The market for flexible office space has been experiencing dynamic growth for several years. The COVID-19 pandemic has changed a lot of things about our daily lives, also in the office sector, and thus has significantly affected tenant preferences. Many tenants have made or are considering a decision to move some of their branches or even headquarters to flexible spaces. The main reasons for the growing interest in flex spaces include the possibility of enlarging or reducing the space, no long-term commitments, and no need for investment outlays, according to an analysis by experts from Mindspace, a global operator of flexible workspaces.
According to Mindspace, many companies have started considering flex spaces as an alternative to traditional offices during the pandemic. Flexibility has gained importance for both employers and their employees. Although working from home has proved to be possible not only on a temporary basis, the natural challenges of working from home encourage employees to return to offices—but offices offering much more than before. This is why flex spaces are constantly growing in importance.
Flexible agreement
The lease of flex office space is an attractive solution for many reasons. The most important reasons include optimization of expenses, short notice periods, and the possibility to reduce or enlarge the leased space at any time, without the need to sign long-term commitments.
Financial aspect
In response to the increasing number of questions about the advantages of flex spaces, Mindspace has created a special calculator. With the algorithm, it contains, every business owner can check which solution—leasing a traditional office or a flexible space—will be more profitable for them in financial terms.. On the basis of the information provided, the algorithm will calculate the estimated cash expenditure in euros and cents.
Mindspace experts estimate that the lease of flexible workspaces can potentially save companies up to 60% in costs. Of course, the amounts depend on different parameters. However, what never changes is that companies deciding to lease flex spaces share them with others in a way. The savings result from sharing conference rooms, kitchens, hallways and bathrooms, and from much lower cleaning, maintenance, internet and insurance costs. There is also no need to buy furniture or office equipment. The Mindspace algorithm shows savings of about €244,000 for a company of 25 people when choosing a flexible office for three years in San Francisco for example.
