Executive suite
An executive suite in its most general definition is a collection of offices or rooms—or suite—used by top managers of a business—or executives.[1] Over the years, this general term has taken on a variety of specific meanings.
Corporate office
The oldest use of the term "executive suites" referred to the suite of offices on or near the top floor of a skyscraper where the top executives of a company worked, usually including at least the president or chief executive officer, various vice presidents and their staff.
That use was then applied not just to the physical space but also to the people who occupy the offices and their immediate underlings, much like the White House has come to mean the Executive Office of the President of the United States or 10 Downing Street, the British Prime Minister's Office. A quote from the Ottawa Sun in 2003 shows this use: "The Montreal Canadiens are fading in the Eastern Conference playoff race, but there is no panic in the executive suite." [1]
The term was used by writer Cameron Hawley for the title of his 1952 book Executive Suite, which was later turned into an Academy Award-winning movie with the same name in 1953 and a short-lived T.V. series in 1975. A 1982 computer game was also called Executive Suite.
Serviced office
An executive suite can also be 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.[2] Some executive suite landlords offer additional services.[3] This variation on the traditional office idea has become an industry with roots in the early 1990s. 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 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.”[4]
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.
Many businesses considering executive suites are small entrepreneur start-up companies that could experience growth or go out of business before a term's end-date.[5] Considering this, flexible terms are offered to accommodate unforeseen growth or the dissolution of a company. The office space also has a number of amenities that smaller offices may not be able to afford such as a breakroom, video conference room equipment, and on-site fitness center and spa. They also offer temporary support such as day offices or temporary work-space for short-term or day use, and the opportunity for tenants to temporarily "hire" executive office staff to assist with projects/assignments.
These offices serve many of the same purposes as virtual offices but have the physical location that virtual offices do not. Since the spaces and corresponding rent or lease payments are small, many prospective renters often work directly with landlords to obtain space rather than working through commercial real estate brokers. Other prospective renters use the internet to find executive of small office space to rent or lease.
History
In 1983 James Blain a Michigan-based architect saw an increased need for single-story office space focused on a small-office user who seeks convenience, flexible lease terms. and minimal overhead expense. In 1985 Blain opened his first AmeriCenters in Troy, Michigan. The company added locations in Michigan, Indiana, Illinois and Ohio.[6] 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.[7] 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.[8] Less than a year later it took its US business out of Chapter 11 after restructuring,[9] financed by its share of the profitable UK business.[10] Since the financial issues Regus experienced in 2003 the company has successfully turned it fortunes around, as the serviced office industry has continued to grow in popularity.[citation needed]
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.[11] He later changed the company to Intelligent Office and in 1994 [12] 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.[13] 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.[14]
Hotel
Various companies in the Corporate Housing industry also use the term "executive suite" to describe fully furnished executive style apartments.
Stadiums
Luxury boxes, the most expensive and exclusive seats at sports stadiums, are also called "executive suites" such as at the Edmonton Eskimos's Commonwealth Stadium.[15][16] Such seats are often purchased by corporations for a season for their executives and clients, therefore the use of "executive", and often have multiple spaces such as box seats outside and an interior room with large windows, therefore "suites". They can accommodate a dozen or more guests.
Cultural references
Besides the novel, and the subsequent film and television show, and the computer game, all mentioned above, both jazz musicians The L.A. Four and British band The Wiseguys have released albums with the titles Executive Suite.
References
- ^ a b "Definition of "executive suite"". Collins Dictionary. Collins. Retrieved 8 February 2013.
- ^ "Executive Suite." MSN Encarta. 2009. Archived 2009-10-31.
- ^ "Executive Suites." Entrepreneur.com. 2009.
- ^ Tarquino, J. Alex. "Manhattan is Awash in Sublet Office Space." New York Times. May 26, 2009.
- ^ Landers, Jeff. "What You Need to Know About Executive Suties." "INC". July 2006.
- ^ http://www.americenters.com
- ^ "Regus Group PLC. Europe Intelligence Wire. August 16, 2006.
- ^ "Regus Files for Bankruptcy Protection". BBC News. January 15, 2003.
- ^ Williams, Charles (2003-08-29). "Regus to exit Chapter 11". Propertyweek.com. Retrieved 2012-10-04.
- ^ "Regus becomes first UK firm to file for Chapter 11". Findarticles.com. Retrieved 2012-10-04.
- ^ Taylor, Mike. "Offices A La Carte." Colorado Biz Magazine. August 26, 2005.
- ^ "The Intelligent Office System, LLC." Freefranchisedocs.com.
- ^ Kirchhoff, Sue. "Economic Downturn Pounds Commercial Real Estate Market." USA Today. January 11, 2009.
- ^ Howe, Aleshia. "West 7th Aims for Small Businesses." Fort Worth Business Press. June 1, 2009
- ^ "Executive Suites". Official Website. Edmonton Eskimos. Retrieved 8 February 2013.
- ^ "EXECUTIVE SUITES". Official Website. Chicago Bears. Retrieved 8 February 2013.
Single Game Suites cost $17,000 per-game...