Flex Office Space 101: All the Basics You Need to Know

When it comes to office space, there are a lot of options to choose from. You can go the traditional route with a private office or cubicle, but today’s workforce is increasingly preferring more flexible and modern workspaces. If you’re looking for an alternative to the traditional office, flex space may be the answer. But what is flex space, and what do you need to know before renting one? Read on for all the basics.

What is flex office space?

Flex office space is defined as any type of workspace that can be used for a variety of purposes. This could include anything from traditional offices to coworking spaces, and can even be found in some retail settings. The key characteristic of flex office space is that it is designed to be adaptable and able to accommodate the changing needs of businesses.

There are several reasons why businesses might choose to rent flex office space, rather than traditional office space. Firstly, it can be more cost-effective, as businesses only pay for the space they need and can scale up or down as their needs change. Secondly, flex office space is often more flexible in terms of lease terms, meaning that businesses can rent for shorter periods if needed. Finally, flex office space can be more convenient as it is often located in central business districts, making it easy for businesses to access.

What are the benefits of flex office space?

Hassle-free

Flexible office spaces are renowned for their hassle-free nature. A separate party will deal with all day-to-day maintenance demands—from ensuring the WiFi and lifts work, to ensuring your office is ready to use from Day One.

Speed of move-in

Turnaround times for flexible office space are also much faster—you can sign a contract and move into a fully-functioning office in a matter of weeks, if not days. The main thing to factor in is time for customization if you have a more bespoke fit-out requirement. But typically, the process is much quicker than for leased offices. We’ve even helped companies find and move into a serviced office in less than 24 hours!

Cash flow

As you pay an all-inclusive fee each month, budgeting comes easy. With fixed rates and no surprise bills to worry about, flexible office space gives businesses greater control over their cash flow and allows them to focus on more important matters.

Agility

Flexible office space gives businesses much more agility when it comes to catering to rapidly evolving customer and market expectations. 

Whether you’re a startup with a growing headcount or a more established business that’s decided to distribute teams across multiple locations, these workspaces’ flexible contracts give you room to grow, shrink, or diversify at your own pace. 

Increased visibility 

Working from a flexible office space can also increase a company’s visibility. Since you’d be working in a collaborative space where many businesses operate under the same roof, networking opportunities are plentiful. You can find freelancers to hire, collaborators to join forces with, and even potential customers to help grow your business’s reach.

Better collaboration

While flexible office space provides opportunities for collaboration with other like-minded businesses, it can also promote teamwork amongst your employees. Amenities such as breakout spaces and meeting rooms are perfect facilitators for organic conversations, brainstorming, and relaxation, boosting team morale, bonding, and productivity.

High-quality workspace

Many serviced offices provide high-quality facilities, such as event space, baristas, and gyms, that businesses wouldn’t otherwise have access to. This can be hugely helpful in attracting and retaining talent.

Hybrid working

In light of the pandemic, many companies are choosing to adopt a hybrid approach to working—with employees working across a mixture of the home, the HQ, and other third spaces. Flexible office space offers a variety of solutions that can make this way of working easy and cost-efficient. 

More equal opportunities

There’s no doubt that flexible office space has made it easier for businesses to set up shop in a wider range of locations. By freeing businesses from the need to be based in major city centers, these workspaces have leveled the playing field, giving companies located in less expensive areas the opportunity to save on overhead costs.

What type of businesses can benefit from flexible office space?

Flexible office space can be beneficial for businesses of all types and sizes, from startups to more established companies.

Startups 

For startups, the main benefit of working from flexible office space is the agility it affords. These workspaces allow businesses to grow at their own pace, without being tied down by long leases or being locked into inflexible contracts.

Established businesses 

For more established businesses, the main benefit of flexible office space is the ability to downsize or expand quickly and easily, without having to go through the hassle and expense of moving offices. These workspaces also offer greater flexibility when it comes to catering to the ever-changing needs of customers and markets.

Distributed teams 

Flexible office space is also perfect for businesses with distributed teams, as it offers the ability to easily set up or close down offices in multiple locations without incurring any penalties.