In an era of growing global uncertainty and rising work flexibility expectations following the pandemic, businesses are steadily migrating away from conventional fixed-term leases to shared office spaces. With excessive costs associated with office real estate contracts and fit-outs, the flexible, scalable solutions offered by these shared working environments are becoming increasingly appealing to entrepreneurs.
Chris Butt, cofounder and global CEO of Figari, a premium flexible office space brand, said, “The future is in flexibility. A good flexible workspace offers a business a great environment and culture set in a dynamic and buzzing ecosystem of flexible working solutions that are productive yet creative and inspirational. Flexible office hubs offer you opportunities for networking and collaboration, with unbeatable convenience and the benefit of shared resources and reduced costs.”
Figari says that, across Australia, businesses are adopting this modern model of working, spurring Figari’s expansion with a new flexible office hub site at Collins Square in Melbourne. Butt noted, “Enquiries and new business onboarding numbers are higher than expected which signals just how rapidly the shift is happening in Australia.”
Figari listed say there are multiple advantages of embracing the flexible office hub model:
Networking is a pivotal aspect of these workspaces. “When a number of businesses come together under one roof, it invariably opens up the opportunity for your business team to interact, collaborate, support and thrive together organically,” Butt explained. Unlike traditional business networking events, these environments foster relationships without time pressures, allowing professionals to interact across diverse disciplines, experiences, and backgrounds.
Shared costs represent another significant benefit of these hubs. The cooperative nature of shared office spaces reduces or, in some cases, eliminates costs like office leasing fees, furniture, building insurance, cleaning, and maintenance. Figari offers these benefits at no extra cost and many shared office spaces provide all-inclusive flat-rate pricing.
Shared resources further enhance the appeal of flexible offices. Butt highlighted that amenities like meeting rooms, breakout rooms, board rooms and printing centres are commonly shared, eliminating the need for resource duplication.
Flexible workspaces also provide significant moral support. Convenient locations, close to shops and natural spaces, positively impact workers’ mental health and well-being. For remote workers and freelancers, these environments offer much-needed social interaction. “Having the structure of going to a place to work offers people the structure of having to leave work,” Butt added.
Local supplier engagement is another aspect that flexible office spaces encourage, benefiting the local economy while enhancing efficiency and reducing logistical risks.
The model has also been observed to improve employee retention, particularly amongst millennials who value workplace flexibility. According to Butt, “Studies have shown that even the occasional use of flexible work arrangements can significantly improve a worker’s workplace satisfaction, translating to higher employee retention.”
Collaborations in such environments can redefine businesses. “The close proximity of a mixture of businesses creates opportunities for businesses to come together in a way that’s mutually beneficial,” Butt said. It also provides startups the chance to team up with larger companies, amplifying their growth potential.
Butt concluded, “Flexible office spaces offer businesses a variety of advantages without the trappings of traditional long-term leases that lock you in at significant cost. Office spaces can be tailored and scaled to meet the needs of growing businesses. This is very important for businesses that need the ability to change their circumstances quickly without being financially penalised.”
As businesses continue to seek adaptability in their operations, the shift towards flexible office spaces reflects the evolving demands of today’s workforce and the future of work.
You can learn more at Figari’s website.