I recently wrote about how flexible office space lets you grow your flex members into prime tenants and save a ton of money in the process. But there’s a flip side to that coin, and it’s equally beneficial to you: the right flexible office partner can actually help you fill new vacancies elsewhere in your building, letting you get new tenants quicker and beginning generating revenue from that space faster.
Here’s a real-world example to show you how it works.
Addressing Vacancies and Downsizing in Urban Markets
If you’ve read any of my past articles, you probably know that I’m fairly adamant that the suburbs are the future of flexible workspace.
I base this on the fact that, when it comes to traditional office space, we’re seeing a lot more vacancies in urban markets, the return to work is happening slower there, and there are a lot of tenants looking to downsize.
So, in one of our urban locations, the building owner found themselves with 30,000 square feet of vacant space.
And we decided to reach out and see if we could find a solution.
Adapting Space to Meet the Market
We’re seeing a trend taking shape in the office space market: commercial tenants who once had between 10,000 and 15,000 square feet of space now only want or need 3,000 or 4,000 square feet.
Understanding that, we proposed to the building owner that they let us take their 30,000 square feet and break it down into smaller spaces to meet the demands of the market.
Turning Vacant Space Into Profitable Flex Space
Essentially, we told the landlord we would help them do a few things, including:
- Light their suite up with WiFi
- Freshen it up with new paint, furniture, hardware, and a few upgrades
- Break the suite up into smaller spaces
- Allocate some marketing dollars that we use for Launch to promote our new, smaller spaces
- Take prospective members on tours of the space
The end result was the creation of a number of smaller plug-and-play suites that tenants could pick up on flexible terms with a six-page license agreement from Launch rather than a 40-page commercial lease from the building owner.
And that’s exactly what happened: we were able to start generating revenue from that space rather than leaving it to sit empty.
The Benefit of a Real Flex Office Partnership
I talk a lot about how flexible office space operators should be your true partners, and this is exactly why.
At Launch, we’re not just looking for new commercial spaces to fill. We’re also maintaining ongoing relationships with our partners, proactively watching what’s going on in the market, monitoring how things are going in the building, and seeking new opportunities for our existing partners.
We work with owners to fill open spaces in their buildings.
If you’re a building owner and you’re not working with a partner that takes this approach, you’re missing an opportunity.
By maintaining ongoing and open relationships with our partners, we’re able to proactively find ways to help them generate more revenue.
So, if you want to learn a bit more about our managed model and how we act as true partners for commercial landlords and property owners, don’t hesitate to get in touch with me today. I’d be happy to talk you through our managed model and the benefits it can offer you.
