The work environment has changed tremendously over the last decade and more attention is driven toward flexible workplaces. The question whether or not to change the office building into a flexible workspace has risen among many commercial real estate landlords. Will the trend toward flexibility persevere - also post Covid-19 - and is it really a good idea to transform the office building? In this blog, we address 3 reasons why landlords should change part of the office building into a flexible workspace.
1 – The demand for flexible workspace is increasing
Over the last years, the flexible work environment has grown significantly. It is expected that the global coworking market will grow from $ 7.97 billion in 2020 to $ 8.14 billion in 2021, while still recovering from the impact of Covid-19. By 2025, the market is expected to reach the amount of $ 13.03 billion.
This growth is not surprising, since flexible workspaces are gaining more and more popularity. The old model - where the office served solely as a functional workplace with no distractions - is old-fashioned and does not suffice anymore. In 2025, 75% of the employees will consist of Millennials (those born between 1980 and 2000). This major group of workers grew up with devices and technology and have a higher need for collaboration and flexibility at the office.
Companies are following this development and are making more and more use of flexible workspaces. Places which allow for inspiration, engagement, flexibility and productivity will become the standard. The shift in the work environment opens new possibilities for office buildings, where the ones adapting to the ‘new normal’ will profit most. By changing the office into a flexible workspace, landlords can prevent flexibility seeking tenants from moving to another office. This is how churn of long term tenants can be prevented, since they can easily increase (or decrease) desks within the same building.
2 - Flexible workspaces make more efficient use of space
Flexible workspaces enable the office to make more efficient use of space. Since facilities such as meeting rooms, kitchens and public space are shared among tenants, facilities are used more frequently. This is a big advantage for tenants as they only pay for the meeting room when they use it and do not pay monthly rent for a room that is empty for most of the time.
Also, the office benefits from this approach. Since rooms are shared among tenants, space is used more intensively. Only one facility of a kind is needed in the building and spare space can be utilized for workspaces. As there are more workplaces in the office and shared meeting rooms can be booked by multiple tenants on a day, revenue for the landlord will increase as an effect.
3 - Flexible workspaces are more sustainable
The environmental aspect has become of huge importance over the last years. Businesses and offices move toward a more sustainable approach to contribute to a better future. Shared services and tools have become more popular than ever, enabling us to only use a service when needed. Shared cars, scooters, bikes and workplaces are indispensable from the modern world. Just like flexible workspaces.
By facilitating flexible workspaces, offices can contribute to a better future. Cleaning services are employed in the whole building, instead of every company arranging its own cleaning service. This enables a more holistic and sustainable approach. However, the major contribution of flexoffices to the environment is the reduction in CO2 emissions.
The local flexible office space enables workers to save a lot of commuting time, thereby playing a major role in reducing the global CO2 emissions. The sustainable approach causes the flexoffice to be attractive to environmentally conscious businesses. By providing the workplace of tomorrow, the flexoffice is assured of a promising place in the market, while actively contributing to a sustainable future.
How can infinitSpace help your office?
- The transition is easy: between 10 - 14 weeks your flexible workspace is ready and running;
- Your requirements are key: infinitSpace will identify all your wishes and customizes the dedicated flexible office space under your brand, under your conditions;
- infinitSpace will manage everything: finding tenants, handling hardware and software, offering services and creating a community. Meanwhile, you still remain in full control.
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