4 Reasons Businesses Choose Flexible Workspace
Flexible workspace, once the domain of growing startups with unpredictable headcounts, has gone mainstream. Gone are the days when businesses had to choose between a shared coworking space or subleased space in order to have lease flexibility. Increasingly, larger companies are opting for solutions like Flex Workspace+, which gives businesses tailored, private office space with flexible lease terms starting at just six months– and we’re bringing this advantage to life across Irvine Company’s entire workplace portfolio.
“We believe that over the next five to 10 years, many of our large-company customers will benefit from Flex Workspace+ as part of their workspace footprint.”Doug Holte, President of Irvine Company Office Properties and Corporate Strategies
Here are just a few use cases for flexible space:
Project-Based Headcount Fluctuation
Headcount doesn’t always move in one direction. In many industries, such as tech and engineering, special projects create temporary spikes in which contractors or out-of-town employees need to be accommodated on site for a project’s duration. Adaptable leasing terms let businesses quickly scale headcount up or down in tailored, fully-furnished space that matches their company culture.
Unlike communal coworking, satellite offices through Flex Workspace+ are private and fully branded for companies. This space lets companies test the waters in newer markets without getting locked into a long-term lease. Additionally, companies that are at full capacity in their current HQ can utilize neighboring flexible space to serve as a seamless extension, keeping teams together without requiring an HQ relocation.
Starting in December 2020, the Financial Accounting Standards Board will require US private companies and nonprofits to treat leases of one year or longer as liabilities on their balance sheet. Public companies, for which the rule has already gone into effect, are struggling to put sustainable reporting processes in place. Rather than undertake a complicated shift in accounting practices, businesses of all sizes may prefer shifting to space offering lease terms below the one-year threshold.
Stop-Gap Space During Construction
Constructing a dedicated HQ or full campus can be a lengthy, multi-year process. Projecting move-in dates can be difficult, and even as completion approaches, employees may relocate to the new office in waves. Flexible space lets companies keep teams together in tailored, fully furnished workspaces without holding more space than necessary at any given time.
Hardworking space without the hard work. Learn how Flex Workspace+ is changing the rules for office space and commercial leasing: FlexWorkspacePlus.com