Flexible workspaces have been booming in the last few years. Operators of such office properties tripled their footprint between 2015 and 2018 in Singapore, according to Colliers International.

Beyond the physical real estate, flexspace as a short-term working practice has also become baked into most companies' way of work. To attract talent, 85% of businesses have introduced, or are making plans to, start a flexible workspace policy, according to IWG's most recent Global Workspace Survey.

However, many conversations around the business benefits of shared offices are still largely focused on their 12-month leases and the minimal commitment involved.

In fact, that's just the beginning of what flexible workspaces can offer. Here are some of the other benefits and why it pays to recognise what serviced offices can do for you.

Reducing risk

As you pursue ambitious growth plans, serviced offices can help your firm to take intelligent risks cost-effectively.

If you are starting operations into a different country or starting a business unit, using flexible workspace will allow you to calibrate your spending on real estate according to the size of your fledging operations.

You get to save on set-up costs, capital investment and property management expenses, and free up cash that can be deployed towards more immediate business needs.

Plus, serviced offices' Instagrammable collaboration spaces will help you attract the best-in-class talent.

Becoming more agile

With business cycles getting shorter and disruption always afoot, firms have to constantly revise their plans to stay nimble.

So why weigh down your firm and your balance sheet with a traditional long lease?

With serviced offices, you can scale up and down reactively as your needs change, adding or reducing lease terms quickly without shouldering too much sunk cost or being constrained by past choices. Should things not work out with your business plans or if unexpected downtime strikes, you avoid the often costly hassle of having to break lease conditions or find a buyer for a permanent location.

But as business picks up and you add headcount, you can also expand your space requirements.

If you work with a large provider with multiple brand offerings, your firm can choose to customise your space according to your evolving needs and your office culture and find a solution tailored perfectly for you.

Saving the earth

Consuming only what you need is fast becoming a mantra of the sustainability and minimalism movement globally.

Flexspace is the more responsible choice as you get to sign up for just as much footprint as you need in the moment - and keep the freedom to adjust as needs change.

You're also conserving resources by working together alongside other companies in the already-built up city space.

You are minimising employee commutes when you sign up to suburban locations, or your workspace provider has a large country-wide network that reaches you workers close where they live.

If that isn't enough, say goodbye to environmentally wasteful paperwork, since flexible providers often have their own apps or electronic booking systems.

Firms that understand the ways in which signing up for such real estate can help you minimise risk, save money, become more nimble and do good for the planet will be able to make savvier business plans

Find out more and make the move to flexspace with IWG.