Flex space is a type of office rental solution which offers flexibility in terms of lease length and size of space. Unlike its traditional counterpart, flex space provides an adaptable solution, allowing companies to scale up or down based on their needs, and even providing a blend of private and shared spaces. This type of flexibility is perfect for startups or even larger corporations looking for short or long-term space.
What are the Types of Flex Space?
1. Private Serviced Offices: These are fully equipped offices which are lockable. They provide a private workspace with access to shared amenities in the building, such as kitchens and reception areas.
2. Coworking Spaces: These are shared offices where employees from different companies share a workspace. They also have access to shared amenities onsite such as meeting rooms and lounges.
There are two types of coworking, hot desking or a dedicated desk. Hot desking involves multiple employees using a single workstation, whereas a dedicated desk is a workstation which is dedicated to one employee.
3. Virtual Offices: Businesses that don’t require physical office space but need a business address, call handling and access to meeting rooms, will find a virtual office ideal.
Comparing Types of Flex Space
Dedicated Desks
Personalisation and Stability: Dedicated desks allow employees to have their own permanent workspace which offers stability and the chance to personalise their space.
Storage and Privacy: Employees have more privacy and storage options when renting a dedicated desk.
Cost: Dedicated desks are generally more expensive than a hot desk as they are a personal, reserved space.
Hot Desks
Flexibility and Space Efficiency: As employees aren’t assigned a dedicated desk, hot desking can be beneficial for companies with part-time workers as it allows companies to only use the space they need.
Collaboration: Working alongside different colleagues each day encourages networking and collaboration among companies and employees.
Cost-effectiveness: Hot desks can be rented on a daily basis, cutting down on excess space.
Private Serviced Offices
Privacy and Consistency: Private offices offer a dedicated workspace for businesses which is secure and provides consistency.
Cost: Private serviced offices are generally more expensive than other flex spaces.
Pricing of Different Types of Flexible Office Space
The pricing of flex spaces depends on the location, amenities, and the type of space. Coworking spaces are generally more budget-friendly and perfect for startups or smaller teams. Hybrid and private offices offer a host of onsite amenities and privacy which tends to be pricier but offers greater value for money for larger businesses.
• Virtual Offices: These are the cheapest type of flex space as they don’t include a physical office space. Pricing can range from £50 to £200 per month, depending on the services included.
• Coworking Spaces: In major UK cities, these spaces can range from £100 to £500 per desk per month.
• Private Offices: A desk in a private serviced office can cost anywhere from £100 (north England) to £1400 (prime Mayfair).
Flex space has brought a new solution to the office rental industry, providing businesses with flexibility, cost-effectiveness, and convenience. With a variety of types available, companies can choose the best fit for their needs and budget.
