As companies look towards finding a reliable and rewarding workspace solution, the flexible office space concept is finding enough takers even as it bridges work-from-home and work at the office.
Work. The very idea of work has changed
With all the things that the pandemic brought – the very meaning of ‘workspace’ has got an uplift of sorts. As we speak, the workspace concept continues to see further changes and evolve. Corporates are looking at various office-space options, and flexible office spaces seem to fit the bill in more ways than imagined. As per a KPMG study, more than two-thirds of CEOs (68%) from large companies plan to downsize their current office spaces.
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Bridging home and office
Pandemic just about disrupted every business sector and forced corporates to rethink how work needs to be taken forward. Work-from-home was the most significant change and takeaway for corporates as it helped them get back on their feet and running.
But the pertinent question is, for how long? Many employees desperately want to get back to the office. Reports highlight that people experience burnout during work and wish to break away from the monotonous work style. While that might sound normal, it isn’t easy to move to the office. Putting Covid-19 measures and safety protocols in place with manpower to implement them around the clock for a handful of employees is an arduous and expensive task, making it difficult for companies to open big offices.
It’s here that flexible workspaces fit the bill and come in handy.
How can flexible office spaces be the middle ground?
Facilitating flexibility & Scalability As we all want to look beyond covid-19 businesses are still looking at how the current WFH dynamic will impact their long-term business strategies and employees well-being. For big businesses- agility, behavioural changes such as physical distancing, term flexibility and service offering are of key importance. And with office spaces increasingly competing for customers and tenants alike, these businesses could be benefited from considering flexible office spaces as part of their strategy to attract and retain talents.
There are ways to flexible office spaces that can work in your favors and provide you with the desired scalability and flexibility. Ultimately, flexible spaces are solutions to several trends that have been accelerated by the pandemic resurgence- de-consolidation of office spaces, new office spaces in new markets. From the location of the office space to the style of space design you want, to the type of technology integration- Flexible office space has become an incredibly valuable asset.
Adopting a flexible office space concept further, allows companies to strike a balance between work-from-home and work-at-office. In this way, companies achieve the dual objectives of ensuring good productivity and ensuring employee delight by giving them the freedom to choose options as per need.
One of the underlying benefits and a primary reason for adopting a flexible office space is cost savings. Companies can now look at flexible workspaces that would allow them to save huge amounts on rentals as it’s financially unwise to maintain large office spaces for longer leases while employees are working from home. Another area where companies can save on costs is the commuting expenses of employees in the form of cab facilities – as the need to come to the office reduces, so do these dependant costs.
Digitally enabled environment
According to the latest market reports published by Markets and Markets, the expected market growth for digitally Smart Managed Spaces is forecasted at a CAGR of 18.5%, leading to USD 19,802 million by 2024. AI, IoT, in-house apps, contactless experiences, digital experiences have become central to the functioning of the future workspace. Digital access, IoT-enabled meeting room booking or coffee dispensers, Digital Pantry and Smart Parking Systems are few features in workspaces of the future. The tech developments have become quintessential in today’s era, and managed workspace providers can help organizations increase brand attractiveness and offer a futuristic working experience to their employees.
Promotes collaboration and innovation
One of the key features of a managed office workspace is the customizable design. Certain office sections are customized—like setting up smaller meeting rooms for lower employee count, collaboration or ideation rooms, and phone booths for those one-on-one business calls. This allows people to pick areas keeping the workplace dynamics inflow and fostering employee collaboration across teams. The shared working environment also promotes networking among people from diverse background with different skills leading to newer ideas and solutions.
Work-from-home isn’t meant for everyone or every job role. It has more barriers to continued productivity, as employees cannot focus due to distractions at home. On the other hand, managed office spaces offer spaces aesthetic decor, biophilic design, the highest levels of preventive measures for workspace hygiene and modern amenities that boost productivity, enhance mood, and improve concentration.
Today, flexible office spaces have emerged as an attractive third space that is neither a person’s home nor traditional crowded office spaces. The philosophy and benefits of flexible spaces are beyond just being a piece of real estate – it is an experience.