The cost of coworking spaces varies from region to region, but those who wish to utilize coworking in downtown Toronto have a baseline that they can use for comparison. Depending on your needs, you can rent coworking spaces by the day, week, or month. The cost of these spaces ranges from as low as $15 per day for an office desk to as high as $800 per month for a private office. In order to understand the cost structure of coworking spaces, you should know the following essentials.
If you only need a Toronto coworking space for a few days, you can choose to purchase a day pass. These passes mean that you pay only for the desk or workstation for only a single day. Depending on where you rent and how many additional amenities you need, coworking in Toronto on a day pass basis can cost as little as $15 to $25 per day. This is an excellent option for businesses that hire freelancers or contract workers for a very short-term project or for people who need a workstation while their office is unavailable due to a situation such as a move.
If you need a workspace but aren’t worried about whether or not somebody else uses the desk when you aren’t there, you can save some money by using a method known as hot desking. In the hot desk model, you pay for a set period of time during which your employee uses the workstation. During off hours, somebody else can use the desk at a similar hot desk rate. Renting a hot desk in Toronto typically cost between $125 to $300 per month. It costs less than typical monthly rental fees because the renting organization makes up the lower cost by collecting fees from multiple businesses. The hot desk is a good model for a business that wants to save money and keeps most information on a shared drive or password-protected cloud site.
In contrast to the hot desk model, a dedicated desk involves you renting a single desk on a weekly or monthly basis. Under this model, nobody else has access to the workstation, allowing you to use it as you see fit. A dedicated desk can cost between $200 and $500 per month, depending on your location and technical needs. This is a terrific model for somebody who doesn’t want anybody else at their workstation during the time that they rent a space.
The most expensive coworking option is a private office. This option trends closest to the traditional office model, but still puts employees in an environment where they can network with people from different businesses. A private office guarantees security and privacy when needed, but the rental cost can easily exceed $500 per month. This is a good option for businesses that want to take minimal advantage of the other benefits offered by coworking spaces but still want to enjoy some of the perks of this model.
The coworking space model you choose should be based on your business needs and employee preferences. The information presented above serves as a good primer for choosing a Toronto coworking space.