Flexible Office Space
By now it is obvious that the future of office space is flexibility. Flexibility can come in several forms including:
- CoWorking space, giving a company the ability to grow and downsize with relative ease. Generally speaking, CoWorking space tends to be more expensive (but not always) than a direct lease with a landlord.
- Short term leases. Many companies today are signing leases shorter than 3-years, even as short as 6-month leases. A good broker will help your company get the details right so that you have the ability to renew at multiple short term intervals without getting gouged by the landlord.
- Longer term leases with flexible clauses. Leases from 5-15 years tend to get much deeper rent discounts, extra tenant improvement dollars from the landlord as well as generous free rent packages. The key is to negotiate in a Cancellation Clause(s) as well as clauses for growth, or even downsizing.
- Strategic space planning which can significantly impact cost and future growth.
Where do we predict the future of flexible office space is headed?
We predict flexible space will go beyond just flexible leases. Flexibility will be inherent in all aspects of the building including space design, furniture, technology, and Base Building items.
With flexible working comes the need for a flexible tech solution. Virtual workers require agile, remote access to computer systems, data and software. Having a seamless technology strategy will enable workers to work anywhere, anytime, efficiently and easily. Good examples of this are virtual video conferencing and real-time collaboration tools which help bridge the gap between in-office and virtual workers.
In addition, many companies need office space to function at their best and having a large portion of their staff working virtually simply isn’t efficient.
At Office Space Chicago we help simplify complex real estate decisions so you can focus on executing your core business.
