Is a Flex Space Right for Your Business? 3 Things to Consider

Getting a rundown of some of the pros and cons of a flex space can help you make an informed decision about whether it would be advantageous for your business to have one or not.

What Is a Flex Space?

A flex space is a sizable building that can have office space, retail space, and warehouse space with a shorter lease than traditional office buildings have.

These spaces are lightly zoned buildings that can serve multiple purposes for businesses and provide employees with various places and ways to work. To determine whether you should pursue the idea further, keep some important things in mind.

Things to Consider: Should Your Business Have a Flex Space?

Flex spaces offer business owners significant build-out opportunities to customize the area to meet the needs of their companies and employees. It can include communal work areas, enterprise solutions, private offices, meeting rooms, hot desking, and more.

Consider the following:

1.    Increased Potential for Growth

Flex workspaces can grant businesses the opportunity to grow (or shrink) as circumstances change. If the sizes of your team and/or inventory are increasing at a fast pace, there will be flexible space to allow for that. If you decide that some of your teams are able to work from home, this can accommodate you by being able to transform it smaller.

2.   Short Lease Terms

Leases for flex spaces are much shorter than those for traditional office spaces. So you’ll have more wiggle room if unexpected things (like a COVID-19 pandemic) arise. You won’t be stuck paying for an office space that isn’t being used.

3.   Lower Upfront Costs

The costs of setting up a new business space can be an enormous drain on your bottom line. With a flex space lease, rent is the only main expense you will need to worry about, instead of the traditional costs of renovations, utilities, design, and more.

Is a Flex Space Right for You? The Bottom Line

The main drawback is that, in most cases, they won’t have the frills that traditional office spaces have. However, most frills aren’t necessary to carry out business anyway and can be excuses for landlords to charge higher rents.

For the most part, if you want to customize your workspace without overspending on remodeling or long-term leases, a flex space may be right for you. Browse our collection of beautiful office furniture that can be great assets for your new flex space, and contact us with any questions you may have!