By Bond Collective Staff
Flexible office space isn’t just for freelancers, entrepreneurs, and startups anymore. Businesses of all sizes — even large, multinational companies — can benefit from what this unique workspace option has to offer.
In this article, the experts at Bond Collective discuss how to take advantage of flexible office space to inspire your team, improve your bottom line, and, ultimately, grow your business.
What Is Flexible Office Space?
Flexible office space is an umbrella term used to describe a variety of workspace types that differ from the traditional office model of one business, one space.
In the flexible office space model, numerous businesses, individuals, and teams work alongside each other in a large, communal area. These communal areas often have multiple seating options, including:
First-come, first-served desks (a.k.a. hot desks)
Theoretically, then, within a flexible office space, you could encounter businesses (or teams from businesses) of all sizes — from a large, international company (who perhaps owns the space) right down to a solopreneur just getting started or a freelancer who doesn’t want to work from home or the local coffee shop.
Flexible office space goes by many different names, including:
As the niche for flexible office space continues to grow, other names will undoubtedly emerge, but they all refer to the same thing: a workspace where many different businesses, teams, and individuals work alongside each other, sharing resources, knowledge, and sometimes inspiration.
The Main Types Of Flexible Office Space
Coworking is the use of an office space or other working environment by people who are self-employed or working for different employers, typically so as to share equipment, ideas, and knowledge.
Within each coworking space, you’ll find community spaces, hot desks (available on a first-come, first-served basis), dedicated desks (i.e., reserved), private offices, conference and meeting rooms, private phone booths, and much more.
Executive offices or suites — as their name suggests — feature a layout with more offices than communal spaces. This provides a more private and professional setting than coworking.
Executive suites may still offer public lounge areas, shared technology and infrastructure, and other amenities like coworking spaces, but the executive suite model keeps business activities self-contained and insulated from those not employed by the company.
Incubators may take advantage of the privacy inherent in the execute suite model or opt instead for the more-community-oriented coworking model.
Either way, multiple businesses, individuals, and teams work in close proximity in order to share resources and thrive off each other’s motivation.
Some flexible office spaces — like Bond Collective — combine all the different models into one unique option.
In these types of combination workspaces, you can benefit from the flexibility of choosing to work from a community space, a private office, or a suite of private offices — all on a short-term basis that provides maximum agility for your growing business.
Benefits Of Flexible Office Space
1) Reduced Occupancy Costs
The cost of finding, leasing, and equipping your own office space in today’s market is astronomical. This makes it cost-prohibitive for all but the largest companies.
And whether you own the building or you’re merely renting, the advantages of the flexible office space quickly manifest themselves as reduced occupancy costs.
As an established business, sharing your space with other businesses, teams, and individuals helps you eliminate resources that may have been going unused (i.e., empty offices).
As a nascent business, flexible office spaces give you the opportunity to work from an attractive, fully furnished workspace at a fraction of the cost of leasing your own building.
2) Increased Agility
Whether your business is just getting started or you’ve been at it for many years, growth and decline come in cycles and can strike when you least expect it.
In growth years, you need more employees to handle the load. In other cases, you may need to streamline your workforce so as not to hemorrhage funds that you can put to better use elsewhere.
That’s why it’s vital that your business maintain a modicum of agility. Taking advantage of flexible office space gives you that agility.
Bond Collective, for example, makes it easy to expand or contract your workspace footprint from one month to the next. You can work from a dedicated desk in February and March, upgrade to a private office in April, May, and June, and then downgrade to a first-come-first-served desk in July.
3) No Long-Term Leases
Shackling your new business with a long-term lease can lead to financial difficulties down the road. You can avoid this pitfall by taking advantage of the short-term leases that most flexible office spaces offer their members.
A month-to-month agreement, for example, can save you much-needed funds when the market drops, income goes down, and your staffing needs decrease. In those cases, you can reduce the amount of flexible office space you occupy and save money.
With a long-term lease, you are locked in to a set payment that won’t change as the market changes. That can be a real issue when times get lean and you need to conserve your cash for other, more important expenses.
4) Protection From Market Volatility
As we’ve touched on throughout this list, flexible office space offers a unique benefit that you can’t find in other workspace options: protection from market volatility.
Whether it’s unused square-footage, the need for more or fewer team members, or just conserving capital for the next stage of development, flexible office spaces can protect your business from the ups and downs of your industry.
In a flexible office space like Bond Collective, your business will be more nimble. This ability to react to change — be it good or bad — can give you a leg-up over your competitors who are more exposed to the vicissitudes of the market because their money is tied up in a long-term lease.
5) New Markets
For a growing business, there are few things more nerve-wracking than expanding into new geographic markets. Whether it’s a move across town or across the country, flexible office spaces can help reduce the risk involved in setting up a new base of operations.
With Bond Collective, for example, your Texas-based business can occupy a private office in New York City while it investigates the feasibility of opening a branch in the area.
If the expansion is viable, you can increase your workspace footprint as necessary. If the expansion isn’t viable, you can return to your main headquarters no worse for wear.
You can’t do that with a long-term lease.
Everything You Need In One Place
At Bond Collective, we offer everything you need in one place — coworking space, executive suites, dedicated desks, and incubator space alike.
Whether you want a private office, a suite of offices, or just a place to set your laptop, you’ll find exactly what you’re looking for at any one of our many locations across the United States.
It doesn’t matter if you’re a digital nomad, a lone-wolf entrepreneur, or a team manager for a large corporation, at Bond Collective, everyone enjoys the same expertly designed interiors and industry-leading amenities, such as:
Conference rooms for 2 or 20+
Private meeting and phone booths
Guest reception and greeting
Unlimited black-and-white printing
Fast, reliable WiFi and ethernet
Mail and package handling
Nightly office cleaning
Fresh fruit, snacks, and weekly breakfast
Complimentary spa water, craft beer, and coffee
All of this (and so much more) makes Bond Collective a true turn-key solution for flexible office space that satisfies all of your business needs.
Visit any one of Bond Collective’s many locations in the United States, including workspaces in New York, Pennsylvania, Washington D.C., Illinois, Tennessee, and Texas. Or call us today to find out more about everything we have to offer.
And while you’re at it, schedule a tour to experience first-hand how the boutique work environments at Bond Collective can benefit your business.