The oldest meaning of Executive Suite was in reference to the suites on or near the top floor of a skyscraper. This is where the top executives such as the chief executive officer, vice presidents, and there staff of a company worked. This term did not only describe the office space, but also described the people who occupied these offices.
Nowadays, we use the term executive suites to describe a set of individual offices sublet from a larger suite of offices. The owner or executive suite proprietor of the building rents out the building or leases the offices or workstations to businesses that don’t need or can’t afford large office spaces. Most of the time the landlords offer additional services aside from the office space such as faxes, printers, restrooms, conference rooms, etc.
Executive suite is not the universal name for office space like this though. Some other names include office suite, business center, shared-office space, and furnished office. Executive suites serve the same purpose as a virtual office, but have the physical location that virtual offices do not.
In 1983, an architect names James Blain saw an increased need for office space by small office users who were seeking convenience, minimal overhead expense, and flexible lease terms. In 1985 Blain opened the first company to offer this type of space, and then in 1989 Mark Dixon began opening and publicly trading individual office suites internationally. The company went bankrupt in 2003 and since then has turned it around and the market has continued to grow.
Executive suites are no longer solely for the ‘executives’ on top of a skyscraper, but has now evolved to serving the general business owner in a convenient, flexible, and professional way.