There are different ways businesses can make their work space more flexible to suit their needs, and that of their employees. Activity-based working, hot-desking and work from home options are just a few. But these rely on businesses – tenants – taking matters into their own hands.
Providing flexible short-term tenancy options are a way that landlords can play a part too. It can also be the deciding factor in keeping a valued customer, or watching powerless as they walk out the door.
There are many reasons businesses might need to grow their team and resources quickly, and it can often be for an uncertain timeframe. It might be a new project, tender opportunity, churn space or rapid expansion. They may need time to assess their future accommodation requirements or require a bridge-over time.
If a landlord can offer a convenient stop-gap for businesses to easily manage a rapid change in their accommodation needs, they can cement long-term relationships with their customers. They can also position their buildings as more attractive in the market.
To integrate short-term office accommodation options for tenants into existing buildings and precincts takes foresight and requires research. Accessing this space must be able to be done at a moment’s notice, with leases and other paperwork able to be executed quickly.
We have incorporated a new short-term flexible tenancy strategy, Flex by ISPT, in Central Plaza in Brisbane. There are 88 work points in a modular fitout with the potential to be subdivided further.
Lease terms are from one to 12 months and once their IT has been configured, teams can simply arrive, plug in and start working. There are meeting rooms, breakout spaces, lockers and writeable walls – everything you would expect to see in a contemporary work place. We will roll the initiative out in George Place in Sydney CBD and Casselden in Melbourne too.
It’s about ensuring out tenants can more effectively manage the ebbs and flows of a rapidly changing business and economic landscape, by accessing flexible and fully fitted A Grade commercial space straight away, irrespective of the terms of their existing tenancy arrangements.
Short-term tenancies go beyond co-working spaces and serviced offices because they are a private and secure space provided by landlords specifically for their tenants.
Customers might need to locate a team of 20 to 100 people at short notice. Previously, their best option was a time consuming search of the market for sub-lease space.
A well-executed short-term tenancy offer means they can expand in their existing building, with their landlord, quickly and easily. It also means they need not look elsewhere.
Michelle McNally is the general manager, commercial services at ISPT.