Posted on: 21 July 2021
There's no such thing as a "small" commercial project. Even single-story office structures with only a handful of rental units still have many stakeholders, with costs far exceeding most residential projects. As a result, it's crucial to ensure the greatest possible return for your investment of time, money, and effort.
While traditional office spaces are unlikely to vanish entirely, the recent shift to remote work has placed their long-term popularity into question. Therefore, investments in pure office space may seem more risky than usual, at least for as long as it takes companies to decide on permanent working arrangements for their employees. Flex spaces offer a safe and potentially more lucrative alternative.
How Do Flex Spaces Work?
Flex buildings bridge the gap between office and industrial real estate. A flex space can serve multiple roles and allows for those roles to shift over time. While the term might be unfamiliar, the concept of flex space isn't new. If you've ever visited a warehouse with some portion of the structure dedicated to space for office personnel, then you've been inside a flex space.
Dedicated flex space buildings specifically target customers who can benefit from combining office and industrial or logistics operations. By working in a flex space, these companies can streamline their processes and minimize the separation between administration and manufacturing or fulfillment. The adaptable nature of this arrangement also allows these companies to adjust their usage as needed.
Why Should You Consider Developing a Flexible Industrial-Office Structure?
Flex spaces offer three considerable benefits over traditional offices or industrial buildings:
- The ability to target a broader range of tenants
- More open and potentially more hygienic work environments
- Appealing to companies that require in-person operations
These three advantages may make flex space structures a safer investment when the future of in-person office work is so uncertain. Since companies focusing on logistics or manufacturing can utilize these spaces, you're more likely to attract tenants that cannot allow their entire workforce to remain remote. Tenants can also shift their usage as their staffing needs increase or decrease.
Industrial-office flex spaces also work well for companies with partially remote workforces. Since these structures allow nearly any combination of office and floor space, companies can shift their remaining on-site administrative personnel to work more closely with their floor staff. This advantage can make your structure appealing for companies that want to streamline their office space costs.
If you're considering developing one of these versatile structures, always work with a commercial design and build contractor. Flex spaces require careful planning and design to ensure that they can meet the needs of the broadest possible range of tenants.Share