Many small businesses lease commercial space, and often it is a smart business decision to share that work space with another business. This can be a cost-efficient decision, and works especially well for businesses that regularly see clients or patients, such as lawyers, financial planners, or therapists. It is a good idea when sharing a space to find a business whose needs are similar or fit well with yours, such as someone who is in the same or similar profession.
Regardless of what type of space you are potentially sharing or what kind of business you have, here are a few basic space sharing issues, as detailed in the article, What’s Involved in Sharing Office Space, that you might want to think about:
- Responsibility for the work space. One question that will definitely come up is who holds ultimate responsibility for the space. If you have joined with another business in finding a space to share, then you will most likely have equal responsibility from the start. However, another potential situation is that one person owns a building with others either paying rent for their shared space or buying a share of the property to become joint owners. If one business is joining a space that is already leased by the other business, then they need to discuss whether to become subtenants or primary tenants.
- Dividing Costs. Regardless of whether the space is owned by a landlord, all of you, or just you, it is essential to discuss with your sharing partners who pays for what. Since typically sharers use different amounts of space or use the space for different purposes, it is important to come up with a fair arrangement for who pays for what. If your use is not equal in terms of time or space, you will need to come up with a fair payment arrangement that is also flexible, in case any of the parties’ needs change.
- Making Decisions. You will also need to determine how to make decisions about the workspace regarding everything from appropriate operations to space decorations. You might defer these decisions to the master tenant or owner if there is one. But if you have equal responsibility or shared ownership, you need to discuss a system for making decisions together.
Sharing a space is can be a smart business decision, but it is important to communicate with your fellow tenants about things like costs and decision making strategies so that you clearly establish each party’s responsibilities. Check back for the next post for more details on how to navigate use and cost of common areas in a shared office space.
If your business is considering executive office rental in Overland Park, give us a call at 913-685-4100 to find out about our available office space in Overland Park, KS! We have a variety of available offices to choose from of many different sizes and layouts, and our Johnson County location puts your business near a variety of resources in the area!