The Irvine Co. has launched a flexible workspace model in its national office portfolio. Called Flex Workspace+, the model is the office owner’s response to the rising demand for turnkey office space. Flex Workspace+ spaces come fully furnished with lease terms starting at 6 months.
“There is a rapidly growing market for flexible workspace—companies that want their own suite with privacy and branding that enables them to develop or enhance their unique cultures,” Steve Case, EVP at Irvine Co. Office Properties, tells GlobeSt.com. “They understand the value of our seamless move-in and leasing process for fully furnished workspace that’s ready to go within 30 days. Discussions with our customers and analyzing studies have led us to conclude that a growing number of companies are already using or plan to use flex space in the near future.”
The Irvine Co. is seeing strong demand for flexible space across its portfolio, which includes Orange County, San Diego, Silicon Valley and Los Angeles in California as well as Chicago and New York. “We’ve already seen an increase in demand across all industries and sizes—from startups to Fortune 1000 companies—many of which are already using flex options for a percentage of their offices,” says Case.
As such, the firm isn’t targeting specific industries but rather certain company sizes. “We will specifically target two categories: small- and medium-sized firms that want their own space versus co-working can choose small, flexible leases. The other is Fortune 1000 companies,” says Case.
“CBRE says 75% of Fortune 1000 companies are already in or are planning to use flex space.”
This isn’t the Irvine Co.’s first foray into turnkey offices. I also has a ReadyNow program, which provides built-out spaces for small companies. Flex Workspace+ now has even more flexibility in a similar package. “We’re packaging even more leasing flexibility with expertly designed, tailored workspaces that are ready in 30 days,” adds Case. “We also give customers one point of contact, which we call a flex advisor. If you’re doing your own build out, you might need nine consultants to handle the process. We make it very simple, and we’ve brought in Brian Brown, one of the best in the business, to lead the effort.”
According to Case, this is the future of workspace: offices with a range of options to fit occupier needs and growth. “We’ve had customers grow out of WeWork into our ReadyNow spaces and out of ReadyNow into traditional space,” he says. “We expect that trend to continue and accelerate. As CBRE’s study predicts, we see larger companies blending their leasing in ways that best meets their business needs.”
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