a traditional office space. This budget will be used to design and fit out your office, including removing features from a previous tenant. 
• Flexibility: How much does flexibility matter to you? Are you certain of your headcount for the next 3-5 years? Then you can sign a lease and invest in your own design and fit-out. If you’re in a dynamic market where your team could scale up or down over time, then a flexible office where you can rent month-to-month may be more attractive. 

Environmental and Sustainability Considerations: Factor in the building’s sustainability and any green certifications it may have, especially if your regional or global mandates require this.

Know your options: Traditional Office versus Coworking and Flexible Offices

Traditional Office

The “traditional” office is the most common (and often most complex) model for renting office space. A traditional lease means you remove commercial building space from a landlord or a management company.

You sign an inflexible, long-term lease and invest in your own design and fit-out while being responsible for maintaining and managing your office.

Traditional offices usually fall into one of the following classes:

Like anything in life, traditional offices have pros and cons.

They’re usually best for larger companies with little headcount change over the next few years.

Here are the pros and cons of traditional offices, as we’ve heard from our customers:

Coworking Office

An alternative to renting a Traditional Office is renting in a coworking space or “flexible office” building.

Coworking operators like Dreamplex offer space, from a four-person office on a floor with several smaller offices to entire floors. (Check out all our amazing options here.)

But it can go beyond space. Dreamplex has been offering private offices for rent in a coworking setup with hospitality-level care and employee engagement since 2015. 

We currently have six locations in Hanoi and Ho Chi Minh City, where we manage the offices of some of the most prominent companies in Vietnam.

This, of course, doesn’t mean coworking isn’t without drawbacks. Here are some of the pros and cons to consider when opting for a coworking or flexible office:

Flexible Office

Thanks to the widespread adoption of hybrid work, new workplace models are beginning to open up as the world of commercial real estate adapts to the shift in demand. Several new “Flexible Office” companies have been founded over the past few years.

The Flexible Office model offers a best-of-all-worlds approach to commercial office space: You can rent private offices and furnish them how you like without any long-term commitments. 

This is why Dreamplex offers solutions like Dreamplex Private, which offers the flexibility and ready-to-move-in offices of a coworking space, but the privacy, security, and opportunity to customize that traditional offices usually bring.

In Dreamplex Private, companies get a fully private office floor with professional reception services. Select Dreamplex locations, like Dreamplex Le Hien Mai, can offer similar services.

We hope to have helped you with this overview of the differences between traditional, coworking, and flexible offices. Once you’ve decided which option(s) fit you best, consider our tips for what to consider when searching for an office and how to negotiate your office lease.

For an in-depth exploration of these topics and expert insights on finding and managing your ideal private office, we encourage you to download our new whitepaper, “How to Find & Manage a Private Office.” 

This resource offers valuable guidance to ensure you make an informed decision that aligns with your business objectives and supports your team’s productivity and well-being.To check our Dreamplex’s private offices for rent, click here.