So you’re a small to medium sized company whose office lease is coming up for renewal. 10 or even 5 years ago your choice would have been simple. Stay where you were, suck up the inevitable rent increase and sign another binding 5 year lease. Alternatively you could have checked out the market and gone through the hassle of moving elsewhere. Of course part of this decision included whipping out the crystal ball and trying to be certain that you’d still have enough space in 2,3,4 years time should your team grow or circumstances change.
Things have certainly changed. Even before COVID, the demand for more flexible office space options had led to a significant increase in supply in the market. However the whirlwind of COVID has superboosted the demand from employees to be able to work anywhere, whether that be at head office, at home or somewhere closer to home. This means that businesses of all sizes now need to think more carefully than ever about their real estate strategy.
So if you are an SME in a single office, or maybe you are a multi-office company but want more flexibility in your portfolio; here are five reasons you should consider other more flexible options now available before jumping straight back into your next lease.
Five reasons to consider flexible office space vs traditional leased office
- You don’t need a crystal ball – With contracts (licences) typically around 12 months and the ability to add more space when you need it, you have the flexibility to grow and adapt your office space as your needs change while minimising ongoing financial risk.
- Licence vs lease – As well as the flexibility of term, licences have the added benefit of being significantly more simple legal documents to work with and unlike leases, don’t sit as a chunky liability on your balance sheet.
- Minimal set up costs – With fully managed space ready to go unless you have specific requirements, then you can start as soon as you need with no time lag or expensive fit-outs. Conversely when you leave there will unlikely be costly dilapidation requirements.
- Manage your customers and not your office – Fully managed spaces usually mean you don’t need to worry about multiple utility bills, the wifi, security, furniture, the coffee; your only focus should be on growing your business.
- Thriving, inspiring environments for your team to work – This ought to be the number one reason for most. While you can have private space for your team, being part of a bigger shared space full of like-minded businesses, means you and your staff will make meaningful personal or business connections.
Convinced yet? Of course a traditional leased office space still has a major role and remains the right choice for many businesses, but with the supply of flex space increasing rapidly from serviced office and coworking options through to bespoke managed office solutions for larger companies, then there are many options now to consider.
We here at MyWorkSpot are a flexible office and coworking space in Maidenhead Berkshire and we appreciate it can be a nerve racking decision whether to stay put in your current office or explore the market for different options. There are many decisions to make for the sake of your company’s employees and ensuring the finances are in check. Additionally the experience of reviewing the current contract with landlords can be a frustrating one – but at MyWorkSpot we like to do things simple and as flexible as possible!
So whether you need space for 2 or 20, then get in contact email@example.com | 01628 613200
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