Flexible space is the evolution of real estate. With today’s focus on experience, agility and flexibility, the future of real estate will continue to be defined by flexible space.
Flexible space encompasses any type of real estate that is more adaptable and agile than traditional assets and leases. Flexible space can include:
- Short-term or flexible leases
- Coworking spaces or memberships
- Flexible workplaces
- Asset amenities
Flexible space is the evolution of real estate. Like any real estate strategy, flexible space should be approached based on the organization’s goals and desired outcomes. There is no one-size-fits-all solution. As an agnostic partner and unbiased advisor who understands the spectrum of choices and nuances of each one, we help organizations define where flexible makes sense to achieve broader goals.
Although every flexible space strategy is different, key considerations include:
Understand each type of flexible space. While a coworking space may be most cost-effective for a small team site, it may be more expensive on a per-square-foot basis than a traditional lease for a larger site. Consider the top goals for each location and the cost implications for each flexible space option.
Cybersecurity is more important than ever, so companies — especially financial services, healthcare and public institutions — should consider the IT and cybersecurity implications of each type of flexible space. Additionally, think about intellectual property in a communal, open design environment. This is especially relevant for industries such as technology and financial services.
Employee and tenant productivity
A group of employees working together within a flexible space environment can stimulate collaboration, innovation and productivity. Yet open office plans can also be distracting and a drain on productivity. What type of space is best suited for the work to be done? Does it make sense to offer private spaces in addition to open design?
Cultural and strategic fit
What type of space makes the most sense for your culture and business goals, especially as it relates to talent and tenant attraction and retention?