What is Executive Suite Office Space?
Executive suite office space, is office space for leaseon-demand.
The typical Executive Suite Office Center is a floor or two
in a commercial building, divided into individual offices,
workstations, small corporate suites, conference rooms, reception
area and other common areas. The facility is staffed, equipped,
furnished and managed like a corporate headquarters. Businesses,
not-for-profits, government organizations and other clients
pay a monthly fee which covers the use of office accommodations
and such essential services as telephone answering, reception,
and facilities management. Other services, e.g. faxing, copying,
word-processing, high speed Internet, are typically available
a la carte and are billed separately and only as used. Virtual
office space packages are also available for individuals and
companies not needing full time office space.
Suite office space generally includes four elements: office
accommodations, business services, amenities and managed technology.
They are known as “serviced offices” in Europe.
The terms “business center” and “executive
suite” are also used.
is the cost?
The cost of a single office in an Executive Suite Center varies
depending on the market, the location of the facility within
a market, the size of the office, and its location within
the facility. In some markets a small, interior office might
be as little as $500, a large, exterior office with excellent
views might be $2,500 or more per month. Typically, this fee
includes space-related services such as maintenance, cleaning
and utilities, as well as such basic professional services
as office management, telephone answering, mail handling and
How long a commitment is required?
Individual firms set their own requirements. Unlike traditional
real estate, the terms are very flexible and can range from
month to month to multiple years. This flexibility allows
a company to match their workplace needs to their business
needs. Virtual office space plans are typically month to month.
uses executive Suite office space?
Executive Suite Centers are used by any business that wishes
to enter a market immediately without making a commitment
to a long term lease, investment in equipment, staff or other
Executive Suite Centers are often used by entrepreneurs, professionals,
small businesses and startups. Larger companies also use the
facilities, often in multiple locations, to set up a cost-effective
and immediate network of sales and branch offices. Businesses
also turn to executive suite office space when they need additional
professional office space for special projects. They are also
used by government agencies and retired individuals.
the fast-paced, global business climate, Executive Suite Centers
are a perfect way to efficiently and cost effectively enter,
test and develop new markets. They enable companies to stay
competitive and position employees in strategic locations
around the world.
Suite Centers provide businesses with a simple integrated
real estate solution combining a company’s three largest
expense items: people, property and technology.
most companies, Executive Suite Centers are a viable economical
solution in situations requiring 5,000 square feet or less.
Office Business Centers offer other services?
Most Executive Suite Centers offer virtual office plans as
well whereby client may lease an office room, meeting room
or workstation when needed as well as utilize the receptionist
services for incoming calls. Virtual office plans typically
provide an address, telephone answering, mail handling and
a specified number of hours of conference room or office use
per month. Virtual office plans are usually tailored to the
needs of individual businesses and costs vary accordingly.
Virtual office plans are often used by home-based businesses
that want a professional image as well as an office to meet
Executive Suite Centers typically provide offices or conference
rooms by the hour. Since locations are often conveniently
located in major business destinations around the world, many
find this service an ideal alternative to meeting in airports
and hotel rooms.
large is the industry?
There are an estimated 4,000 Executive Suite Centers in North
America, 5,500 worldwide. Estimated revenues are between $2.5
and $3 billion.
is the current state of the industry?
The growing demand for Executive Suite Centers has resulted
in restructuring and consolidation as major REITs and others
have invested hundreds of millions of dollars in the industry
and have announced ambitious expansion plans. However, their
expansion will not by itself satisfy increased demand especially
since that demand will be further stimulated by the energetic
marketing initiatives these companies are sponsoring.
a result, there will continue to be opportunities for local,
regional, and national entrepreneurs to enter the industry
or expand their current businesses.
"I have been very pleased with the professional appearance and services I have been provided by the staff. On many occasions I received compliments from callers regarding the friendly and courteous service provided by the receptionist. I used their services for five years before moving to a large office space. I believe it is a great place to start and grow a professional office."