Organizations always look out for the scope of development and progress. There can be two ways of incorporating developmental strategies:
Searching for new sources of change means looking for fresh opportunities to expand the organization and its growth. One such exploratory path is switching to a managed office space.
A managed office space is a workplace rented by any organization, rather than buying the place. This workplace is completely managed by the renter and is customizable as per the team’s requirements. The business culture calls for a flexible workplace, putting managed spaces more in demand. In fact, a CBRE’s report mentions that India is one of the leading flexible office space markets in Asia-Pacific regions. This shows the growing demand for a flexible workplace among the younger generations.
Having a managed workplace can, in fact, boost an organization’s growth and productivity. It brings in various benefits that cannot be found in a traditional office environment. Let’s see how.
Running one’s own office is not easy. There are a lot of aspects that need to be taken care of. These take up a significant amount of time of the owners, as they need to pay attention to the proper functioning of the place. The biggest advantage of a managed office is getting rid of these operational hassles. A managed office brings various perks with it like Wi-fi, pantry set up, printer access, pre-managed daily need items, etc. As a leader frees up his mind of these unwanted hassles and administrative issues, they can focus more on critical aspects of their business, giving them more time to explore new growth ventures.
A managed office gives a business the freedom of renting a workplace at multiple locations, offering a huge opportunity to scale up. The organization can set up a new office even in different cities to expand their business. The CBRE report suggests that the operators are in fact leasing large-sized spaces (>100,000 sq. ft.) and shifting to Tier-II cities. As the teams scale, a hybrid place is more ideal, with an amalgamation of collaborative workstations, open spaces, and private offices that serve as focus areas. This gives freedom to accommodate different office needs, while still running a hassle-free office.
Renting a managed space involves minimum setup costs. This saves a significant part of the CapEx, which strengthens the financial stability of the team. The substantial amount saved can be invested in other crucial business aspects like hiring new talents, expanding to a new location, incorporating new clients or partnerships, and more. Also, a managed office can be set up within two days. This means no downtime or work loss for the team, and they can speed up to the market in no time.
Offering the right ecosystem for the employees is critical to boost their productivity and enhance teamwork. Each person is different and has different needs to get into their productive mode. Creating a hybrid managed space including private working zones and open spaces can be a good option for the employees to cater to their demands, so they can bring out their maximum potential. A managed space adds dynamism and economic and cultural aesthetics to the team, which can help in attracting the right talent pool to the organization. Its growing popularity has led to the acquisition of 31% of the overall workplace market by the managed office system, suggests the CBRE report.
Most organizations do not realize the importance of culture in building an ideal and efficient team. An organization’s culture is what helps keep the entire team united and integrated, by motivating and working towards the same goal. A managed office can be a good source of budding office culture and ethos by bringing it out in various ways like interior decor themes, team activities, seminars, inter-team or cross-team engagements, etc.
The importance of flexibility in the current workplace dynamic cannot be stressed enough. This is the buzzword making rounds for some time now, which got more pronounced with the recent pandemic situation. The demand for a flexible working system has increased, to work in a safer and secure place and reduce the risk of exposure to the pandemic. The managed office gives a chance to open an office to a location feasible to the team, which is hygienic and assures employee safety, and encourages them to work from the office. It also offers flexible office renting terms and flexibility to utilize only the space needed to run the team, thus reducing operational cost.
One of the proven ways of expanding any business is networking. Networking has always been one of the strong pillars of bringing more business, new partners, or clients onboard. How great will it be if an organization gets to connect to new people right outside the door, right? A managed office is a pool of different companies working together under the same roof, giving an opportunity to connect with new people for both recreational or business purposes. Who knows one might just find the right person to take the business forward with!
Managed offices are dominating the workplace ecosystem. The need for a managed office space is only going to increase, owing to its benefits for both the owners and the employees. According to a Mordor Intelligence report, the managed services market is expected to grow at a CAGR of 11.5% during the period 2019-2024. Now is the best time to explore the managed service option for businesses and cut down on unwanted hassles and expenditures.