In recent years, managed work spaces have become more and more popular. Sometimes called shared office space or business incubators, managed workspaces are a series of individual offices in one location, each housing a different business. They provide a convenient and ready-made office solution for many different types of businesses: companies in transition, new businesses starting out, satellite offices or even established small businesses that just enjoy the perks a managed work space offers.

There are many benefits to choosing a managed workspace over traditional real estate options. Though the costs vary greatly with location and services, it is the ease and accessibility of managed workspaces that appeal most to business consumers.

As you decide whether a managed workspace is for you, consider the following:

1. Many managed workspaces offer a shared reception area and receptionist, kitchen and conference rooms.
2. An office is usually set up and ready for business: basic office furniture, telephone and Internet connection are provided as part of the lease.
3. A full administrative staff is on site to handle any special projects or requests your business may require.
   

Action Steps
The best contacts and resources to help you get it done

Choose full service managed work spaces

In the world of business, you never know what might come up. When you choose a managed workspace, be sure to select an office that offers full service options. You never know when you'll need to use an LCD projector or want a little help collating that 1000-page report.

I recommend: The Regus Group, also known as HQ, is the industry leader in full service managed workspace. They have 950 locations around the world and offer a variety of short- and long-term leasing packages. Premier Business Centers, located in California, Washington and Texas, also provide an array of service options to meet the needs of any business.

Look into virtual managed workspaces

Many shared office companies, including the ones listed above, offer 'virtual offices.' These are ideal for home business owners or those who aren't quite ready to make the leap into a full time office environment. Virtual managed workspaces typically handle your mail and/or phones, and offer access to other administrative services as well.

I recommend: Both Alliance Virtual Offices and Davinci Virtual provide unique virtual business solutions. In addition to a prestigious mailing address for your business, you will have plenty of company support at your fingertips. This includes forwarding of mail to your home, telephone answering, conference room usage and professional business support.

Rent your managed workspace by the day

Several leasing companies offer daily rentals of executive suites or day offices. These can be rented by the hour or day, and they provide you with many of the same benefits available to full-time managed workspace renters. This is a smart option for a company in transition, a one-on-one business meeting, or a traveling professional who needs a place to get some work done.

I recommend: Galleria International Corporate Suites, based in Florida, offers hourly and daily office rates, with access to a full support staff. Star Office Space is a great tool to track down executive suites and day offices around the globe.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Most managed workspaces charge extra for the convenience of the services they offer. Typically, your lease will include a few things in addition to rental terms, like phone, furniture and an active Internet connection. Other options, however, like phone answering, conference room usage and administrative support, usually cost extra. Read the fine print carefully.