Comparing a Traditional Lease and a Flexible Lease

September 5, 2020 | Small Business Tips

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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

Comparing a Traditional Lease and a Flexible Lease

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.

Also Read: 

Questions to Ask Before Leasing Shared Office Space in Toronto

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  • I can’t go with any other choice...

    When I started my engineering business 4 years ago, I was looking for a space where it’s cost effective and at a prime location. It was a challenge! This is the best I could find, close to my home so the driving was faster, also the reception is exceptionally good. When you walk in the office, the welcoming atmosphere, the options I have here, I can’t go with any other choice.

    valluvan.jpg
    Valluvan AlagirisamyInspar Inc.

  • You have the necessary simple structure which allows you to focus on your day to day job.

    We’ve been doing this for almost 8+ years on a full-time basis, and I’ve been with Officescape for just over 5 years at this point. Pretty much the length of our practice, we’ve been part of a certain shared office center. With Officescape, you get the advantage of amazing office space, professional staff to greet your clients, and not worrying about unnecessary procedures. You have the necessary simple structure, which allows you to focus on your day to day job.

    purvish.jpg
    Purvish ShahAdian Professional Services

  • It’s very professional and they don’t even know that its not our office!

    We started using Officescape primarily because we needed an address for mailing purposes and for our product. I use them for meeting rooms as well, when I bring my buyers in. It’s very professional and they don’t even know that that is not our Maxell office. It’s important for us to keep our profile image. Having a company in Canada for 16 years, our buyers are coming into our offices all the time, we still needed a space to have that place for our buyers to come visit us and vice versa.

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    Lynn LangMaxell

  • My experience has been very positive!

    I chose Officescape because the staff are really friendly, I found them really helpful and really resourceful. I also find the building to be really clean and really bright, I like some of the architectural design. They always greet my clients very friendly, always offer them coffee, tea, water and always say goodbye to them when they leave. My experience at Officescape has been very positive!

    ellen.jpg
    Ellen BradleyIntegrative Counselling Services

  • This is the perfect facility...to run your business

    I had the opportunity to use the Officescape location in Markham while working on a consulting project. Dave provides a top notch facility with excellent offices, boardrooms, connectivity, service and yes... great coffee. This is the perfect facility in Markham to run your business, meet your clients, and brand your company. Congratulations Dave on providing a much needed service to the business community.

    Mark FriedbergCognovative Business Services

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