Chris Carmen / August 4, 2016
Startups are becoming increasingly familiar with the tech industry surging with growth, innovation, and talent. Although starting a tech business may seem like an exciting endeavor, plenty of uncertainty tends to hover around the idea of creating one. One of these uncertainties is the startup’s initial office space.
Because startups do not necessarily know their growth timeline or if and when success can be reached, they must pick a type of flexible office space that can serve their ever-changing needs. Startups are generally unable to commit to terms required to settle into traditional office space under typical lease terms. Owners of traditional office space often require a longer lease term, inhibiting the startup company’s potential to grow sooner than when the lease term will expire.
Greg Barrett, a commercial real estate blogger, comments in a recent post that there are several options that would best fit the needs of startups in his blog, 4 Flexible Office Space Options for Startups. Time, money and growth are the major wavering elements for startups, so they have to select a space keeping those in mind. Barrett’s options encompass the creativity and ingenuity that is a startup. Some of these spaces have more of a community feel, while others allow for a more exclusive business environment. For example, Barrett recommends coworking space, noting its community atmosphere and flexible financial plan that is often conducive to creating a vibrant work culture. On the other hand, he proposes spec/flex suites for startups seeking a private environment.
Indianapolis has caught onto the idea of coworking spaces with facilities such as The Bureau, The Platform and The Speak Easy popping up around the city in the past few years. These types of innovative office spaces provide a warm environment for remote employees, but also allow companies to be flexible in the early stages of their development. Due to Indianapolis quickly becoming the Silicon Prairie for tech startups, it is not a surprise that coworking spaces are readily available. The tech sector forges ahead as a prosperous one and Indianapolis’ has the means to facilitate it.
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