In order to compete and thrive in a dynamic economy, companies need to be ready to adapt to their changing environment. Flex space offers companies that require flexibility in their workspace the ability to easily expand or contract.
What is Flex Space?
Flex space is a type of industrial property that contains more office buildout than traditional industrial space. Flex property is considered “flexible” because it can cover a broad range of uses while giving tenants flexibility in how the square footage of the property is utilized. These types of properties typically contain at least 25 percent office space with the remaining space dedicated to warehouse use.
Flex property is designed to maximize efficiency and adaptability. This kind of industrial real estate can significantly benefit companies that want to customize their space to meet their unique business needs without spending too much money on remodeling costs. Aside from cost-efficiency and versatility, flex property offers plenty of other considerable benefits to companies.
Advantages of Flex Property
Customizable
Flex spaces can adjust to many different business models and also offer flexibility for growth or change. They are typically build-to-suit, which allows the tenant to decide how to remodel for their needs. Adaptability is extremely valuable for new start-ups, as it prevents them from having to move in the future, reducing conversion costs.
Higher Parking Ratios
Flex properties typically have higher parking ratios than industrial warehouse buildings to accommodate office employees.
Convenient Location
Flex space is often found in convenient, accessible suburban business parks or near other office complexes, unlike industrial space that is usually situated in a distant, rural area. A convenient location is an attractive feature for both employees and clients.
Ceiling Height
Flex warehouses usually have ceiling heights between 12 feet and 16 feet, making them ideal for storage and distribution needs but also very adaptable for regular office settings.
Reduced Overhead Costs
Industrial flex space greatly reduces manufacturing overhead costs for corporations. Flex properties often have affordable leases and more flexible terms for less risk. They’re also typically valued at lower numbers than conventional office buildings, lowering real estate taxes.