Brevard County is located on Florida’s Space Coast and features many prime locations for property investment opportunities. Researching what makes an ideal location requires being flexible and creative when looking at properties. Changes in technology and shifts in the market mean investors and building owners may find that flex space property provides the best investment opportunities as they consider commercial property.
The term flex space typically describes an industrial space that starts as a warehouse. Then, the investor adds an air-conditioned office or showroom to “flex” the larger into as many smaller spaces as needed. These multi-unit industrial buildings are often called flex spaces because they already have an office or showroom space and a warehouse within the building. 1If you’re looking to expand your investment opportunities, you will want to consider dynamic spaces because they continue to serve companies even in ever-changing markets.
Flex space properties are growing in popularity due to their inherent flexibility. These types of properties are light manufacturing properties that can flex to suit various needs, such as multiple office spaces or open floor plan concepts. The warehouse space provides startup companies time to grow into a location as they gain momentum and expand. Multi-unit industrial buildings are sometimes called flex spaces because they already come with portioned office space.
Flex space property has become a good investment because it opens up the market to medium-sized businesses making these properties lower risk. Flex spaces are accessible to more businesses because the building structures allow for more usable feet of office space and less common space. In addition, renting a portion of a building to shorter lease terms can accommodate renters who want flexibility and may not be ready to commit to longer leases. Let’s explore these benefits further.
The length of an agreement term for commercial leases can vary depending on the type of space and business operations. Traditional office spaces were typically leased over longer periods, usually 7-10 years. On the other hand, flex spaces are more frequently leased in shorter terms, usually ranging from seven months to three years. This type of real estate option is often categorized as ‘flexible’ due to the short lease terms, whether it’s a standard office or a flex space.
Flex office spaces are managed and organized so that multiple companies and businesses can access the same physical space. These flexible spaces have proven especially beneficial for companies who use the internet for their day-to-day operations, as they can make use of shared services instead of having to pay for them individually.
In addition to providing lower costs and flexibility, shared spaces also provide valuable networking opportunities amongst like-minded individuals or professionals from different industries. Coworking environments are becoming increasingly popular among startups and tech entrepreneurs, who often need to collaborate with each other in order to move forward with their projects or ideas. Similarly, those sharing a Flex Space might not necessarily be working on the same project but still benefit from cross-pollinating ideas amongst each other – something which is often difficult to accomplish in a traditional office environment.
Shared amenities are one of the primary advantages of using flex spaces. There is no other office space like it on the market, as traditional office spaces do not have shared amenities that can be used frequently by all tenants in the building. Flex Spaces offer a variety of amenities depending on the type chosen, including businesses with desks and chairs for use, shared Wi-Fi with secure passwords, coffee machines, and lounges. This allows people to take advantage of all these features without having to pay individual costs themselves.
The ability to share amenities cuts down on overheads for those renting or occupying a team or private office in a flex space. These shared benefits result in cost savings, which can prove extremely beneficial when operating a business. The various amenities that are included also create more social interactions within the space community and more collaboration among teams. By having access to free Wi-Fi, free drinks, lounges, and other conveniences, tenants can invite their peers while creating an ideal atmosphere for getting work done collaboratively. This increases employee satisfaction as well as productivity overall, which makes sharing amenities even more vital in today’s competitive business world.
Another way to start a business that requires less upfront capital is to use Flex Spaces. These kinds of spaces provide businesses with all the infrastructure they need right away, such as office design, furniture, and devices. All that is required for a business to use these spaces is an initial payment instead of having to cover the costs of wiring, design, furniture, and devices from scratch. This provides businesses with the opportunity to begin with lower startup capital than what would be needed for setting up a traditional office space.
The most attractive feature of Flex Spaces is its ability to adapt and change quickly. By not being tied down to one purpose or use, Flex Spaces provide organizations with the opportunity to utilize the space in whatever way it is needed at that moment. Not only that, but employees often find these spaces highly conducive to creativity since they can rearrange their workspace on an as-needed basis depending on their project requirements. The versatility of Flex Spaces can help organizations save time and money by converting sections into whatever works best for the current situation without making costly changes or transitioning costs over multiple months or years.
Flex properties are also some of the cheapest options for investors and low-risk investments. Because flex spaces have lower lease terms and are affordable, small and medium-sized businesses are more likely to rent at capacity, so flex buildings almost always stay full. Small businesses are likely to pay on time and keep their office space clean, so maintenance isn’t as costly.
If you’re looking to invest in a flex space property on Florida’s Space Coast, contact Ullian Realty. Our brokers understand the importance of finding the right property for your investment needs. Give us a call to learn more about the Ullian Process and our leasing options.
This article was originally published in July 2020 but has been updated for freshness and accuracy.
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