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The only constant is change and although inevitable it seems to be happening at a much faster rate than anyone is used to. With the uncertainty that surrounds operational needs – hybrid working, inflation costs, talent acquisition and retention – the ability for a business to be agile is an advantage in navigating the structural changes currently taking place in the office market. By nature, flexible office space essentially ‘does what it says on the tin’ and through this allows its occupiers to mirror its adaptability, whether for swing space, scaling up or down, altering configurations, or changing locations. It is becoming evident that the demand for enhanced flexibility is reshaping occupier portfolios. So, how can a flexible office approach effectively fulfil the demand for agile office solutions in a dynamic landscape?
Flex space empowers companies to adjust their office setups as they grow, downsize or as requirements change. Within the ever-changing landscape of business, this adaptability has become invaluable. Serviced office providers are exploring different ways to incorporate fitted spaces, offering all-inclusive packages that accommodate a business’s evolving needs seamlessly. With flex space, you can have 10 desks today, or 50 tomorrow depending on the requirement on your business. Although large structural changes come at a cost, it is more important to note that flex space has the ability to provide an initial practical solution for unforeseen circumstances. Occupiers are using flexible approaches in their own buildings by closing off floors and adapting building layouts to allow for more meeting and breakout rooms. Co-working space is also being leveraged to accommodate employees during office renovations or fit-outs. Swing space in a flex office acts as a temporary workspace while the conventional office is being customised to meet the company's preferences enabling smooth transitions and ensuring business continuity. This is particularly relevant to those larger occupiers who have offices or presence across a number of different geographies.
One of the key advantages that companies gain from leasing flexible working spaces is contract flexibility. This aspect proves especially beneficial for rapidly growing businesses, whose evolving needs might not align with lengthy lease agreements. Most flex space can be acquired on a monthly rolling basis. Moreover, in times of economic uncertainty, a flexible lease offers the freedom to opt for shorter-term arrangements. By embracing flexible working spaces, companies position themselves to make choices that align with their unique circumstances.
The pandemic gave way to a new approach from employees who had time to take stock of their options and want to work in offices that foster creativity, inclusion, integration and productivity, whilst being aesthetically pleasing at the same time. In order to retain and acquire talent, employers have to be willing to provide the best amenities possible. Flexible workspaces offer different amenities for different demands with some spaces including restaurants, saunas, and even on-site gyms. Aside from the versatility of space you can acquire with flex space, the benefit of a community that can encourage collaboration is invaluable. Although flex was initially more popular with startups and entrepreneurs it is becoming increasingly associated with larger corporate companies providing an ethos that is mutually beneficial.
Hybrid working, i.e. not being in the office five days a week, has become a highly sought after arrangement among current and potential employees. Corporate companies are taking note of this and adjusting their office setups accordingly. We have a number of clients that are eager to know how many employees come into the office so they can better understand the amount of space they need. More and more companies also take flex space for a period of around 24 months whilst monitoring employees’ office presence before acquiring conventional office space. Flex space creates that workability that compliments a traditional office set-up allowing companies to purchase a single desk or more whilst figuring out their business needs.
UK cities such as London, Manchester, Birmingham and Glasgow, have been at the forefront of embracing flex space trends. As businesses recognise the need for adaptable work environments, these cities are rapidly transforming their office landscapes to cater to the demands of a flexible workforce.
The evolution of office space is not just about adopting agile or hybrid working models. It's about understanding what employees truly want and creating an environment that they want to work in. Flex space is rapidly becoming the linchpin in this transformation, allowing businesses to offer best in class amenities and the flexibility employees crave. As the trend of flex space continues to gain momentum, we can expect to see more innovative office designs, increased business expansions, and a workforce that thrives in the newfound freedom of choice.
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