The New Normal for Office Owners

The New Normal for Office Owners

As the country works from home, the owners of empty offices continue to take losses. Vacancies are still rising, and the once-certain monthly rent payments these owners relied on have become question marks. A return to the Old Normal is a pipe dream.

Long-term demand for the office asset class, however, is poised for a comeback. The New Normal will look different, but it will give innovative office owners the chance to monetize their assets in ways they never could before.

Here is a typical situation for an office owner today. The owner controls 30k sq. ft. of space, with 5k sitting unused. Whether the previous tenant vacated, or the space was never filled in the first place - the bottom line for the office owner is the same: that 5k of empty space is losing money.

In the Old Normal, there were a few options to fill it: staff an in-house leasing agent, hire a brokerage firm, or market the space on LoopNet or another listing platform. Some owners deployed these options simultaneously. Each method would look to find a new long-term tenant.

With so much uncertainty about the future, long-term leases no longer make sense for many tenants. As long as this mindset continues, office floors focused on long-term leases will continue to sit unused.

FlexDesk provides the solution: a platform for owners to list and rent out their vacant furnished workspaces on short-term bases. Most rentals on FlexDesk are for individual desks and private offices, which lets owners debundle their assets and increase the odds of filling space on any given day.

For renters, the booking process is plug-and-play: rent space through FlexDesk and start using it immediately. It is an attractive option for renters, relieving them of a long-term commitment while allowing them to return to an office environment - something many are eager to do.

Office owners can begin welcoming new flex tenants immediately after listing their space on FlexDesk - often the very next day. And they can de-list just as easily. While FlexDesk creates a revenue stream for owners who need it in the here-and-now, owners retain the freedom to search for long-term tenants who can move in as soon as a lease is signed. Bottom line: every workspace can generate income, every day.

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