Pros & Cons: Should you Own or Rent a Meeting Space

Work meetings! Love them or hate them, or whether you think they’re a waste of time or not, companies with multiple employees will always need to hold meetings and a space to host them. But as norms change across the work culture, the pressing question becomes: Should you dive into ownership, having a designated space waiting for your next meeting, or should you lean towards the flexibility of renting?

Pros of Owning Your Meeting Space

Long-Term Cost Savings  

Consider this: Today’s hefty purchase might save you a lot tomorrow. While ownership does demand an initial investment, over time, this is more economical than consistent rental payments. And as the years tick by, you may find comfort in the fact that there’s no monthly bill hitting your desk for space usage.

Complete Control Over the Environment  

Owning a space means sculpting it into whatever you envision. Everything can be tailored to your liking, from deciding the hue of the walls to choosing ergonomic chairs for those long meetings. Also, you can outfit your meeting room with your desired technology: projectors, whiteboards, conference call systems, and more.

Consistent Availability  

 No more scrambling for last-minute bookings or compromising on less-than-ideal time slots. Your conference room remains available for any time you need it. Plus, knowing that you can walk a few steps if your team needs to hold a meeting is reassuring.

Potential Revenue Stream  

Yes, you can make money off of it! On days when your room isn’t booked for in-house meetings, consider renting it out to others. Renting your own meeting rooms to other businesses can add an additional source of revenue stream.

The Cons of Owning Your Meeting Space

Upfront Capital Expenditure  

Stepping into office ownership or long-term lease agreements is exciting but not without its initial financial pinch. Especially for newer businesses without physical office locations, accumulating the required capital can pose a challenge, possibly diverting funds from other opportunities.

Maintenance Responsibilities  

Owning a space is much like having a pet. It demands regular attention and care. From a flickering light bulb to a broken air conditioning unit, all maintenance lands on your plate, adding to the ongoing costs of ownership.

Lack of Flexibility  

Over time, the needs of a business can change. If a relocation or expansion is on the horizon, an owned space can be a burden. There’s a chance, especially in businesses that predominantly operate remotely or have fewer face-to-face interactions, that your conference room becomes an underutilized asset, standing empty more often than not.

The Pros of Renting a Meeting Space

Cost-Effective for Short-Term Needs  

If your business is still taking shape or there’s a possibility of relocating, renting offers a budget-friendly solution. With a conference room rental, you only pay for the time you use it. This can be a massive advantage if you only need the room for a short period.

Diverse Choices for Different Needs  

Renting offers a vast marketplace of choices. Need a small, cozy space this month and a larger one the next? Renting a conference room might be the way to go.

Zero Maintenance Hassles  

There’s no upkeep with renting a meeting room. If the coffee machine breaks or the projector fails, it’s usually the landlord’s duty to fix it. You get to enjoy the space without the maintenance.

Freedom to Upgrade or Downgrade  

Your rented conference space can grow or shrink along with your business. Whether adding more team members or downsizing, the rental model offers the agility to fit your immediate requirements.

The Cons of Renting a Meeting Space

Cumulative Long-Term Cost  

Consistent rental payments, though small, can accumulate into a substantial expense over an extended period. This long-term expense doesn’t build towards any ownership, leaving you without a tangible asset.

Possible Availability Issues  

The rental market, especially in prime areas, can be fiercely competitive. Sometimes, the ideal space you’ve set your eyes on could be snagged by someone else, leading to compromises or scheduling issues.

Limited Customization  

While you can bring in your own projector or choose your own coffee, deep customization in a rented space can be tricky and limit your ability to make the area truly “yours.”

Fluctuating Rental Rates  

The rental market isn’t always predictable. A sudden surge in demand or dwindling supply can push rental rates up, potentially unsettling your financial planning.

Ultimately, whether you rent or own a space will depend on the specific needs of your business, including your goals, financial situation, and timeframe for staying in your current location. For some, it might come down to owning or having a long-term lease agreement, while for others, it might make more sense to rent.