With a surge in prices and demand for office space, businesses are opting for more flexibiity. Possibly the greatest revolution we’re experiencing in 2022 is flexible office space. Hotdesking has become a favourite. Landlords have embraced this new, revolutionised way of working and have accommodated this new demand. An expample of change prior to the pandemic, would be a landlord who leased a whole floor to one company. But the pandemic forced changes. The company’s employees had to resort to vacating the office and working remotely. Subsequently, the tenant saw no other option but to terminate the lease early. After the pandemic, rather than have an empty floor, the same landlord has had to rethink and turn the floor into a hotdesking platform.
Flexible office space is like an umbrella term for a variety of workspaces. It can be a term in reference to hotdesking, co-working spaces, shared offices or a managed office, which means that the landlord hosts the space and provides office management services. Offices can now be occupied without the usual hassle with utilitiy bills, insurance, etc. Landlords include all of this and even internet connection and cyber security to the monthly rent and lease agreement. Leasing without worrying about utility bills and the expenses of running an office is far more practical and cost effective for many businesses.
Using flexible office spaces brings a multitude of benefits, often shown in the lease terms. There are less restrictions in the leasing terms and more flexibility in relation to the time commitment. Whilst a typical leasing term agreement will require a commitment of 5 to 10 years, flexible work spaces might require 1 year or a monthly rolling contract. Some landlords stipulate the terms ahead of any lease agreement but some are quite flexible and will negotiate. Apart from time commitment, landlords will offer flexibility in relation to office essentials such as furniture and other services. What the tenant wants is to be able to run a business in a fully equipped office with the freedom to end the lease withtout any penalties or complications. Tenants are now looking for flexibility and leases with benefits – all inclusive lease packages.
A property solicitor can draft a lease agreement to accommodate landlords and tenants’ needs. A property solicitor can help both parties negotiate terms that will benefit all. If you’re a landlord or tenant, please get in touch with one of our property solicitors. SG
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