Credit: Kinglet
If we’ve heard it once, we’ve heard it a thousand times: A company has outgrown its space and they’re growing. Fast. But, how much space will they need a few years from now is anyone’s best guess. Unfortunately, guessing games won’t cut it. Guess too low and they’re moving again in no time. Guess to high, giving them room to grow, and they won’t be able to afford the rent today.
Countless businesses have sprouted up to solve this challenge. The solutions include incubators and hubs, as well as daily and even hourly rentals, including relative newcomers LiquidSpace and Breather.
There’s another approach that’s picking up steam. Instead of downsizing, a host of new startups have enabled emerging companies to super-size their office space. Companies like PivotDesk and Kinglet, available only in Baltimore for now, help organizations rent out their extra desks, on a month-by- month basis.
While PivotDesk and competitors are still new, the approach isn’t. In fact, in the investing world, it’s an age-old approach known as dividend investing. And fans of this approach aptly refer to it as the “getting paid while you wait” model. Meaning, you buy the stock today and get paid a dividend while the stock slowly grows in value. In the office space analogy, you may only need 2,500 square feet today, but instead, go for 5,000 square feet and rent out the empty desks until you need team.
As you can imagine, the interest in this approach is strong, particularly among companies on a fast track for growth. It allows companies to feel confident their space is both future ready and practical for today. And the numbers tell a compelling story. PivotDesk reports the average monthly desk rental cost is $373 and typically it takes only seven days from “signup to sit down.” PivotDesk is in 29 cities nationwide with more than 7,500 total desks available for rent.
If your team wants to avoid doing the office-space-shuffle, it’s time to go bigger, or go home.