A New Flexible: The Future of Renting Offices
One thing is certain for many of us – how we work has changed forever. When we think of the post Covid era, the conversation mostly goes to the fact more people are working from home than ever before, especially in industries such as Finance, where this would have been unthinkable before the pandemic. However, many more types of workers – and businesses – are evolving to this new landscape, whether it’s finding the right mix of hybrid working (time at home, time in the office), the ramifications of isolation and the lack of bonding with colleagues, our expectations about brick and mortar businesses as employees, customers or clients, and ultimately how we value – and harness – physical spaces to do our business in.
At Big Yellow, the way people are renting our offices is changing too, even if our flexible attitude to office space hasn't.
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Communal office work space
As Alex, the manager of our Guildford Slyfield store, explains: “Companies with 5-8 staff would have historically had to rent an office to provide desks for everyone. Now, they might have three desks to share.” Desk hopping isn’t new, but the way the office space is shared can be. “Communal office work space is now often a place for meetings and relationship building, with less emphasis on actual core productivity,” notes Jehad, manager at our store in Staples Corner. “We currently have a construction company that rents one of our flexi offices for morning meetings, to make coffee and get everyone on the same page, before heading out to the nearby building site.”
Flexibility is key
It seems flexibility is key. “Small companies and startups may be working from home more,” continues Jehad, “but eventually you start to outgrow your flat and need an actual office – to take on staff, or your spouse gets tired of tripping over boxes and you decide you need a dedicated warehouse space.” That’s where Big Yellow excels. “Having storage nearby to the office you rent is a big draw,” confirms Alex, “businesses can use our fork lifts to move and unpack pallets, and having stock so close to your workspace has lots of benefits, especially with deliveries and the turning round of product.”
Companies that want flexibility. Those who need storage, or a storage/work blend. We have a vintage clothing retailer, they often work in the storage space itself, sorting and preparing garments to send out. It really suits them.
Evolving businesses
Customer-facing businesses are evolving too. “We have an Estate Agent renting an office, which would have been unusual a few years back,” Jehad notes. “Traditionally, that type of business was very prominently on a high street, with shop fronts, massive branding – but now all that can be done virtually, so there’s less need for the customer-facing showroom office.” This makes sense, it’s common to find a business online, and communicate with them via email or chat, and as long as we get great service, we don’t question the quality of this interaction, especially if it’s reflected in the cost.
Competitive Businesses
Businesses are looking for smart ways to stay lean and competitive, and renting only the office space they need is key. “We’re seeing a lot of businesses coming down the pipe – downsizing to cut costs and physical office square footage – and those expanding again, especially people outgrowing home offices. The first time your cat walks on your keyboard and sends an email is cute, but eventually the novelty wears off,” he adds, with a laugh. But it’s a big jump, expense wise, from home to office space. “Businesses going up the pipe are very price conscious.” He agrees. “They’re attracted to Big Yellow because there’s no contract when renting our offices, they’re not having to commit to a long lease. There’s also no business rates to pay, which can save a considerable amount of money. This helps make the leap.”
Changing types of businesses
What about the types of businesses, is that changing too? It’s still a real mix. “We have eCommerce and taxi companies, cleaning businesses, CCTV, a cabling company,” says Alex. “It’s diverse,” Jehad concurs. “Companies that want flexibility. Those who need storage, or a storage/work blend. We have a vintage clothing retailer, they often work in the storage space itself, sorting and preparing garments to send out. It really suits them.”
Scaling your business
And where is this evolution of work and offices heading next? It’s impossible to say for sure, but one thing is certain, the more adaptive your business – being able to upsize or downsize your office, smart business storage, not being locked into long contracts – the better you can ride the wave of certain change.
