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As business returns from the devastating effects of the COVID-19 pandemic, the business world has completely transformed. Since people perform best when they interact with others in person, a return to the office is inevitable, although the timing and scale are not yet well understood.
When a lease matures, a business must decide the future of their office. This comes with several questions.
- Is co-working or private office space appropriate for your business?
- Are the staff able to work from home or the office on a limited or reduced schedule if needed?
- Can office space be reduced but continue serving the same number of staff while being safe and efficient?
- Can the office space be eliminated if everyone, including the CEO, is working from home?
The answer to these questions is different for every company; however, the trends were established many years ago. Businesses have reduced the amount of office space per employee for the last 20 years. As office space becomes more expensive, and alternatives are now more common and well-established, this trend will likely continue.
With this in mind, it’s important to determine whether it’s better to commit to a long-term lease, or if a flexible office solution or office for rent could serve the business better.
Benefits of Flexible Workspace
- Optionality – With a flexible office solution, the office environment evolves to suit the business. If the staff grows, offices can be added without delay. If staffing declines, office space can be reduced with a short notice period, reacting quickly to the realities of the workspace demand.
- Dramatically Reduce Cost – A business can reduce or exit an existing lease upon maturity and opt for a virtual office using meeting rooms and offices on demand. With this option, you only pay for use, with no lease obligation at all. This works very well for small to medium-sized firms that may desire a regional impression or distributed workforce.
- Maintain a Professional Business Image – Working from home is undoubtedly a very efficient solution for workspace needs. However, when we return to face to face meetings, it’s not reasonable to think that business people will be meeting in private homes or public spaces. Business centres provide the option of professional meeting spaces that can be consumed on a per-use basis.
- Improve Financial Metrics – As flexible workspaces provide for short term (1 year) or Month to Month terms, or in the case of a Virtual Office, no long term financial obligation at all, the business is not burdened by a 5-10-year lease financial obligation.
- Flexibility – Business centres can work with the client to match services to the customer needs and can often be very creative to find an exact fit. The array of business centres available ensures that there is a space for every type of business, whether large with a corporate image to uphold or a sole proprietor that just needs to host the occasional meeting and needs a commercial business address, there is a solution for every business.
Contact Officescape to Discuss How an Office for Rent Can Benefit Your Business
With the business environment evolving due to the pandemic, how we view our workspaces is changing. For this reason, it is important to consider how office space for rent can help your business adapt. Contact Officescape today to discuss the benefits of flexible leases, on-demand meeting rooms, and rental offices.