Executive suite
Encyclopedia
An executive suite is a set of individual offices sublet from a larger suite of offices. The executive suite proprietor rents entire floors (or buildings) and leases the smaller office spaces or workstations to businesses that don't need, or can't afford, large space. Some executive suite landlords offer additional services. This variation on the traditional office idea has become an industry with roots in the early ‘90s (see History). There is no universal agreement on terminology as executive suites go by many different names, such as: open plan office, serviced office, office business center, office suite, business center
, executive office, furnished office, flexible office, managed office, shared-office space and office hoteling. Office suite
, as software, stands as testament to the confusion in the terminology. It is not uncommon for a traditional tenant to sublet unutilized space and to characterize it as an “executive suite.”
A flexsuite is a multi-office suite with many of the same amenities included in an executive suite. In the event of company growth, a business may choose to upgrade from executive space to a flexsuite.
Executive Suite Terms
Some executive offices do not offer as much flexibility in their terms as others. Many business' considering executive suites are small entrepreneur start-up companies that could experience growth before a term's end-date. . Considering this, flexible terms may be necessary in the event of unforeseen growth to accommodate the essential success of one's business.
Amenities
A major advantage executive space has over typical commercial space are the additional services. If considering an executive suite, it is important to ask about these additional services and any incurred costs they would result in. Examples of offered amenities may include the following:
Breakroom
Conference room access
Video conference room equipment
Training rooms
Fax/Copies/Scan to email access
Kitchen
Cyber cafe
Lounge area
Covered parking
Cleaning/Maintenance
FedEx/UPS daily pick-services
In-house postage meter services
Daily USPS drop-off
Day offices (temporary work-space for short term use)
Client Service time (gives the opportunity for tenants to temporarily "hire" executive office staff to assist with projects/assignments)
On-site fitness center
On-site spa facility
Landscapaing
Custom company signage
Notary services
based architect
saw an increased need for single story office space, that specialized in small office user who seek convenience with flexible lease terms and minimal overhead expense. In 1985 James opened his first AmeriCenters in Troy, Michigan
that specializes in providing clients with a convenient, full-service, professional office environment so that they can stay focused on their core business. The company has grown to 9 locations located in Michigan
, Indiana
, Illinois
and Ohio
. With increasing urbanization
, travel
, hotels, and office costs, the idea of an executive suite occurred to Mark Dixon in 1989 on a trip to Belgium
. His company evolved into Regus
, a publicly traded and successful operator of individual office suites internationally. The company became overextended and went bankrupt in 2003.
Also in 1989, Ralph Gregory incorporated “The Virtual Office”. He became a first-time father that year and wanted to be at home with his daughter, but also wanted to keep his business professionalism high. He later changed the company to Intelligent Office and in 1994 he opened a location in Boulder, Colorado
. Gregory evolved the executive suite idea into the concept now known as the “virtual office
”.
Despite the setbacks of 2001-04, the executive suite industry managed to survive and grow with the increasing demand for office space, but current economic conditions are again proving to be a challenge. In the current economy, landlords are using the executive suite model as a device to harbor their own space until a large renter comes along.
Executive suites as hotel alternative
Various companies in the Corporate Housing industry also use the term "executive suite" to describe fully furnished executive style apartments. Premiere Executive Suites is the leading Canadian firm following this practice.
Business center
-Places:* Central business district or Commercial district* Business Center, Germany* ABA Business Center, the tallest building in Tirana, Albania* Abbey business centres, UK* Business Center Niederösterreich, Austria* City Business Center, Bratislava...
, executive office, furnished office, flexible office, managed office, shared-office space and office hoteling. Office suite
Office suite
In computing, an office suite, sometimes called an office software suite or productivity suite is a collection of programs intended to be used by knowledge workers...
, as software, stands as testament to the confusion in the terminology. It is not uncommon for a traditional tenant to sublet unutilized space and to characterize it as an “executive suite.”
A flexsuite is a multi-office suite with many of the same amenities included in an executive suite. In the event of company growth, a business may choose to upgrade from executive space to a flexsuite.
Executive Suite Terms
Some executive offices do not offer as much flexibility in their terms as others. Many business' considering executive suites are small entrepreneur start-up companies that could experience growth before a term's end-date. . Considering this, flexible terms may be necessary in the event of unforeseen growth to accommodate the essential success of one's business.
Amenities
A major advantage executive space has over typical commercial space are the additional services. If considering an executive suite, it is important to ask about these additional services and any incurred costs they would result in. Examples of offered amenities may include the following:
History
In 1983 James Blain a MichiganMichigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
based architect
Architect
An architect is a person trained in the planning, design and oversight of the construction of buildings. To practice architecture means to offer or render services in connection with the design and construction of a building, or group of buildings and the space within the site surrounding the...
saw an increased need for single story office space, that specialized in small office user who seek convenience with flexible lease terms and minimal overhead expense. In 1985 James opened his first AmeriCenters in Troy, Michigan
Troy, Michigan
Troy is a city in Oakland County in the U.S. state of Michigan, and is a suburb of Detroit. The population was 80,980 at the 2010 census, making it the 11th-largest city in Michigan by population, and the largest city in Oakland County...
that specializes in providing clients with a convenient, full-service, professional office environment so that they can stay focused on their core business. The company has grown to 9 locations located in Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
, Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...
, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
and Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
. With increasing urbanization
Urbanization
Urbanization, urbanisation or urban drift is the physical growth of urban areas as a result of global change. The United Nations projected that half of the world's population would live in urban areas at the end of 2008....
, travel
Travel
Travel is the movement of people or objects between relatively distant geographical locations. 'Travel' can also include relatively short stays between successive movements.-Etymology:...
, hotels, and office costs, the idea of an executive suite occurred to Mark Dixon in 1989 on a trip to Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
. His company evolved into Regus
Regus
Regus plc is a multinational corporation that provides serviced office accommodation in business centres worldwide. As of March 2011, it operates 1,100 business centres in 85 countries. The Company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index...
, a publicly traded and successful operator of individual office suites internationally. The company became overextended and went bankrupt in 2003.
Also in 1989, Ralph Gregory incorporated “The Virtual Office”. He became a first-time father that year and wanted to be at home with his daughter, but also wanted to keep his business professionalism high. He later changed the company to Intelligent Office and in 1994 he opened a location in Boulder, Colorado
Boulder, Colorado
Boulder is the county seat and most populous city of Boulder County and the 11th most populous city in the U.S. state of Colorado. Boulder is located at the base of the foothills of the Rocky Mountains at an elevation of...
. Gregory evolved the executive suite idea into the concept now known as the “virtual office
Virtual office
A virtual office is a combination of off-site live communication and address services that allow users to reduce traditional office costs while maintaining business professionalism...
”.
Despite the setbacks of 2001-04, the executive suite industry managed to survive and grow with the increasing demand for office space, but current economic conditions are again proving to be a challenge. In the current economy, landlords are using the executive suite model as a device to harbor their own space until a large renter comes along.
Executive suites as hotel alternative
Various companies in the Corporate Housing industry also use the term "executive suite" to describe fully furnished executive style apartments. Premiere Executive Suites is the leading Canadian firm following this practice.