Companies must be agile to compete in a dynamic environment. The market demands swiftness and flexibility in everything from product lines and services to even the office space that serves as a company’s home. For organizations that require flexibility from their office space the commercial real estate market has kept pace with the evolving demand to offer solutions to changing needs. Flex space is a solution that can be a significant advantage to businesses that need to get maximum usefulness from a single space.
Flex space is short for flexible space and offers businesses significant build-out opportunities to tailor the space to their needs. TenantBase wanted to take a closer look at flex space as well some of the advantages and disadvantages it brings to a company. No two businesses are identical so evaluate your own specific needs to decide what type of office space suits your company, goals, and expectations best. With guidance from TenantBase, you will better understand flex space and if it’s appropriate for your company’s next home.
The Advantages of Using Flex Space
It’s not feasible for most companies to lease different types of office space that specialize in one or two functions. This is one of flex space’s main benefits, giving companies more efficiencies by providing a single space that is useful for a variety of purposes.
Flexibility is also beneficial for growing companies since flex space is designed to be adjustable and keep conversion costs low to extend the usefulness of the space. Besides cost efficiency and the ability to change as a company grows, flex space also offers other distinct advantages to companies.
Employees Sharing a Space: Many companies require warehouse or production space paired with administrative offices for day-to-day operations. Flex space gives businesses the opportunity to have all of their employees and functions under one roof to maximize communication.
Ceiling Height: Flex space usually features ceiling heights between 12’ and 16’ that makes it ideal for warehouse or distribution needs. The extreme adaptability of the space also means it can still be transformed to office space whenever needed.
Customizable: Most flex space is build-to-suit to keep costs down if customization is needed to meet a tenant’s specific demands. Traditional space that is already finished and decorated is usually much more expensive to remodel. Build-to-suit space is a blank canvas.
Location, location, location: Flex space is often found in conveniently located office complexes. Ease of access makes flex space more attractive to both employees and clients when compared to the alternative of being buried in a distant and confusing industrial area.
Disadvantages of Flex Space
The most obvious drawback to flex space facilities is the ground floor location. This can present a safety concern if the property management doesn’t provide building security.
A ground floor location also means no panoramic view or underground parking. Because flex space is unadorned to maximize efficiency and adaptability, you will likely find little to no amenities like you would in a traditional tower or business park.
Flex space can be a significant benefit to companies that want to customize their space to their specific needs without overspending on remodeling costs or carrying multiple leases. Flex office can provide tremendous value to your business by offering easy to adapt space. Your TenantBase advisor can help you find the ideal office space for your company’s needs, no matter what type of space that might be.