Coworking space for me.
Even without having a team, I'd still choose a coworking space. Recently, I was going through the list of coworking spaces in my area.
It saves cost to get a coworking space. Moreover, since it's just a team of five and not like a big organization with over 20 or 40 people working with you, it will be advisable to use a coworking space instead of renting your private office.
Depends on the specific available options...
Coworking space is suitable if it's just you and maybe one person working with you. Although, renting maybe expensive and the other, ie coworking space, not expensive, I'd advise you rent your own space to accommodate your team of 5.
Your team of 5 may inconvenience others,and this could bring problems;because you and your team are crowdy. Others may want to do same, that's bringing their own team too, if they do same, what do you think will happen to that business hub? It will definitely be turned into a market square.
So i'd advise you rent, so you could be more comfortable in carrying out your day to day activities.
Co-working spaces are very suitable for solo entrepreneurs, new start-ups who need to expand their networks and remote working software developers. However, as the team grows and the business has its own network, it is more advantageous to have its own office.
This is actually something about the nature of the work. Some of the questions you can answer while making a decision can be useful.
If it is a team of 5, then I will go for a co-working space so it will always be easier for us to join heads and arrive at the success of our goals.
Having your own private office will be if you know you are the boss and you see reason to distant yourself from the team so as to concentrate and have your own private time to be able to achieve results for your set goals.