The worldwide COVID-19 pandemic has impacted the commercial real estate market in a major way. No longer do businesses want to take out long leases and lock themselves in contracts when flexibility is at the forefront of their mind. That’s why for all landlords, this is an opportunity to market and pivot your property to fit with surging demand. Flexible space is in.
As isolation took over and the whole corporate world was thrust into a state of remote work, it has meant businesses want the ability to adapt in the face of contingencies. This means the future of work will no longer be the same. Large employers are now shifting their sights to a tiered return, that is, having employees working from home, remotely in project spaces and at office headquarters. It’s the reason why experts are saying the flexible space industry will boom.
Why are organisations opting for flexible space? Here are some reasons:
- Flexibility during economically uncertain times
- The ability to plug and play i.e having equipped space ready to quickly move into
- Offer size elasticity when it comes to instantly downsizing or expanding offices
- Multiple locations for a staggered workforce
- Private spaces are hygienic with strict COVID regulations enforced
There are plenty more reasons why businesses are making the move, which you can read here. Ultimately, flexible spaces become the first step in transitioning back into the workplace. With employees wanting to stay off public transportation and stick close to home, such spaces are the perfect solution whilst still driving collaboration.
What’s the next step for landlords?
Whilst the norm has usually been renting out unfurnished, empty commercial spaces under long leases, current circumstances will see many landlords shift towards penetrating the flexible space market.
Here are a few things you’ll need to consider moving forward:
- How flexible are you? These are large employers who want to be able to transition their team in for a quick start-up on flexible terms. Accordingly, whether it’s a few months in one office and a year in the next, you’ll need to offer up good deals and be pliant with requests.
- Are you communicating selling points? You’ll need to be transparent with property information. So, these businesses want to know prices, locations, amenities and availability instantly.
- How quickly can they move in? Your commercial office space should be ready to move into. Hence, this includes having the capability to speed up the leasing process and installing necessary amenities and furnishing.
- Is your space unique? Culture plays an important role in every business. As a landlord, you want to think about how you can design your office space to be fun and interesting.
How can Spacenow help?
Spacenow is an online peer-to-peer marketplace that helps connect those who need space to those who have it. In this way, we can partner businesses and foster profitable relationships. As an owner of flexible space, you can list your property on Spacenow and promote your unique space to a large market. We receive enquiries from all types of businesses, big and small, which we could lead directly to you! Listing your space is completely free. So, find out more about how you can benefit as a host here.