Flex Space is traditionally a combination of office and industrial space. In some markets, flex space describes multi-unit industrial buildings or smaller spaces with both office/ showroom and industrial capacities.
Flex space is generally a single story, square, or rectangular buildings. Depending on the marketplace, flex workspaces can range from 2,000-100,000 sq. ft. Flex spaces usually have high parking ratios. As a result, flex spaces are found outside the urban core and most often in suburban environments.
Because flex spaces are customizable to the individual owner or tenant, the office to industrial space ratio of a property may vary greatly. To meet combined office and industrial demands flex spaces often have ceiling heights greater than 10 feet. Moreover, to handle industrial, tech space or warehousing tasks workspaces often possess the ability to handle increased power demands. Furthermore, to meet logistical needs most flex spaces possess at least a loading dock or drive in door. In multi-tenant buildings shared docks save tenants may exist to share costs.
Uses For Flex Space
Companies can use flex space for both traditional industrial and office uses. Because flex spaces clean and adjustable design they are readily customizable. Consequently, business owners flex workspaces for a wide range of requirements including; retail, technology, laboratory space, light manufacturing, medical services, startups, and research and development.
Low Cost of Flex Space
Although dependent on the local market, flex spaces are often inexpensive compared to traditional office or industrial space. Lease rates are often cheaper because of flex spaces simplistic design reduces building and maintenance costs passing on savings to the consumer. However, as the industrial market continues to strengthen the affordability of the market is decreasing. Still, flex space remains a great cost-conscious alternative to a traditional office or industrial workspace. Flexible and inexpensive industrial and office property likely will continue to offer both investors, tenants, and owners robust value!