Flexible workspaces that were once seen as a rare perk have now become essential for companies looking for agility to stay afloat during the pandemic, and financial services firms should take advantage.

A report from Newmark Knight Frank found that an average city worker has 126 square feet of workspace available within their company’s office space, but physical distancing measures require a minimum of 135 square feet per person. That’s why companies need to ensure that they are meeting these requirements to ensure that employees are comfortable and happy at work.

One of the solutions to this shift in workspace is the adoption of ‘swing spaces’ in which companies can use flexible offices as overflow offices for workers that cannot adequately fit in the company’s main workspace. Despite flexible workspaces having a reputation of being home to those in creative and entrepreneurial industries, financial services firms can stand to reap the benefits of these offices.

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Using a swing space allows employees to come together and collaborate, without bringing in the entire team to the same location and risk having a dangerous, dense office. This also helps alleviate some responsibility of HR and office management teams, allowing them to focus on their headquarters.

The advantages of flexible workspaces go beyond cost savings. Many of these offices also provide a truly professional environment that offers the security those in the financial services industry require. Agility also makes it easier for members to access the space, without the risk of taking out a long-term lease in these uncertain economic times.