As office leases come to an end, many business leaders and office managers find themselves at a crossroads. The decision to stay in a conventional office or explore the benefits of flexible office space can be a challenging one. In this blog, we will explore why transitioning to a flexible office may be the right move for your business. If you’re still wondering what a flexible office is, you can check out our handy blog on the topic for a refresher!
Flexibility and Adaptability
One of the key advantages of flexible office space is the ability to adapt to changing needs, which in today's economic climate, is absolutely invaluable.
Unlike conventional leases that often require long-term commitments, flexible offices offer shorter commitment lengths, typically ranging from three to twelve months. This flexibility allows businesses to align their office space with their evolving requirements, whether it's downsizing, expanding, or accommodating a hybrid work model.
If you’re not sure what your office requirements are going to be in the next five years, then definitely consider making the jump to flex to provide yourself with more, well flexibility!
Cost Savings
Renting office space can be a significant expense for businesses, often the second highest outgoing after staff salaries.
As well as being more expensive because you are paying for five days rather than the ones you actually use, conventional office leases often come with additional costs for fitting out the space and returning it to its original condition at the end of the lease.
In contrast, flexible office spaces provide one monthly all-inclusive cost, eliminating the need for separate payments for rent, service charges, business rates, internet, and utilities bills. This streamlined approach can improve cash flow and potentially save businesses thousands of pounds.
In fact, we broke down the specific additional costs a business may face renting in central London, to give you an idea of all the extra bells and whistles involved in renting a conventional office and why so many businesses are opting for a flexible, serviced office with one monthly, simple payment:
Now you may be thinking, what if I go for flex space and they raise the rates after a year, is there not more security with a conventional lease? What we have found is that a lot of flexible office spaces are happy to sign a two-year contract, or a three-year contract with a break clause, meaning you can sculpt the contract to be flexible where you need it but also provide security.
Attracting and Retaining Staff
The workplace environment plays a crucial role in attracting and retaining top talent.
Flexible offices often provide a more homely and comfortable atmosphere compared to traditional offices.
They also offer additional services, such as phone booths, meeting rooms, and communal areas, which enhance collaboration and productivity. Also, flexible offices frequently organize social events, creating a sense of community and fostering employee engagement, and take some of the weight off your team to bring the fun and vibrant energy.
Fit with Annual Planning Cycle
Flexible office space aligns well with an annual planning cycle, whereas conventional leases, given their length, often lock businesses in for multiple financial cycles.
As businesses evaluate their goals and strategies for the upcoming year, having the flexibility to adjust office space accordingly can be invaluable. Whether it's scaling up or down, a flexible office allows businesses to align their physical workspace with their strategic objectives.
Research and Advice
Before making the transition to a flexible office, it is essential to conduct thorough research and seek advice from other businesses in flexible offices. Understanding the market and the specific needs of your business is crucial. Visiting equivalent size businesses and reaching out to providers can provide valuable insights and ideas on how to effectively utilise the space.
In today's rapidly changing business landscape, the benefits of flexible office space cannot be ignored.
The flexibility, cost savings, and employee satisfaction it offers make it an attractive option for businesses looking to optimise their workspace.
By conducting thorough research, seeking advice, and carefully considering the specific needs of your business, transitioning to a flexible office can be a strategic move that sets your business up for success in the years to come. So, should you stay or should you go? The answer may just lie in the flexibility and adaptability of a flexible office space.
