Flexibility in all its forms, whether that be cognitive or physical, is an ancient art. A key tenet of resilience in navigating the evolution of an increasingly complex world, the modern office space has been no exception when it comes to the requirement to fast adapt. Here are a few reasons why demand is on the rise, and only set to accelerate in the coming years.
Flexibility is the key to stability - John Wooden
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Flexibility in all its forms, whether that be cognitive or physical, is an ancient art. A key tenet of resilience in navigating the evolution of an increasingly complex world, the modern office space has been no exception when it comes to the requirement to fast adapt. Here are a few reasons why demand is on the rise, and only set to accelerate in the coming years.
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1. Pay For What You Need
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Many modern businesses are finding that they need to relocate to scale up or down, and at short notice. A flexible office space makes this easier and more convenient, as well as allowing you to stay put, or choose from a variety of other locations within the same network. There’s no need to hold onto expensive excess space in the anticipation of potentially needing to scale, and there aren’t any penalties for needing to give space back. Compared to the 25 year leases of the 1980s, flexible office spaces tend to come with terms from a month to three years.
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For SMEs, and particularly businesses with fewer than 100 employees, traditional office leases don’t make much sense. They require a lot of effort to secure and come with overheads that aren’t actually necessary and can be damaging to cash flow. Disruptive modern businesses are also finding that survival requires the ability to rapidly respond to the changing demands of their ecosystem. This often translates into the need to hire more freelancers, changing daily head-counts, or having more HQs that are flexible in terms of location, space and lease. Choosing a flexible workspace provider can cut significant additional costs such as buying equipment and managing the space.
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2. Choose A Format To Fit Your Needs
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The umbrella term of the ‘flexible workspace’ includes many different styles and subcategories, such as serviced offices, co-working spaces and hybrid offices. A serviced office is the most similar to a traditional workspace, offering enclosed offices or desk-space but at a shorter lease, cost-per-desk basis as opposed to a fixed flat rate.
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Co-working spaces are a more modern approach, providing an open and shared environment for different companies to work side by side, and hybrid offices combine the best of both worlds, with fully serviced offices available amongst access to shared spaces.
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3. Cross-Collaboration
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No man is an island, and given that it’s estimated that a third of your life will be spent at work, neither should the office be. In a traditional office, most employees will be confined to dedicated cubicles. Shared flexible workspaces are designed to support a sense of collaboration and community. This may come in the form of large communal kitchens, lounge areas, wellness offerings, events, breakout areas, meeting spaces, fitness spaces and more. Finding a flexible workspace that unites businesses under an umbrella theme establishes a likeminded network of individuals and enterprise with a common purpose.
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The rate of innovation and new startup businesses cropping up is at an all-time high in the UK and with the growth in the enterprise sector comes growth in the demand for freelancers and low-cost, low-commitment workspaces that can be used flexibly. Co-working spaces and hybrid offices in particular, provide startup businesses with the perfect environment to network with other businesses and freelancers alike, promoting expansion and growth.
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4. Customer-Centric
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Flexible office spaces are highly personalised, and this is what sets them apart. They truly understand the value of looking after both small and big teams, and know that for businesses, employee wellbeing, happiness and productivity genuinely have the power to boost your bottom-line. Such spaces place a high emphasis on a holistic service, making the ‘office experience’ something that has come to encompass a new lifestyle arrangement.
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Most businesses run digitally by default in the 21st century, enabling employees to work from anywhere with ease and the advent of COVID-19 has only catalysed this transition. As the nation has moved home to work, the demand for a healthier work-life separation has increased. Flexible workspaces also allow for large corporate businesses to decentralise their workforce, enabling employees to work closer to home and cut out their commute, while still gaining the benefits of being in a professional environment.
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5. Fully Serviced
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Leasing a traditional office often requires hiring a lawyer to complete the necessary documents, fitting-out the space with professional assistance, recruiting IT companies to set-up and service the equipment, buying all the amenities and furnishings and staying on top of maintenance and cleaning. These are all additional responsibilities that detract from the task at hand.
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Flexible workspaces are fully equipped offices that provide businesses with a space to work in without the need for their own equipment or expenditure on set-up costs. Boasting additional facilities such as serviced meeting rooms and concierges means that residents are free to focus on their work. Start-ups looking for lean approaches in their business model see particular benefits in this model.
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Flexible workspaces are catering to an increasing demand due to their ability to stay relevant. The idea of the traditional office space as simply a means to an end when it comes to having a space to work, has morphed to encompass the bigger picture, including becoming a key component of business strategy and employee lifestyle factors. From enabling employers to be able to hire the best talent no matter where they are, to providing employees with spaces that work better for them, and being able to adapt their business models to suit changing needs over time, flexible workspaces are the future of the world of work.
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