The professional world looks a lot of different post pandemic than it was before. Once upon a time commercial spaces were abuzz day-in-and-out. But then people found their personal productivity zone at their homes—the home offices.
While people’s working style changes, what drastically changes was the workspace industry. People now prefer flexible office space rather than having a traditional cubicle.
At such times, flexibility became a key factor for both employees and employers alike. While employees prefer an office space that offers flexibility in terms of commute, work-hours, etc.
Employers opt for workspaces that have lesser commitments, more features and less expenses.
Managed offices fit into the puzzle of changing needs for both employees and employers. These kinds of offices were especially favourable for large scale enterprises and corporations.
What are Managed Office Spaces?
A managed office space is a workspace that is customised by a service provider to meet all your workspace requirements.
Imagine not having to hunt for workspaces, negotiating leases, spending on office supplies, and amenities. A managed office space helps you with just that. The spaces are branded to give you a feel of owned office spaces and you do not have to share them with other businesses.
Working Spaces are essential yet Risky
It is quite important that, as your company grows, you would need an environment that would support its growth. From having a space that illuminates a brand’s vision to creating an environment that would enhance productivity, a company needs it all.
Owning an office can be excruciating and expensive with all the operational hassles and overhead costs. Your business can be quite new and may have uncertainty that would make you want to steer clear from long term commitments to one location.
If your company is exploring a new market or is on the verge of expanding, you would not want to jump directly and rent out an office. Co-working spaces have been quite attractive for a while now but they struggle with prioritizing branding, privacy, and security.
This is why managed office spaces would be the next big thing in the entrepreneurial world as they offer both flexibility and affordability.
Problems a Managed Office Space can solve
Privacy and security are two key differences that separate Managed office from a coworking space. With a managed office space, you do not have to share your office with any other business.
With coworking spaces, a company often does not get the freedom to choose a location or even the building of its choice. While at the managed office space, everything from an internet provider, interior, and branding to location and building, the company decides what to choose.
Which gives them greater flexibility to customise the office space as per the requirement of their employees and the company as well.
Branding your Business
Although coworking spaces offer space and cost flexibility, they do not offer a dedicated space for a company. While owning a part in the coworking space, you cannot brand it as your own, however, when using a managed office space, you have the control to do so.
It is true that a working space has a role in a company’s branding and impacts the way vendors, and employees perceive the company. Many managed office spaces work with you to personalize your space which will promote your brand and corporate identity.
You can throw in all the elements that would boost this in a managed space while keeping your expensive costs at bay.
Reduced overhead Costs
Managing a physical office on your own can be quite expensive. It is quite true that many new corporate occupiers are re-evaluating their funds towards real estate assets especially after this global pandemic.
Overhead costs, leases, rentals, and other operating expenses can drain not only the funds but also one’s physical energy. With managed office spaces, you not only have the control over your office but your task will also be reduced to only routine payment.
Since managed office spaces are cost-effective and hassle-free, you can accumulate all this energy into expanding your business efficiently. When you are planning on expanding your business to new places, you can brief your service provider about your requirements and they will get the space ready for you.
According to what businesses require, many service providers offer the ability to scale up or scale down, ensuring that the businesses spend for only as much as they utilize.
Privacy and Security
At a coworking space, members often mingle with other community members. While networking is seen as an advantage, some businesses may not prefer it. When a company wants to preserve their company culture and even information, coworking spaces might not be the top choice.
Although privacy and security is provided at coworking spaces, for larger organizations it is not enough.
Managed office spaces allow more of these. A managed office space, on the other hand, allows you to hold full control over privacy and security issues. You are allowed to set the terms on who can access the space and how your network and IT infrastructure are set up.
You can also reserve the company culture and information access, that is only limited for the employees of the company.
Prime and well Connected Locations
This global pandemic has gotten all corporate entrepreneurs walking on thin ice. If you are a small business, you can get a managed office in a location that would be easier for your employees to commute to.
The location of the office, surprisingly, is more crucial than what entrepreneurs imagine. A more accessible and well-connected location definitely catalyses an office’s long term growth.
Operational tasks are one of the major disadvantages of renting your own office space. It can take a lot of effort to up-keep an office space and monitor it. A managed office space reduces this as the operational and technical chores are usually managed by the space provider.
You can fully focus this energy towards scaling your company and making it successful.
Controlled Operational Expenses
Since all the costs are unified and paid on a fixed cycle, managed office spaces allow you to easily map overhead costs. This helps you to keep a track of everything and organize funds better.
Having an office in a prime location can also add up to an employee’s work experience. You are achieving all this while paying a cost-effective price.
Reduced Initial Investment and CapEx
When a company is initially setting up a personal office, it may need to invest a large chunk of its funds in acquiring the real estate and arranging the office.
Add in the additional expenses like technology, interiors, furniture, equipements, compliances, etc. A good portion of their initial investment would also go towards repairing, and other maintenance related work.
All of this is reduced to a single bill solution when you lease a managed office space. Your service provider gets things done for you without any upfront capital investment.
Branding can have a great impact on the company’s culture. A managed office space, unlike a coworking space, is built and customised according to a business’s needs. Apart from this, all these amenities built inside can be exclusive to your brand.
You have the full flexibility to use it as you please. From design, furniture, to colours, you will be able to get the office that would suit your brand’s image and voice.
So, Are Managed Offices the Next Big Thing?
There are different office spaces – Traditional, Co-working, and managed office spaces. Based on what your office needs, you can choose the best for your company.
With reduced lease liability, fixed costs, flexibility, and support team, managed office spaces have proven to be an ideal option for large scale industries and corporations. Especially in unprecedented times like today.
It is predicted that, by 2023, both demand and supply for managed offices would increase. The office space solution is also predicted to become more preferable by startups and medium scale businesses as well.
The freedom to scale up and down the office at a managed office is seen as a key factor behind this transition.
In a very short time-span managed offices have come a long way, and flexibility has played a huge role in this journey.