Spec Suites, HQaaS, and OaaS – the Emerging Lingo of Coworking

Work the work and talk the talk

Written by Ian R.

11 months ago

As coworking is adopted by a growing number of enterprises, SMBs and freelancers, the culture surrounding this relatively young office solution is evolving. The substantial growth of the coworking industry, and its constant evolution, is also bringing about new ideas and terminologies.

Enter the Spec Suite

A speculative suites is a turnkey office space that’s already undergone interior design and is ready to be inhabited by a company. Depending on the city, spec suites have been around for a number of years although it took a while for this idea to be actively embraced by companies.

Spec suites are usually created for fairly large companies, and are therefore large spaces. This is because smaller companies have fewer problems finding suitable spaces, and don’t require as much time to customise and renovate.

Instead of having to find a space, complete a renovation process, and then move over, companies can find a space that even includes furniture. Then, it’s just a matter of picking a date and making some minor changes to the offices as needed.

OaaS

This strange-looking abbreviation stands for Office as a Service. The term OaaS hints at the active nature of coworking spaces. The word “service” here describes the continuous relationship that coworking companies have with their clients.

A coworking space is not a real estate solution that begins and ends with a contract. It’s a dynamic entity that interacts and grows with the companies inhabiting it. Community is a central theme, explored and developed through regular events of all types, day-to-day interactions between professionals, and formal or informal collaborations.

HQaaS

Headquarters as a Service is essentially a subsection of coworking. With HQaaS, a company will regard the space as its official headquarters. This can be a huge relief on budgets and minimize the risks involved with leasing, not to mention purchasing. A company that opts for HQaaS can cut down on a lot of the tedious daily office management tasks, and focus all of its energy on innovating, developing its products, satisfying clients, and generally getting things done.

Here are, to name but a few, some of the benefits of HQaas:

  • Registered business address. Your company’s location is officially recognized as being a unique entity that happens to be part of the coworking space.
  • Full customization. Even large companies can completely restructure the space according to their needs.
  • Dedicated reception, and other services.
  • Design. From logos on the wall to furnishings, the space can be designed to reflect the company’s character.
  • Culture. An integrated space makes it easy to cultivate a unique and consolidated company culture.

Both OaaS and HQaaS incorporate one of coworking’s core attractions for businesses in the tech world – no growing pains. Companies can expand or shrink without having to worry about leases and logistics, cutting costs and most importantly, letting management deal with more pressing issues.

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