Jul 18, 2023

Reasons Behind the Rising Popularity of Flex space in Different Industries

Office Spaces

Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion. - Jack Welch 

With the vision of elevating the office experience, Smartworks began its journey in 2016 as an agile coworking space provider. Today, with an extensive footfall in 13 cities, Smartworks has become India’s largest operator for managed office spaces that caters to large corporates, MNCs, and established businesses from different domains. In recent times, there has been a significant spike in the demand for enterprise office spaces in Tier-1 and Tier-2 cities. This has created a sense of awareness among entrepreneurs as companies are now looking forward to leasing these modern-day workspaces with the motive of reaping all the benefits for the betterment of the business. 

Flexible workspaces are designed to accommodate a large number of employees from a range of businesses by offering the best support to their operations. But the question is, how can a specific workplace strengthen and benefit different business domains? Let’s move ahead and discuss some of the elements that cater to the needs and requirements of sectors: 

7 Fascinating Elements of Managed Workspaces that Benefit Different Business and Industires: 

Managed or enterprise office space solutions plays a crucial role in fulfilling the needs of different industries by providing flexible, well-equipped, and professionally designed workspaces. A recent report by Colliers revealed that the key occupiers for office spaces in Q2 2023 are mainly from Engineering & Manufacturing, BFSI, and Healthcare & Pharma sectors. Technology, Engineering & Manufacturing firms together dominated the office leasing activity contributing 47% during Q2 2023. Flex space leasing saw a 58% YoY increase during the quarter as occupiers continued to use it as a long-term strategy. The leasing activity from engineering, manufacturing, BFSI, and flexible spaces has increased significantly, with a 71% YoY increase in Q2 2023. 

Now, let's come back to the focal point and discuss why businesses are opting for managed workspaces over traditional ones.  

Flexibility at the Core: 
The very first element that attracts different business domains towards managed workspaces is the availability of flexibility at every possible level. Whether it is about the lease terms, or allowing businesses to scale up their operations, flexibility is at the core of these workspaces. This is not only beneficial for startups and small businesses because many MNCs and large domestic enterprises are now looking for managed workplace solutions to streamline processes and maximise opportunities.  

Cost-Effective Solution: 
For industries with budget constraints or companies looking to minimise overhead costs, managed workspaces provide a cost-effective solution. These modern-day enterprise office spaces typically include area maintenance, security services, and shared amenities in a bundled package that reduces the need for separate contracts and individual expenses.  

Infrastructure and Technology: 
Infrastructure and technology are indeed the most prominent factors for any business enterprise. While every business is different and has varied requirements, it is difficult to imagine that any firm is not fascinated by both infrastructure and technology. Managed workspaces are located at prominent commercial hubs, eliminating the possibility of infrastructure-related issues. On the other hand, these workspaces are equipped with world-class amenities such as high-speed internet, IoT-enabled meeting & conference rooms, smart cafeterias & stores, collaboration & gaming zones, snooze & medical rooms, and much more. This eliminates the need for businesses to invest in expensive equipment or infrastructure upfront. 

Networking and Partnership Opportunities: 
Managed workspaces often accommodate multiple businesses from different industries under one roof. This helps in creating a dynamic environment that promotes collaboration, networking, and knowledge-sharing among the tenants. Such activities can lead to new business ideas & partnerships, opportunities for cross-industry collaboration, and access to a diverse talent pool. 

Professional Support Services: 
Not every but many managed office space operators provide on-site administrative and support staff, including receptionists, concierge services, and maintenance personnel. By outsourcing routine administrative tasks, businesses can focus on their core operations.  

Specialised Facilities: 
Certain industries require specific facilities or amenities to operate effectively, for example, EdTech and FinTech. Due to the nature of these industries, companies often look for dedicated cabins and phone booths for the instructors to proceed without any external disturbance. Also, managed office spaces cater to the needs by offering specialised areas like laboratories, research facilities, event areas, or even industry-specific equipment. This allows businesses to easily access resources that are highly expensive and difficult to set up independently. 

Prime Locations and Accessibility: 
Prime location is another distinguished factor that captivates businesses to lease managed workspaces. These enterprise office spaces are often located in prime commercial areas, close to business districts, and transportation hubs. This makes them easily accessible to clients, employees, and partners. Access to convenient transportation options and nearby amenities such as restaurants, cafes, and retail centres add to the overall convenience. 

Managed Office Space Infographics

In summary, managed office spaces play a vital role in catering to the needs of different industries by providing flexible, cost-effective, and well-equipped work environments. They offer a range of services, infrastructure, networking opportunities, and scalability options that can support businesses in various stages of growth and development. So, the time is right to invest in these well-equipped office spaces because flexibility is the new normal, and it will continue to serve different businesses and dominate the commercial real estate segment for a long time.

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