In today's dynamic business landscape, flexibility is key. With the rise of remote work and the gig economy, businesses and professionals often find themselves in need of a workspace, even if only for a day. Fortunately, the concept of renting an office for a day has gained popularity (93% of companies launched in the last 10-15 years offer work flexibility), offering a solution for those seeking a temporary workspace.
In this blog post, we'll explore whether you can rent an office for a day in Toronto and delve into the costs and concerns associated with this convenient option.
Can You Rent an Office for a Day in Toronto?
The short answer is yes, you can rent an office for a day in Toronto. Flex office platforms like Flexday have coworking spaces and stand-alone day offices or full floor, HQ-style office suites for rent under its network, and there are numerous options available for businesses, incubating founders and freelancers to secure temporary office space without the need to sign a lease contract.
Coworking Spaces in Toronto: Coworking spaces are known for their variety of workspaces and professional staff. They often offer daily rental options through networks like Flexday, allowing you to book a desk, a meeting room or an office for just a day. These spaces typically provide a collaborative environment (meaning, other companies and/or freelancers are sharing the same room or common spaces), with access to amenities like high-speed internet, coffee, snacks, TV/AV equipment, printing and other business services. Coworking spaces are a great choice if you need a fully-managed workspace with little notice, as you can always book them on-demand through Flexday, and there are always professional staff members on-site to help you with your business needs. Outside of on-demand networks like Flexday, coworking spaces typically charge monthly fees, and commit office spaces and such services to member companies that sign short-term (annual) contracts with them. In many ways, more premium services like your own private office within the coworking space, access to meeting rooms and mailboxes, as well as space-organized networking events are hidden in recurring flat fee costs.
Fractional HQs or Flex Offices in Toronto: Traditional office spaces (whole floors or a section in a building) are widely gaining attention as they allow you to get the best of old and new worlds: use a traditional office space, but only pay for daily rates without a lease. Such flex offices are also available for day office rentals through Flexday. Many businesses may want more privacy and a traditional office setup that provides more space and security to let their various teams mingle and collaborate through the day. Through office networks like Flexday, day office suites can be booked "on-demand" (whenever you want) or "fractional" (scheduled days or on recurring days) to host your whole office team in one self-contained office space. These fractional HQ spaces are perfect for companies that have a lot of IP to protect, and also come with amenities like high-speed internet, TV/AV equipment, and coffee. They are the go-to solution for companies that want the typical privacy that comes with having an office space for without committing to any kind of lease or contract (that you typically would get with coworking spaces or traditional landlord-held offices). In many ways, these are truly the only types of offices you can rent for a day - or recurring days - a week.
How Much Does Office Space Rental for a Day Cost in Toronto?
The cost of renting an office for a day in Toronto can vary widely depending on several factors:
1. Location: Office rental prices are heavily influenced by the specific location within the city. Downtown Toronto and business districts like the Financial District tend to have higher rates compared to suburban or less central areas.
2. Type of Space: The type of space you need will also affect the cost. A simple desk in a coworking space in Toronto will typically cost less than renting a private office with additional amenities.
3. Amenities: Access to amenities such as meeting rooms, printing facilities, and refreshments can also impact the price. Some coworking places in Toronto may offer these amenities as part of the monthly package (i.e.: you have to rent the office for the whole month), while others may charge extra.
4. Duration: As with many services, the longer you rent, the more cost-effective it can become. Some providers in Toronto offer discounts for booking office space for multiple days or on a regular basis. A lot of Flexday Suites (i.e.: flex offices available in Flexday which can by rented by the day) have lower weekly rates that facilitate companies that use offices only three times a week - without requiring you to commit to any term.
5. Membership: Coworking spaces in Toronto offer membership plans that include a certain number of daily office rentals per month at a reduced rate. If you plan to use such spaces regularly in Toronto, membership could be a cost-effective option, but keep in mind that memberships are typically bound for a year. If your office is only gathering one to three times a week, it may be more cost-effective in a year to go with fractional offices outside of coworking spaces.
An added concern that most office managers typically ask is the best (or most ideal) size for office space for their team. The price per square foot range in Toronto, for instance, varies based on location and type of building. Below are starting numbers - remember, it's always best to work with an advisory service to get the best estimate for your team and your work day purpose (email us at firstname.lastname@example.org if you want a complimentary estimate for yours).
For micro teams (1-5 employees) in Toronto, you can expect to pay around $3 to $6 per square foot per day. An ideal office size for a micro team might range from 100 to 300 square feet.
For small teams (6-25 employees) in Toronto, the price per square foot per day may range from $5 to $10. An ideal office size for a small team could be between 300 and 800 square feet.
For growing teams (26-100 employees) in Toronto, the cost can vary significantly depending on the location and amenities, but it could be in the range of $8 to $15 per square foot per day. An ideal office size for a growing team might start from 800 square feet and go up to several thousand square feet.
Renting an office for a day is not only possible but also a gaining momentum many businesses in Toronto. The cost and ideal office size will depend on various factors, including the size of your team, your location within the city, and the amenities you require. Whether you're a freelancer, a small business, or a growing company, Toronto offers a wide range of options for temporary office rentals, providing the flexibility and convenience you need in today's fast-paced work landscape.
Contact our Concierge Team to help guide you with your flex office space needs.