In today’s modern and flexible work environments, shared office spaces are growing in popularity. A recent Yardi Matrix report found that co-working spaces grew almost 62% in the top 20 office markets from 2017 to 2018. With Miami, West Palm Beach and Fort Lauderdale represented in that top 20 market share, there are some things you need to know before you sign on the dotted line at a communal office space.

There are two common types of agreements that often come into play for these shared office spaces and salon/executive suites: a real estate license agreement and a formal lease. A real estate license agreement (license) grants the holder of the license the right to use the real property of another for a specific purpose. A license does not grant or convey any real property interest in the real estate, but rather grants a right to use the licensed premises. A lease, on the other hand, grants an actual real property right in the form of a leasehold interest in the real estate.