Benefits of Flexible Office Leases
Updated: Jul 18
If you’re the owner of a new business exploring your office space options, you may be feeling a bit overwhelmed by the task of choosing both a space and agreeing upon a lease.
Locating a space that feels right for your organization can be a challenge. Finding an available space at your price point, especially if you’re looking in a popular location like Boston, can feel near impossible.
Add on top of that negotiating lease terms that work for your startup and you may be tempted to just keep working from your home or garage.
But before you become too discouraged, take note: there are office rental agencies that offer flexible lease options, which can be particularly advantageous for small businesses and startups. And while they may be harder to come by, they’re well worth investigating. In fact, starting your search for an office space by searching for flexible lease options may be a more fruitful way to find options that suit your organization.
In the market for a space for your small business? Here’s why you should strongly consider renting from an agency that offers flexible lease options.
Advantages of Flexible Lease Terms for Small Businesses
Flexible lease agreements are a great thing for startups for a number of reasons, including:
They require less financial commitment
You won’t have to worry about a long-term commitment to the cost of the space – or to the space itself – if you pursue a short term, flexible lease. According to Chicagoland Community Management this means you can budget accordingly and leave your finances freed up for other necessities, like equipment, supplies, and hiring.
They involve less risk
This goes hand in hand with less commitment. New businesses typically aren’t positioned well to take on a lot of risk. By signing on for a flexible lease, you mitigate a number of risks that can be taken when it comes to renting office space.
If the space doesn’t work out, you’re not stuck in it long term. If the cost of the space becomes too expensive for your organization to handle, you have the ability to leave sooner rather than later. If your business grows and you need a larger space, you’re positioned to move on without having to negotiate your way out of a long-term lease.
They allow for an early exit strategy, if needed
Many businesses find themselves in the position of being ready to move on to a new space – or being prepared to make a significant change (like going fully remote, which many companies chose to do during the COVID-19 pandemic) – but their lease has locked them into their current location for an extended period of time. This leaves them with tough options: do they try to break the lease, continue paying for their existing space while they pursue a new setup, or do they try to sublet (assuming that doesn’t violate the terms of their agreement)?
With a flexible lease, small businesses have much more – you guessed it! – flexibility. When situations change, you are less likely to be stuck trying to cover the cost of two spaces, finding a tenant who is willing to sublet, or burning a bridge with your landlord because you’ve terminated your lease agreement early.
They enable you to adjust based on the needs of your business
Rather than feeling stuck in your space because you’re tethered to a long-term lease, having flexible lease terms means you have more freedom to make a move when it’s right for your business, rather than at the time that’s designated by your lease agreement.
The ability to react to the needs of your business rather than accommodating the terms of your lease can put a small business at a significant advantage.
They often provide access to furnished spaces
While committing to a long term lease often means you have to build out the space and provide all necessary furnishings, spaces that are available for flexible, short-term lease are often already furnished. This is another benefit, especially if you’re a new business just starting out with limited resources at your disposal.
Searching for Flexible Office Lease Options Near Boston? Check Us Out!
Going into the search for an office space with the intention of snagging a flexible lease may reduce your options since not all landlords offer them. Still, the benefits of having a dedicated office space for your business are plentiful and setting your sights on a flexible lease will likely help you find a space – and a lease agreement – that’s a better fit for your small business.