As businesses grow, they often outgrow their original office space. At that point, they have three options: expand into more business space, move to a new location, or lease flex space. Flex space is a relatively new option in the commercial real estate market, and it has many benefits that make it an appealing choice for businesses of all sizes. In this article, we’ll explore what flex space is, the benefits of using it, and how to find and lease flex space for your business.
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What is Flex Space?
Flex space is a term used to describe a variety of commercial real estate properties that can be adapted to the specific needs of a tenant. A flex space is a mix of warehouse space and office/retail space. These units generally have a higher ceiling height, such as a loading dock or warehouse door, than a standard storage containers. Flex spaces are usually leased, as opposed to being owned outright by a business. This type of space is becoming increasingly popular among businesses of all sizes, from small startups to large corporations.
What Exactly Is Flex Office Space?
A flexible workstation is a shared office environment or flex space. A flexible workspace is an office area with a variety of innovative desk configurations. Various types of workspaces include Hot Desks: non-fixed desks or workspaces that any employee may use. This gives business owners the ability to reconfigure the office as their business grows.
Who uses Flex Space?
The type of businesses that use flex space varies, but there are some commonalities among them. Many businesses that use flex space are small businesses or startups. This is because flex space is often more affordable than traditional business space, and it offers more flexibility in terms of lease terms and amenities.
Another type of business that commonly uses flex space is a business with a mobile workforce. For businesses with employees who travel or work remotely, flex space can be a convenient and cost-effective way to maintain a presence in multiple locations.
Research and Development Teams
R&D Teams often need space to test products or prototypes. They also need a place to store materials and supplies. Flex space is often a good option for R&D teams, as it provides the flexibility to change the layout of the space as needed, and it’s usually more affordable than traditional office space.
Advantages of Flex Spaces
There are many advantages of flex space, which is why it’s becoming increasingly popular among businesses of all sizes. Some of the key benefits of flex space include:
Scalability
One of the biggest advantages of flex space is that it’s scalable. This means that businesses can lease as much or as little space as they need. Flex spaces offer your business the ability to grow or contract their day-to-day operations depending on changing circumstances. If you need more office space for expansion, just call up our team! On another hand, if it’s time-saving and cost-effective decision-making that brings about a change in location – we got this covered too with custom-designed Flex Working Spaces across multiple dimensions which can be altered as needed without any major renovations.
A Sense of Community
Another advantage of flex space is that it often comes with a built-in community of like-minded people. This can be beneficial for networking and collaboration. Many flex spaces have common areas where tenants can gather to work or socialize. This sense of community can also make flex spaces more fun and enjoyable to work in. Compared to remote working, flex space provides the opportunity to collaborate with other people in person which can lead to improved efficiency and creativity.
Contract Flexibility
Another advantage of flex space is that it offers more flexibility in terms of lease terms. Many flex spaces offer month-to-month or shorter-term leases, which can be beneficial for businesses that are growing or downsizing. Traditional office space often requires a long-term lease, which can be inflexible for businesses that are expanding or contracting. In a world of uncertainties, flex space gives you unparalleled control and the ability to pivot quickly to take advantage of new opportunities.
Space Flexibility
Another advantage of flex space is that it’s often more flexible in terms of the layout and design of the space. This can be beneficial for businesses that need to change the layout of their office frequently. It allows the tenant to use space for a variety of purposes, such as meetings, events, or storage. Traditional office space is often more rigid than flexible space because it’s designed for a specific purpose.
Improved Networking
One of the key benefits of flex space is that it offers improved networking and collaboration opportunities. This is because flex spaces often have common areas where tenants can gather to work or socialize. This sense of community can lead to better networking and collaboration. The opportunity to brainstorm ideas with like-minded people can also lead to better creativity and problem-solving.
Great for Local Small Businesses
Flex space is also a great option for local small businesses. This is because flex spaces offer the ability to lease as much or as little space as you need. This can be beneficial for businesses that are just starting out or businesses that are downsizing. Traditional office space often requires a long-term lease, which can be inflexible for businesses that are expanding or contracting.
Shared Amenities
Another advantage of flex space that doesn’t exist in traditional space is that it offers the ability to share amenities. This can be beneficial for businesses that want to save on costs. Many flex spaces have common areas where tenants can share amenities, such as meeting rooms, lounges, Wi-Fi, parking space, and restrooms. This can lead to lower costs for businesses that use these shared amenities.
Little To No Initial Costs
As opposed to traditional office space, flex space requires little to no initial investment. This is because flex space is often turn-key and ready to use. Traditional office space often requires a long-term lease, which can be inflexible for businesses that are expanding or contracting. Furthermore, traditional office space often requires build-out costs, which can be expensive.
Disadvantages of Flex Space
Although there are many advantages of flex space, there are also some disadvantages that should be considered. The following are some of the key disadvantages of flex space:
Less Privacy
One of the key disadvantages of flex space is that it offers less privacy than traditional office space. This is because flex spaces often have common areas where tenants
When more than one company shares a common space, it can lead to less privacy for tenants.
Potential Distractions
Another disadvantage of flex space is that it has the potential to be more distracting than traditional office space. This is because there are often more people around and more opportunities for socializing. This can lead to decreased productivity and other issues.
Leasing Flex Space
When leasing flex space, there are a few things that you should keep in mind. The following are some tips for leasing flex space:
Location
One of the key things to consider when leasing flex space is the location. Flex space is often located in areas that are different from traditional office space. This is because flex space is often located in areas that are more creative or less expensive. It’s important to consider the location of the flex space and whether it’s a good fit for your business.
Size
Another thing to consider when leasing flex space is the size of the space. Flex space is often leased by the square foot, so it’s important to consider how much space you need. This is especially important for businesses that are expanding or contracting.
Cost
The cost of flex space is often different from the cost of traditional office space. Flex space is often less expensive than traditional office space. However, it’s important to consider the amenities and features that are included in the cost of the flex space.
Flex Space Tips
To get the most out of flex space, there are a few things that you should keep in mind. The following are some tips for using flex space:
Be Flexible
One of the key things to remember when using flex space is to be flexible. This is because flex space is often less formal than traditional office space. This means that you should be prepared to change the way you work to fit the space.
Be Social
Another thing to remember when using flex space is to be social. This is because flex space is often designed for collaboration and networking. This means that you should take advantage of the opportunity to meet new people and collaborate with others.
Flex Space in Los Angeles
There are many flex spaces in Los Angeles and surrounding cities. If you’re interested in finding the right flex space for your business, get in touch with us, we can help. We will help you locate the perfect flex space for your business needs.
Flex Space FAQs
The Bottom Line
Flex space is becoming increasingly popular. Flex space is defined as commercial real estate that is designed to be adaptable to the changing needs of businesses. It’s a. great option for expanding or contracting businesses. However, there are some things to consider when looking into flex spaces. Flex space is often less formal than traditional office space and located in areas that may not make sense for your business needs. When you’re considering leasing flex space it’s important to think about location, size, cost, and if the amenities included making sense for your business.
If you’re considering flex space for your business, contact us at Tolj Commercial for assistance. We have the experience and market knowledge to help you find the perfect flex space for you in the Los Angeles area.
