One of the top 5 things as potential customers, we want to know about is ‘how much does it cost?’.
It’s not to do with price, as rarely do we buy anything on price alone.
However, if there is no cost shown, then we become suspicious and how do we calculate value for money and make comparisons? Value for money is one of the most important factors, as is trust.
So, how much does coworking cost?
Well, there is not a ‘one simple cost’ type answer here as there are, as with nearly all products and services, many add-ons and variables that will determine the answer. Location, quality, extras, timing, length of use, number of people, etc… will determine the answer anywhere in the world.
So let’s look at the key variables and the main add-ons that you could be charged,
Then we can look at the real specifics of the cost of coworking at @Work Hubs to answer how much does a coworking space cost?
What are the variables that are most likely to affect the average cost of coworking spaces?
1. Location– physical location anywhere in the world is the key driver in the cost of real estate and hence the cost of your coworking membership. So prime locations close to transport hubs, shops and other essential amenities will be much higher in cost than a place that is a long walk from anywhere and not in a desirable location.
2. Quality of the space – a glass fronted, uber-modern building, with air-con, grade ‘A’ finishes (technical real estate speak for the ‘dog’s bollocks’), modern fixtures and fittings, kitted out with very high furnishings, tech kit and other high-quality features is going to cost more than a shabby (not even chic) basement.
3. Included services – the more services that are included and the higher spec those services are then the higher the cost, such as staffed receptions, hosted space, a high number of support staff versus a self-service, self-hosted space.
4. How long you stay – if you are coming to use a space for a day and never to be seen again, they typically you will need to expect to pay pro-rata higher than someone who commits to a whole year.
5. How many people – if there is just one of you then you are going to expect to pay the ‘rack rate’ if you are moving 10 or 20 people in all at once, then that will more often reduce the per head rate.
6. How many extras you use – most coworking spaces will charge extra for printing, lockers, meeting space, and other services. So how much you use them will determine what you pay.
7. The values of the operator – some operators are simply providing a real estate ‘desk factory’ approach and that will mean that it is all about making as much return as possible. Some operators are more community focused and it is less about charging for everything and that will typically mean less or fairer costs.
8. Your travel cost – this is never mentioned anywhere that I have looked, however, unless the coworking space is literally next door to you, then you will have some travel costs and time cost associated with getting to and from the space.
* Drinks (tea/coffee/water) in some spaces
* Venue hire
* Support services
* Meeting room hire
There could be a number of other ones, very specific to the space and location.
Prices can vary from anything from £50/£60 per month to £2,000 at the very exclusive boutique high end.
The average cost of a coworking space would be between £400-£600 in say central London, but in Bali it might be a whole lot less.
Our friends at Deskmag.com published ‘The average cost of coworking: two cups of coffee a day‘ in 2014 that answered this question in detail.
What is the price of a coworking space @Work Hubs?
As mentioned above it varies, however, here are the options.
I believe in straightforward value for money pricing that is not artificially inflated to offer spurious discounts. So the rates are the rates.
Full-time desk membership – use of the space all day, every day, 24/7 access, with your own dedicated desk and this includes all cost except the ones listed below under optional extras.
£350 +VAT per month on a rolling monthly basis with 30 days notice to cancel.
Freelancer membership – use of the space for a total of 4 individual days per month, 24/7 access working from the shared community table and this includes all cost except the ones listed below under optional extras.
£55 +VAT per month on a rolling monthly basis with 30 days notice to cancel.
We then have a range of Day Pass options and you can come and ‘test drive’ the space using our Starter Pass for just £27+VAT.
Optional extra costs at @Work Hubs:
* Printing £10+VAT per month for unlimited black & white printing – well not unlimited as is printing the entire works of Shakespeare on daily basis, but normal fair use.
* Booked meeting room hire £30+VAT per hour – again, we’re fair and straightforward, if the room is empty and it’s making a Skype call or a quick chat, then no drama. You only pay for formal meetings beyond the included hours of 3 hours per desk a month.
* Lockers £25+VAT per month – nothing to add here.
If you want to find out more then click here for all the membership details.
To ‘test drive’ the space the click here.
Alternatively, you can get to know more about our community by simply enrolling for our weekly really useful and no sales newsletter – see form below.
This is the first blog in a series of blogs that we will be writing to answer the questions we frequently get asked about coworking and @Work Hubs. You ask and we answer.