CoWorking Trends: Spec Suites / Team Suites
Spec suites and team suites are the newest trends in coworking. Spec suites are a great option for when a tenant needs to secure an office space immediately but does not have time to wait for construction and a build out. Let’s take a deeper dive into what defines a spec/team suite and how tenants can benefit from using them.
What is a Spec Suite?
“Spec” just means the landlord has already spent the time and money to build out a turn-key office which includes standard FF&E and access to technology in hopes of finding a tenant who wants to move into the space immediately “as-is.” A lot of businesses like this solution because they don’t have to wait three to six months for their space to be built out and to be ready to move in. Spec suites have become increasingly popular in certain markets, especially in those where Fortune 1000 companies are in need of quick move-in or co-working solutions with shorter lease commitments to fulfill specific project needs in cities where they may not have a presence.
Liquidspace, a market leader in identifying global availability and options in coworking spaces recently created a new division, AtaSpace, to specifically focus and target users of spec/team suites with turnkey solutions for Fortune 1000.
The Nitty Gritty of Spec Suites
Coworking spaces with spec/team suites typically include the must-have features like kitchens, conference rooms, workspaces, and a reception area. Renting spec suites entails a certain knowledge of the market. It’s also important for brokers and landlords to accentuate the positives about team suites and to make spaces more appealing with better finishes and lighting and the opportunity for the company to recreate their own brand and identity within the team suit. The best team suites find that sweet spot between the coworking owner’s identity and the brand.
Not all Spec Suites are the Same
Some spec/team suites use high-impact wall graphics and displays to tell a story about the property or area. Hospitality inspired designs with warm colors, wood finishes, and dimmable lights can be more attractive to companies looking for a space that adheres to a more casual lifestyle. There is no one-size-fits-all option for team space, but operators are attempting to bridge the gap between custom and traditional coworking finishes to give tenants of team suites their own identity.
How Can Tenants Benefit from Team/Spec Suites?
For example, a client may want to expand their business quickly and need additional square feet within a quick window. This is where a spec suite can come in handy and can be ready within a few days with a lease in play within the first week.
Another benefit to a tenant when thinking about leasing a team/spec suite is the security deposit amount required by the landlord will be typically less than if the tenant were to lease another (not ready space) in the same property.
If a tenant decided to choose another available space in the building, the Landlord would have to spend a lot more time and money in order to tailor this space for occupancy, which will result in more time to deliver the space, a potentially higher security deposit, and a longer-term lease.
Team suites can give tenants a more immediate picture of what they would be leasing without a long lease commitment. The build-out creates a very sensory experience, which can be much more impressive and convincing than a 3-D walkthrough or detailed renderings of the space.
Sharedspace, is a regional coworking business focused on creating modern, professional, and energetic work environments to stimulate the creativity and productivity of entrepreneurial businesses and their teams! Please don’t hesitate to reach out if your business is looking for creative opportunities reinvigorate your workforce and brand with a modern coworking environment like SharedSpace. Contact us today to schedule a tour of our facilities or for a consultation on your business.