What Executive Suites Are: Executive Suite office space is a shared office facility, which is fully equipped, staffed and furnished with office space available on-demand. For a monthly fee, customers receive the use of an office (or offices) with necessary services such as telephone answering, connectivity services and office management. They also share common areas, such as reception, kitchen and lavatories, with other clients in the facility. Additional services, e.g., fax, copying, courier, word-processing, technical support, are generally available and are billed as used. These facilities are also known as executive suites or business centers.
How They Are Used: Executive Suite office space can be used as primary offices by startups and other small businesses and organizations. Larger corporations increasingly use the facilities for sales, branch and field offices. Home-based businesses use center’ facilities and conference rooms as a Virtual Office whereby the do not need office space full time. All of these basic applications are growing rapidly. The rise in on-demand real estate products is enabling companies to shed traditional property models and gain the flexibility and cost-savings needed to compete in today’s fast-moving marketplace.
How Many: There are 4,000 facilities in North America, 5,500 worldwide.
How Large: An Executive Suites Center typically consists of one or two floors in an office building. They range in size from 10,000 to 75,000 square feet. They tend to be somewhat larger in North America than in Europe or elsewhere in the world.
Cost: Depending on location of the center and the location and size of the office in the center, the monthly fee generally ranges from $500 to $2,500.
Who Uses Them: Ready-to-use Executive Suite Centers are often used by entrepreneurs, professionals, small businesses and startups. Larger companies also use the facilities, often in multiple locations, to set up a cost-effective and immediate network of sales and branch offices. Businesses also turn to Executive Suite Centers for when they need additional professional office space for special projects. They are also used by government agencies and retired individuals. Home based business owners are using the Executive Suite virtual office packages at an increasing rate.
History: Executive Suite office space arose spontaneously in a number of places in the late 1960’s and early 70’s. The industry expanded in the early 1980’s and then plateaued during the real estate recession of the late 80’s and early 90’s. During this time, the industry was largely made up of local and regional firms. In the late 90’s large companies have invested 100’s of millions of dollars and the industry has undergone significant consolidation.
Orlando Executive Suite operator Catherine Price owns two locations in the Orlando office space market. Her companies, Execu-Suites Office Business Centers, are located in Downtown Orlando and in the Southwest Orlando market. In addition to full time on demand office space, Execu-Suites specializes in Virtual Office packages to meet the needs of individuals and companies who do not need a full time office but do need to utilize the professional image of a full time office. For more information on full time office space and virtual office space in Orlando call an Execu-Suites Leasing Consultant at 407-363-5757.
