Activate a Flex Workspace in Your Building

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The Shift to Flex and Workspace as a Service

The demand for flexible workspaces has grown significantly in the past years and COVID-19 has only accelerated this trend, making flexible working the new norm. Flex office space is expected to be a key component of any building from now on. In fact, JLL projects that 30% of office space will be consumed in a flexible way in the next few years.

Occupiers now demand more flexibility from their office space provider, a productive work environment, and great in-building experience. Meeting these expectations will be critical for every successful asset owner going forward.

The OfficeRnD platform empowers commercial property owners to make the transition to the workspace as a service model by introducing flex workspace in their buildings.

Options for Enhancing Your Buildings with a Flex Workspace

Occupiers are clearly demanding flex features from office buildings. There are three main options for activating a flex workspace
in your buildings, each with its own benefits.
Option 1
Lease agreement with a flex space operator

This option might be the easiest and most familiar one out there but it definitely isn’t the most profitable or practical one.

Pros
  • Familiar model requiring no change
  • Does not require the enablement of flex operations team and infrastructure
Cons
  • No upside participation – the flex operator captures the entire margin from the retail price
  • Downside exposure – flex operators might still default on lease obligations during difficult times
  • Negative impact on asset value – because of the above point, the asset value might be negatively impacted

See details

Option 2
Management agreement with a flex space operator

This option is better than the first one, because owners will gain a share of the upside under a management agreement. This option may require less change, but it is still limiting.

Pros
  • More balanced exposure to upside and downside
  • Does not require the enablement of flex operations team and infrastructure
Cons
  • Limited space optionality for tenants
  • Partial capturing of the value from the retail workspace offering

See details

Option 3
Managing your own flex workspace

This option might require more resources and some learning, but owners will capture the full value of the retail pricing. That option gives a lot more control over the space.

Pros
  • Capture the full value of the retail workspace pricing
  • Increase space optionality for your tenants who may need to manage overflow or expand in the future
  • Expand service and amenity offerings across the entire asset
Cons
  • Requires initial setup:
    • floor design and fit-out might be needed
    • consulting and property management teams training
    • setting up a flex workspace management software

See details

Managing a Flexible Workspace

There are a few key components to successfully managing a flexible workspace and you might already have most of them!

  • Have the space fitted out with all the infrastructure required for a flexible workspace.
  • Create a business plan that includes the plans and services you will offer, who your target audience is and how you are going to reach it.
  • Level-up your team with some added skills and experience in flex.
  • Take advantage of partners and consultants when you don’t have all the answers.
  • Streamline flex workspace operation with a great software platform that will automate all processes, provide you with valuable data insights and ensure your customers have an exceptional digital experience.

OfficeRnD: A Comprehensive Solution for Managing Flex Workspaces

We provide a an end-to-end solution for Flexible Workspaces, that enables you to:

  • Manage the space with ease: Automate and integrate key building management processes – from access control and printing to bookings and reservations. Take advantage of seamless resource and inventory management as well as interactive floor plans.
  • Streamline all flex operations and eliminate complexities: Consolidate the management of the entire customer lifecycle – from a tour to becoming a customer. Automate the most critical processes in running a flex workspace including bookings, contracts, billing and accounting.
  • Provide the best occupier experience: Enable occupiers to self-service and engage with each other in order to improve their workspace experience and increase satisfaction. OfficeRnD provides all the apps and tools needed for a stellar tenant experience.
  • Gain valuable insights from various analytics and reports: Keep track of your key business metrics with automatically generated reports. Use the data to identify critical problems on time and improve revenue, occupancy, and utilization rates of the flex workspace.
becca briscoe common desk
Becca Briscoe

Product Manager | Common Desk

OfficeRnD has put the power in the hands of our staff and our members in ways that we haven't had before. Everyone has become so much more autonomous and that has been a great place of growth for our company.
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