Generally speaking, office space is one of the largest costs of a company, coming in second (in most cases) only after staff salaries.
Fixed costs like lease, facility management, and utilities are one of the reasons why office space is so expensive. Now, if you take into consideration added costs such as repairs and replacements, renovations to infrastructure, and the like, the cost of not only having, but running and managing an office space gets quite high.
Cost and convenience is actually one of the main advantages of using flexible workspace solutions. You pay only for what you use and you don’t have to worry about additional bills and making sure every corner of the space is running smoothly
However, cost and convenience aren’t the only advantage to flexible workspaces, and we do have to say that traditional office space does have its pros–like being able to design the space as you wish and buy the furniture you like.
Pros of traditional office space
- Customizable (design, furniture, branding)
- Security (cyber, full access control, sensitive information)
- “Less distraction”
- Access to parking
Cons of traditional office space
- Requires large investment/capital
- Fixed, long-term leases
- Maintenance and maintenance staff costs
- Obtaining licenses, permits
- Startup and buildout costs
- Underutilized or unused space
Pros of flexible office space
- Cost saving
- Requires little investment/capital
- Modern design and infrastructure
- Access to cutting-edge technology
- Pay for only what you use
- Included administrative services
- No facility management responsibility
- Helps attract and retain employees
- Networking opportunities
- Provides access to talent
- Drives collaboration
- Flexibility in lease and amount of space (desks) you take up
- Hospitality-focused service and amenities
- Prestigious business address
Cons of flexible workspace
- They can be distracting
- Information security
- Limits on customization and company branding
Each company has different business and workspace needs, and flexible workspaces can easily adapt to these needs, even as they evolve and change with time. The benefits of serviced, hospitality-focused workspaces have been vastly studied and reported in the past years, especially considering the perks and add-on services that these spaces provide for companies of all sizes.
If you’d like more information on the different types of flexible workspaces options in Georgetown and Round Rock, click here.
