estate, technology fuel growth of executive suites
Orlando Business Journal.. by Staff Writer
CENTRAL FLORIDA -- Executive suites. Sounds like a name for
a hotel, doesn't it? Well, think again. Executive suites have
an industry of their own, and it's booming.
industry is hot right now," says Richard Meyers, executive
director of Alliance Business Centers Network. "There
are many current trends that are favorable to the industry
the Central Florida area alone, there are approximately 25
executive suite companies operating in more than 30 locations.
the industry was launched in the late 1960s, it was not until
the 1990S that it really gained speed. According to Janine
Windbigler, executive director of the Executive Suites Association
(ESA), the industry has been fueled by two main sources: real
estate and technology.
She explains: "The climate of the industry is very much
related to the real estate industry, and right now everything
is in high demand. Another reason is technology. People can
be anywhere, work anywhere, because of technology."
the current expansion of the real estate and high-tech markets,
the executive suite industry is bursting at the seams. According
to ESA, the industry as a whole has grown to include more
than 4,000 office business centers in North America and 5,500
ESA was founded in 1986, it has acquired more than 950 member
locations and 35 associate members, vendors and suppliers
in 48 countries. Alliance Business Centers Network has 80
member companies and 340 locations worldwide.
notes that one of the most obvious indicators of the advancement
of the industry is the billion-dollar merger between HQ Global
Workplaces and V ANT AS, two of the largest executive suites
providers in the world. When the merger is complete, HQ Global
Workplaces will have more than 450 locations all over the
world, with four in Central Florida.
known as office business centers, this multibillion-dollar
industry consists of corporate entities and independent contractors
who specialize in shared office services and workplace solutions.
These "alternative offices" include four elements:
office space, business services, amenities and managed technology.
recipe for executive suites is relatively simple. It begins
with a service provider leasing one or more floors in an office
building. Next, the service provider subdivides the floor
into private offices and suites of offices. Then, the provider
furnishes and equips the offices for professional use. Finally,
the space is leased to businesses for an inclusive monthly
fee based on their individual
corporate demands, and clients are billed according to what
services they use. .
But, why would a business want to utilize an executive suite?
Price, president of Execu Suites Inc., located at the corner
of North Orange Avenue and Wall Street in the old courthouse
building, says: "What (executive suites) offer is the
flexibility that businesses will need in the future. Everything
is so fluid anymore. This allows companies to contract and
expand as necessary."
Price also listed the convenience of paying one monthly fee
for all business operations, the fact that an office can be
up and running within 24 to 48 hours of signing a lease, the
flexibility of lease terms and the low initial overhead costs
business includes three floors of private offices and suites
of offices. On the verge of celebrating its two-year anniversary,
all 65 of Execu Suites' units, a total of 20,000 square feet,
the industry's infant stages, the major executive suite clientele
were entrepreneurs, small business start-ups and small corporations,
but today, many leasing space in business centers are large
corporations who want to expand their physical presence or
who want to test other markets before entering them.
of these businesses even take advantage of part-time services
called corporate identity programs, in which a business is
allowed access to office space and conference rooms for a
specified number of hours per month. These programs may include
providing a business address, telephone answering and mail
businesses benefiting from the use of executive suites include
high-tech and dot-com companies; sole practitioners, such
as lawyers, therapists and financial planners; staffing agencies;
mortgage companies; stock brokers; and corporations who are
market is growing like crazy. With the advent of e-commerce
everything is being done online. Technology is the wave of
the future. As a businessperson, you have to be with the wave
or ahead of the wave," Price says.
"Our firm is convinced that your executive suites environment was the right choice. Your team provides our firm with an impressive location, professional business-to-business support staff, technology and equipment which makes each of our clients feel they are receiving premium service. We look forward to a long term relationship!"