There are many reasons to look into renting a conference room. For smaller companies, renting out a space is a quick solution when they want to host a big meeting, but don’t have the space on their own. It’s equally beneficial to large firms that may choose to rent a space in a nicer building or better location to improve the ambiance for events. And with so many benefits, there are a lot of options to choose from.
From meeting rooms in hotels, to conference rooms in office buildings like at 620 N LaSalle, there are various avenues you can choose when exploring renting a conference room. But the price? Now that will vary. Navigating how much a conference room to rent will depend largely on the venue you choose and the additional amenities they include.
To help you budget for your next event or large meeting, we are breaking down the conference room rental rates and all the details you need to know. Let’s dive right in.
What Does the Cost of a Conference Room Rental Include?
While conference rooms are wonderful to explore to find different decor and ambiance options to best suit your meeting’s needs, there are various other elements to keep in mind. Depending on the location, the final conference room rental cost will vary based on an array of inclusions.
Typically, meeting room packages offer:
- A room with doors that can close, plus walls that are thick enough to keep any distractions to a minimum.
- A large conference table, or multiple smaller ones, as well as chairs to accommodate the number of people you have attending your meeting.
- Fast and reliable wireless internet connections.
- A reception desk so any necessary messages for those attending the meeting can be taken.
- A board to write on, plus pens and erasers for use.
What Are the Conference Room Rental Rates?
So, how much does it cost to rent a conference room? As we mentioned before, this depends largely on what location you’re looking to rent at. Here’s why.
Typically, the cost of conference room rental options in hotels ranges from $70 to $160 per hour. However, other options can go as low as $20 per hour, and as high as $500. Quite a difference, right?
Oftentimes, cubicles for just a few people will be on the lowest end of the spectrum, coming in at $10 to $20 per hour. For slightly more space, a meeting room that suits up to eight people usually costs up to $35 per hour. But those large, grand conference rooms for an important conference? This can be as low as $40 for a group of 15, and as high as $300, depending on how many people you’re looking to accommodate.
Before trying to price out how much to rent a conference room, make a good estimate, or final list, of who is attending, as the number of people will greatly affect the best meeting room for you.
Are There Any Extra Costs?
On top of the basic conference room rental cost, there are a few elements that will incur an additional cost on your final bill.
In some cases, internet, phone, and fax access will incur an additional fee, depending on the building’s specific rules. In all rental situations, you can expect an added cost for food and beverages, whether it’s a service offered at a hotel, or involves the coordination of catering to a building.
As you begin budgeting, don’t forget to leave room for taxes and miscellaneous fees, too, to ensure the space you choose doesn’t break the bank.
What Amenities Can a Conference Room Provide?
On the topic of the additional costs conference room, rental rates may include, there are various amenities you can get in different situations. From improved technology systems, like video conferencing for those that couldn't make it in person, or an array of the necessary refreshments, there are a few things you can tack on for a better experience. These elements include:
- Overhead projectors
- Phone options
- Power strips and extension cords
- Coffee and other refreshments
- TV monitors and DVD players
Why Should You Rent a Conference Room?
Okay, now that you know a bit more about how much to rent a conference room, why is this even something you should do in the first place? With all the various conference room rental cost variables aside, there are a lot of perks to renting a larger, off-site space for your next conference or workshop.
Beyond a new, refreshed, and bigger space, here are some additional perks to opting to rent a conference room.
In a new setting, team members will often feel an increase in their creativity. The same old rooms can get tiring, and switching up the setting with a rented room can bring some excitement back to the team, forcing them out of their routine to explore new business tactics in a fresh setting.
Don’t worry about making your smaller space fit the needs of a large group of people. By renting a conference room, you can focus more on your presentation or the meeting at hand, and leave the space and the necessary elements up to the building you’re renting from.
By renting a meeting room for your next conference or client meeting, you can show prospective clients just how professional and dedicated you are. With a beautiful space to set the tone for your hard work, your business can see a boost from this change in ambiance.
Coworking Conference Rooms vs Hotel Conference Rooms
There are many different conference room options to choose from, but most often, people are stuck deciding between two options: coworking spaces vs hotel conference rooms. While there are pros and cons to both, ultimately, the best choice comes down to your unique needs and preferences.
To help you decide between coworking conference rooms and hotel conference rooms, here are the pros and cons of each.
Pros & Cons of Coworking Conference Rooms
There are a lot of great benefits of choosing a coworking office space for a conference room. However, as always, there are a few things to consider, too. Let’s break it down.
- Price: In coworking spaces and offices, usually the price is more flexible and can be accommodating to just a few hours of bookings. This way, you only pay for the time you truly use.
- Flexible Location: Depending on the transportation needs and accommodations for your guests, a coworking office can be found just about anywhere, making the location easier. Whether everyone lives in the suburbs or you want a central location right in the heart of the city, you can find a coworking space to match.
- Unlimited Dining: Particularly when opting for a coworking space in a large city, there are endless options for food and catering services in the area. This way, everyone can choose what they want, or you can cater to a top-tier restaurant.
- Food Convenience: While with a city-centered coworking space you’re sure to find many food options in the area, it’s not as convenient as simply catering within the hotel - an option that can be conveniently added to a package.
- Unknown Space: Unlike hotels that often have significant name recognition, a working space will not be as recognizable to those new to the area, potentially making it harder to find.
- Transportation: While you can find coworking spaces that are near public transportation, this isn’t always the case. Especially when it comes to locations in the city, parking can be pretty limited, and expensive, which can be a big downside to guests.
Pros & Cons of Hotel Conference Rooms
On the other side of the hotel vs coworking space debate is hotels. This space is wonderful for hosting meetings and events, but some drawbacks may not be ideal for businesses. Let’s explain.
- Name Recognition: People are quick to recognize hotel chains, especially since so many of our favorites have locations across the US. These brand names can help boost your organization’s success, providing a well-known, popular location as the stage for your event.
- Location: Typically, when it comes to cities, hotels are located in convenient and relevant locations that make them easy to get to, and convenient for everyone. With large branding, it will be hard to miss.
- Food: Especially at luxury hotels with good restaurants and cafes, food is a convenient add-on to your conference room rental rates. With easy on-site food options and catering, you can alleviate a lot of stress from hosting.
- Price: Most commonly, hotel conference rooms are rented out for a full day. While this may be great for some event types, many meetings and conferences only take a few hours, so these daily rates can feel too steep for the amount of time they will be used. Especially in larger cities, like Chicago, you can expect to pay 2-3x more than smaller suburban hotels, which usually cost $300-$500 for a day.
- Location: Sure, there are some benefits to hotel locations, but you can face some downsides, too. This is particularly obvious when it comes to suburban hotels, which are often poorly serviced by public transportation. This can be a big pain for attendees that live in the city and will need to trek to the suburbs for a meeting.
- Inflexible Food: Unlike large corporate office locations surrounded by city dining options, hotels may be limited to a certain menu you can choose from. Keep this in mind when looking to offer an elevated experience.
Whether you’re in the early stages of figuring out how much to rent a conference room and your budget or are ready to commit to a beautiful space to host your next event, keep in mind the elements we described to ensure you commit to the best choice. With the conference room rental cost aside, there are different add-ons and miscellaneous costs you won’t want to miss.
For help renting a coworking space for your next conference, and for answers to any additional questions about conference room rental rates, our team at 620 N LaSalle is here to help. With a range of conference space options, as well as extensive knowledge of the Chicagoland area, we can help advise you as you search for the best option for your event. To get started, contact us online today.
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