What are the advantages of flexible working space for my business?

Flexible space is something that not only appeals to start-ups, but also to well-established large corporate firms. Whether you're a large global business looking for some temporary project space or a satellite office, a start-up looking for your first home in a new and exciting environment, flexible working spaces can provide considerable benefits.

There are a vast amount of exciting flexible spaces cropping up in the UK market, particularly in the major cities. So why is it that so many companies are choosing flexible working spaces nowadays?

Flexible terms

Another advantage that's helping to entice companies to use flexible working spaces is that there are no fixed contracts. The majority of conventional offices require signing up to a minimum of a two or three-year lease (more often at least five) which isn’t always suitable for fast-growing businesses.

Room to grow

A license rather than a lease allows greater flexibility for companies to grow, as they can easily increase or decrease their space as their business changes. This can also be particularly useful for companies that need temporary project space, or companies that want to try out a new location. Terms are designed to be simple and transparent, helping to make the transition process as efficient as possible.

A boost for staff

Many new flexible work spaces are designed to encourage employee productivity and creativity. By working in an environment that encourages collaboration, individuals can bounce ideas around with their colleagues, increasing employee engagement and boosting creativity.

Keeping costs down

Flexible working space also means you can reduce your costs, as you can streamline your office space by only having the number of desks you currently require. As well as this, you have the freedom to easily obtain extra desks as and when you need them.

Monthly inclusive rates are fixed, meaning occupiers benefit from being able to clearly forecast their monthly expenditure and outgoings. The American Express BlueWork program, which is the adoption of a flexible workspace strategy across their businesses, not only improved worker productivity but also saved between $10-15 million in real estate costs.

A stress-free move

Flexible working spaces are hassle-free. With these types of spaces you avoid the stresses that come with getting a new office up and running. As many flexible working spaces are serviced, you don’t have to worry about organizing internet connectivity, electricity, booking a cleaner or even hiring a receptionist. This means there are also no large fit-out costs – all the furniture is already installed, meaning you can move in quickly and easily.

There also aren't any ongoing operational costs – it's all part of your rent, and at the end you don't have to worry about dilapidations, you just move out. This makes for a very efficient, hassle-free process.

Meet and greet

There are typically great networking opportunities available within shared offices. Working alongside other companies can provide valuable networking opportunities that may just help to grow your business network. Many of these spaces also schedule regular events to help provide a sense of community within the workplace.

A more attractive prospect

It has also been proven that providing employees with a flexible working space can make a significant impact on attracting talent and retaining employees. A recent survey conducted by the Society for Human Resource Management (SHRM) found that 58% of human resource professionals state that flexibility is the most effective way to attract new talent. 

If you think a flexible work space is for you, get in touch with Workthere today. As part of Savills, we'll help you find a space that works for your business, providing expert, impartial advice along the way.