Office space goes on-demand
Like everything else these days, on-demand services are big – and getting bigger. So, it’s no surprise that a concept that has revolutionized shopping, entertainment, and transportation is rapidly transforming the real estate industry. As companies respond to their employees’ needs for greater flexibility – including work from home options and flex hours – the conventional practices of negotiating long-term leases and providing employees with individual office spaces are quickly becoming obsolete.
On-demand or pay-for-use office space is a new reality for corporate real estate decision-makers. It has risen to the top of the consideration set for numerous companies assessing whether their current office space still fits their needs and what their office of the future should look like.
“Today, when we advise clients seeking new office space, the notion of on-demand or pay-for-use is often part of the strategic planning process,” says Rich Mirliss, managing member and consulting practice leader for CohnReznick Real Estate (CRRE). “Concepts like WeWork and Regus have redefined the way companies approach leasing and workspace planning for today’s mobile workforce.”