The Future Of Flexible Offices

The future of the workplace is uncertain, as it always has been to an extent. Now, as companies emerge from an unprecedented year or so, flexible offices are primed to be the ideal choice for tenants and investors who see it as a solution to their needs.

“One of the key outcomes from the pandemic is that a balanced portfolio and mix of long- and short-term space provide the greatest risk protection for business volatility,” said Beth Moore, SVP of client experience at Colliers. “Also, companies are looking to flex space to exit longer-term space commitments if employees are not coming back to the office 100 percent of the time.”

Although the benefits of flexible offices include efficient use of space and reduced risk due to short-term leases, they also have monetary value. In fact, Colliers recently worked with a company to incorporate a hybrid space into their operations, which led to savings of 66% over the course of eight years.

Will Burchfield, VP and head of Flex Advisory at Colliers, added that operators and landlords need to prioritize tenant choice and flexibility. 

“Tenants thrive on choice, and with post-pandemic needs for an array of space, having a portion of your portfolio dedicated solely to this concept remains essential,” said Burchfield.

One of the most surprising trends to have emerged in recent months is the amount of landlords delving into the flex space sector according to both Moore and Burchfield. However, due to numerous tenants exiting their leases during the pandemic, landlords were forced to reconcile with the growing demand for flexibility.