Is renting a temporary office space right for you, your team, and your business?
In 2020, the coronavirus pandemic changed life socially, economically, and culturally on a global scale indelibly, near-instantaneously, and in ways that we are still struggling to comprehend now.
This fact is especially true when it comes to the business world. The traditional ways of doing business, including how companies use offices is changing. Over 60% of the businesses that closed during the pandemic will probably never open again. As of 2020, that might be the equivalent of over 100,000 small businesses.
The advent of social distancing, mandatory lockdowns, and mask mandates has disrupted the usual ways of doing business for the foreseeable future.
Temporary Office Space – The New Normal?
In the near future, offices will need to operate at reduced capacity to adhere to social distancing standards. This has resulted in rotating schedules for employees and a more fluid work environment. The socially distant offices are unlikely to be the permanent state of the future office. But, it appears that telecommuting, hoteling, satellite offices, and shared work spaces will replace a large portion of the “traditional office” setups.
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The office post-COVID will probably be a hybrid model of on-site workers and satellite remote workers.
The remote, telecommuting worker, once a steadily growing fringe concept, will soon become the norm.
Over 41.6% of the available jobs in the United States are remote, telecommuting jobs.
And furthermore, once the pandemic is eradicated or strategically controlled via vaccine, over 54% of Americans would prefer telecommuting work positions.
Investing in temporary office space is now an efficient, cost-cutting, and time saving way to do business.
The future of office space requires flexibility & agility not traditional fixed concepts with long term leases. So, the real question employers should be asking is how quickly can they pivot from traditional office setup to temporary office structures
Now, let’s explore the business benefits of investing in temporary office space.
But first things first – what is a temporary office space?
Temporary Office Space 101
A temporary office space is a rental space for a business to house its employees for a finite period of time. The typical temporary office space utilizes membership agreements not leases and the terms range from month-to-month to annual.
Some operators of temporary office space will even allow your business to rent rooms, desks and office equipment on a daily or hourly basis. Most temporary office spaces offer fixed rates that are all inclusive of amenities, like internet, furniture & conference room access. By comparison, traditional office space leases on a per square foot basis.
The temporary office space industry is here to stay too. The temporary office space industry is projected to be valued at $111.6 billion by 2027.
And there are many benefits to renting a temporary office space.
Need help renting temporary office space? Contact TailoredSpace today.
Social Distancing Mandates
Due to the coronavirus pandemic, most traditional offices now can’t operate at full capacity anyway.
Your business can save money and time by prioritizing essential office space for employees who need to be on site. And then you can designate every employee who can work at home as telecommuting employees.
Your business does not have to lose work hours or money dealing with employees living far away and struggling to get to work on time every day.
Less Overhead Costs
When you factor in the costs of opening an office and covering recurring operating costs, temporary office space will reduce less upfront capital and it will generally be less expensive on a monthly basis.
Startup Business Efficiency
The temporary office space is a boon for long-running businesses who need to downsize physical operations and reassess their future business plans and needs.
Temporary office space rental can also be a boon to small business startups too.
Small business startups don’t exactly know what they need until they need it. It’s cost beneficial for startup businesses to rent a temporary office space until they assess how much space they need. Plus, it reduces the capital costs for cash strapped startups.
Think about it: if you are a startup, you don’t need so much office space until your business operating metrics dictate the need for operational expansion.
A temporary office space is also optimal for sole-proprietors who hire temporary staff on a seasonal or temporary basis.
In 2016, Inc. magazine showcased 125 companies that function as 100% virtual operations with virtual offices.
That means some of the biggest companies in the world, like DuckDuckGo, FlexJobs, GitHub, MoveOn, Mozilla, and the Cheat Sheet, among many, have virtual work offices, vast telecommuting work forces, and non-permanent workspaces.
Less Stress and More Comfort
A temporary office space offers a less stressful working environment for on-site workers.
Also, a temporary office space offers more comfort for on-site workers, more space, and more work space for meetings that must be done in the office and in person.
Aesthetically Inspired Motivation
The aesthetics of traditional and permanent office spaces were static and only changed as often as directed by management.
The aesthetics of contemporary temporary office space rentals are dynamic, modern, and representative of the interior decoration styles of the moment.
The aesthetic vibrancy of your temporary office space rentals is only as limited as your imagination.
Find the Right Temporary Office Space for Your Business Needs
The norms of the traditional business office, established back in the 20th century, are no more.
So, the question isn’t if your business should invest in a temporary office space rental, the question is why hasn’t your business invested in temporary office space already?
If you need help renting a temporary office space, then contact TailoredSpace today.