As commercial real estate continues to evolve, there’s also an increasing demand for new types of workspaces. These days, flexible spaces are a hot trend in commercial real estate because they are a wise choice for businesses that want to create a balance between working efficiently and keeping operational costs low.
What is a flex space?
A flexible space is essentially a building that can perform different functions all in one space. For instance, a single-story building can be used as an office, warehouse, and store in one place instead of renting different spaces for each function.
What are the advantages of a flex space?
There is a huge demand for flex spaces because of the many benefits they can give to businesses, including:
✓ Flex spaces can adapt to the needs of a business.
One of the most significant benefits of using a flex space instead of a regular office is scalability. For instance, a new business could use the space as an office and retail store at the same time. But as it grows, the business can adjust its floor space to accommodate a warehouse for its growing stocks. This way, a business can adapt to its needs without adding rental costs.
✓ Flex spaces can have lower leasing costs.
Flexible spaces are so in-demand these days because rental costs are lower than using a specialized business space. Because of the pandemic, many businesses have had to make adjustments to how they work, converting retail stores to warehouses and offices where they can manage their growing online shopping clientele. Some businesses also needed to downsize their office space to keep operational costs low while they still recover from their losses during the pandemic.
With a flex space offering much lower rental, businesses can continue to work efficiently without worrying about keeping up with their costs. A flex space is also a low-risk investment, which makes it more attractive for businesses.
✓ Flex spaces encourage collaboration and teamwork.
Being in a flex space, you have all your staff members in one place. Since they perform different roles for your business, collaboration and teamwork are very important if you want to be efficient. This setup also makes it easier for you to manage your business because you have everything and everyone in one place. And if you share the space with another company, you even have the opportunity to build your network with said business.
Finally, a flex space is a pandemic-proof investment that will allow you to continue your operations no matter how time changes. It’s also a great option if you are into short-term leasing since you’re not going to be obliged to stay in a space if you need a bigger or more flexible space for your business.
So, if you are still looking for a space where you have everything in one place without the need to pay high rental fees, a flexible space is just the right fit for your business. Learn more about Flex Spaces and other types of Michigan Commercial Property by contacting Levi Smith at PA Commercial, LLC today!