With the rapid shift in employee preferences and expectations, companies are revamping their working model by leasing flexible office space. It has become a hectic element for businesses to choose between leasing and purchasing office spaces. Post-pandemic, businesses are revamping their working models to fulfill and satisfy the needs of the employees. There are certain factors that attract business enterprises to lease managed office spaces rather than purchase them.
Harsh Binani is the co-founder of India’s largest platform for managed/flexible office spaces, Smartworks. He believes that Covid-19 has acted as a booster for the coworking space industry as companies are more interested in leasing instead of buying commercial office spaces. With Harsh Binani’s expertise and clear vision, Smartworks is setting an example for other CRE industries.
It is true that flexible office spaces have much more to offer than traditional workspaces. There are several factors which proves that Flexi spaces are far better and productive if compared to traditional office spaces. Technology is advancing at a rapid rate and it has become more significant for companies to implement advanced solutions. By doing so, they are ultimately enhancing the employee experience at the workplace.
In this blog, we will try to state why business entities prefer to lease managed workspaces rather than buy them.
7 Reasons to Lease Flexible Office Spaces Rather Than Buying Them
Today, many large and medium enterprises followed by numerous established startups are switching from traditional offices. They have heard and acknowledged the expectations of the workforce which have resulted in high demand for commercial office spaces for lease. Entrepreneurs have understood the benefits of acquiring managed office spaces for lease.
- Flexible office spaces are cost-effective
- They offer more flexibility and scope for modification
- Proper utilization of shared resources
- Lease space as per the size of the Organization
- They come with lower risks
- Flexi spaces are easy to maintain
- Businesses get to choose prime locations
- Flexible Office Spaces are Cost-Effective:
One of the primary objectives of the business is to maximize profits by minimizing the costs and waste of resources. The pandemic has changed the whole dynamics of office spaces and it has also created a significant impact on the buying behavior of customers. Large and medium enterprises including budding startups are more interested in leasing office spaces instead of buying them because they are highly cost-efficient. Considering the inflation, recession, and unstable economy, it is wise for entrepreneurs to lease managed office spaces instead of purchasing them.
- They Offer More Flexibility and Scope for Modifications:
Flexibility is one of the most prominent elements which has gained significant popularity and importance in the corporate sector recently. The modern-day workforce is seeking opportunities where they can work with utmost interest without hampering flexibility. On the other hand, many large business entities have already acquired commercial office spaces for lease to fulfill the needs of the workforce. This has helped businesses to implement the modifications with efficiency by revamping the work environment according to the employees’ expectations.
- Proper Utilization of Shared Resources:
A very prominent reason to look for office spaces for lease is “shared resources”. Companies that choose buying instead of leasing will not be able to utilize the resources that are meant to be used by all. In flexible office spaces, shared resources include meeting rooms, cafeterias, pantries, snooze rooms, gaming zones, training rooms, and so on. All these resources are meant to be utilized properly in order to fetch the best possible output from them. Flexible/Managed office spaces ensures that every participant can have easy access to these amenities and utilize them appropriately without facing any hurdles.
- Lease Space as per the Size of the Organization:
Yet another factor which proves that leasing a flexible office space is far better than buying one. In case of purchasing any property, you’ll have to a specific portion no matter what’s the size of your company. This can cause trouble the entrepreneurs in the future if they decide to change the structure and size of the organization. Quite the opposite, if you choose managed commercial office space for lease, then you have the utmost liberty to redesign the size and layout of the organization.
- They come with Lower Risks:
With low cost for operations, proper utilization of resources, and the possibility to remodify the layout, you get these office spaces at a minimal amount of risk. Lower risks involve almost minimal chances of a data breach, the best security for employee safety, and no involvement from outside parties. This help businesses to work round the clock without facing any obstacle at the workplace.
- Flexi Spaces are Easy to Maintain:
If you choose flexible office spaces, then the cost and effort required to maintain the workspace are very nominal. There are many platforms that offer such office spaces where housekeeping and other factors are managed by them only. Whereas, if you’ve decided to buy a particular commercial space then you would need to have a dedicated workforce to manage these tasks.
- Businesses Get to Choose Prime Locations:
Buying office space is indeed a tedious task for entrepreneurs. They need to take care of several elements including the location, transportation facilities, availability of resources, and many more. On the contrary, you can lease flexible office spaces without dedicating this much effort and time to consider these factors. Why? Because a major proportion of these commercial properties are already situated in prime locations that are highly business-centric.
Therefore, these are some of the prominent reasons to choose commercial office space for lease instead of buying them. The office trend is rapidly shifting and it is imperative for businesses to move ahead with these trends.
The co-founder of Smartworks, Mr. Harsh Binani also believes that the trend of coworking and flexible office spaces is about to transform. As we’re approaching towards 2023, employee expectations and experience are going to be very crucial for business growth. The right approach at the moment is to seek continuous development and transformation of workspaces so that companies can attract and retain the best human resources.
