Taking a lease out on a workspace can often seem like the best thing to do for an established business.
Do people take companies in flexible workspaces seriously? Isn’t it better that our space is designed by people who understand our brand? And isn’t it cheaper in the long run to have our own space rather than paying for the convenience of a flexible workspace?
Well in some circumstances, this could be the case. However, here at Officio, we often find that when our clients dive into the benefits of flexible workspaces with the help of our experienced Advisors, they often change their minds.
Flexible by Name, Flexible by Nature
The biggest benefit of taking flexible over leased space is all in the name. Flexible workspaces allow businesses a lot more freedom. Flexible contracts are on average taken across 12 months whereas a lease requires a minimum commitment of five years, usually 10. This means that if your business has any plans to expand, consolidate or even move to a more lucrative location, this isn’t easy.
Flexibility can also be useful when exploring new markets. Taking smaller, project offices in multiple locations gives businesses more freedom to explore what works and what doesn’t work for them, without tying into lengthy contracts.
The idea of exploring new markets leads to another perk of flexible workspace – the talented community. It is much easier to explore a new sector when you have an expert in the field sitting in an office down the corridor. And, the co-working areas, lounges and kitchen spaces make it easier than ever to discover what it is that your neighbours do.
Even if your business isn’t exploring something new, the community is always valuable. There is a whirlpool of talent just waiting to be discovered throughout flexible workspaces. The possibility of hiring new staff or partnering with another company is much greater when working in an environment like this.
Focus on Business
Taking on a lease means making a commitment in more ways than one. Not only are you assuming that the space will be the best solution for your business for many years, you are also making a promise to put time and energy into the upkeep and maintenance of the building.
When taking flexible space, the workspace provider takes care of all cleaning, maintenance and staffing of the building. You simply walk into a pre-made space complete with internet, phone lines, receptionists, furniture and a community.
None of your time is wasted interviewing cleaning staff, maintenance people or receptionists. You don’t have to spend hours on the phone to techies trying to get the Wi-Fi fixed. You don’t have to spend time sourcing a plumber to fix the leaky toilet. Nor do you have to find the money to repair the crack in the wall, or the sofa losing its stuffing. In flexible workspaces, this is all someone else’s problem.
Let’s Talk Money
Money is a factor that divides opinion when it comes to choosing flexible Vs leased workspace. Initially, flexible workspaces can sound pricy. However, there are many factors and costs that go into a lease option that can easily be over-looked. Plumbing for toilets and kitchenettes, needing your air-conditioning, lift, alarms etc. continually serviced, and even simple things like heating the building, the prices can all add up. With flexible space, the price you see is the price you pay.
Wondering, ‘How much will it Cost to Fit-out a Completely New Workspace?’ This article explains all.
Who says you Can’t Customise?
Often, the biggest lure of leasing a private workspace is the ‘design it your way’ aspect. To be able to take a blank canvas and completely tailor it to your needs, your brand and to create your ideal slice of heaven is certainly appealing.
However, there is no reason that you can’t do this, granted on a much smaller scale, with a flexible workspace. Many providers including Kitt and One Avenue, will allow your business to completely customise a space to suit your preferences and style. What’s more, the cost involved can often be covered by the provider themselves, win, win!
Following on from the idea of custom design, there may be a good reason to trust the design that is already in place. More recently, modern day workspaces are beginning to understand the impact that design can have on business.
Aspects including, employee wellbeing, energy efficiency, productivity and much more are all factored in to the design process of modern flexible workspaces. This means that simply by taking space in a building like this, your business could be instantly better off.
A Status Boost
Finally, choosing flexible workspaces over a conventional lease could give your business a bit of a status boost. Flexible workspace providers, The Office Group and Landmark operate in iconic buildings including the Shard and Heron Tower. This allows your business an iconic address without the eye watering cost of a lease at such a location.
Interested in viewing some of the workspace options on our books? Just get in touch with a friendly Officio Advisor here.