Space-as-a-service offerings such as coworking spaces and flexible lease options have drastically transformed how businesses acquire office space.
Traditional commercial space lease terms often tie businesses into spaces that do not fit their needs and restrict growth.
Space-as-a-service offers greater flexibility for tenants while streamlining management for building owners. No matter whether your company needs to expand or reduce operations, these solutions can provide an optimal solution.
Coworking Spaces
Coworking spaces have experienced explosive growth over the last several years, becoming an attractive option for independent contractors, digital nomads, and freelancers who wish to reduce office expenses by sharing space.
Coworking can be a complex business model; before making your selection, several considerations should be considered.
Location is obviously important when making decisions, but innovativeness and community are equally essential in your selection process. A great coworking space should have an engaged community of members while offering facilities that are innovative and distinctive.
Coworking spaces have become an increasingly popular trend in office space management, particularly among companies expanding or growing their services. This phenomenon can be attributed to both sharing economy and flexibility needs when scheduling working hours.
Flexible Lease Options
As companies evaluate their workspace needs, they are increasingly opting for lease agreements that offer more flexibility. Traditional five or 10-year contracts limit tenant options and prevent them from adapting quickly to changing business demands.
Landlords have responded to these trends by exploring various flex space operating models that benefit both owners and operators, such as teaming up with management agreement providers to manage flex space.
Management agreements provide landlords with a way to mitigate risk when leasing space to potentially unstable flex operators and gain better insight into how start-up tenants within their flex spaces are faring. They may even assist landlords in settling any disputes related to rent collection and service standards with these tenants.
Modular Furniture
Modular furniture has become an increasingly popular choice for modern offices, offering multiple advantages that help save both money and look chic.
Modular office furniture can help organizations meet the needs of diverse employees while creating an aesthetically pleasing workspace. Furthermore, modular pieces are easy to reconfigure or disassemble if their arrangement doesn`t suit them.
This makes it an excellent solution for flexible workplaces that allow employees to change working styles as needed and helps teams collaborate efficiently for maximum productivity and collaboration.
Furniture designed with recycled materials is also eco-friendly, meaning no old furniture needs to be sent directly to a landfill when moving house.
Hybrid Work
Hybrid workspaces have become increasingly popular as employees seek a balance between remote working flexibility and social engagement in person. Companies can provide flexible access passes or co-working memberships to allow employees to work remotely during certain times of the day before coming onsite for meetings or collaboration.
Though hybrid work models offer many benefits, they also present certain risks and liabilities. If a workplace adopts an improper model, it could exacerbate in-group versus out-group dynamics, increase employee departure rates, and degrade performance.
Trust between employees and managers can help mitigate risks and maximize potential positive results, for instance, by allowing employees to manage their workload themselves or creating clear policies on when and how a company expects employees to be available.