WeWork in Uptown Matt Shelley

CRE Opinion

Flexible Space: Not Just For Startups Anymore

Coworking space can be a good fit for businesses of all sizes, when it’s time to adapt and overcome.

One of the first of many important lessons taught to the future officers at the United States Naval Academy is the importance of training for every mission to the best of your abilities, while remaining keenly aware that the only certainty during a mission is uncertainty. Developing the skills to quickly analyze unforeseen obstacles, adapt your original plan accordingly, and maintain the focus and determination required to achieve mission success is critical.

Jeremy McGown

Successful companies deploy this philosophy every day when operating in a free market, capitalist environment. Although it’s a much different circumstance than what soldiers face in combat, it’s undeniably daunting. Given the pace at which technology and a new generation of workers are disrupting business sectors, company leaders had best have a firm grasp on the art of “adapt and overcome” to ensure lasting success.

Traditionally, office space has not been a tool that most businesses can use to quickly and effectively adapt to the dynamic nature of a competitive business environment. High construction costs and long lease terms make it difficult for companies to make nimble real estate changes. Fortunately, there is a new option that is rapidly gaining popularity: flexible office space.

Coworking has officially broken through the stereotype that it’s reserved for millennial-led companies with fewer than five employees. In reality, it’s for every business that wants to use real estate as a primary tool when it’s time to adapt and overcome. Recently, JLL wanted to understand the effects of opening a satellite office in the fast-growing Legacy/Frisco area. We found the perfect coworking environment. (I’m writing this blog from our new Legacy West space.)

Here are a few other examples where flexibility has come into play:

  • A client that relies on its ability to hire hundreds of employees within as little as 30 days when they are awarded a new contract worked with us to find a flexible office space provider that can partner with them globally.
  • A law firm entering the Dallas market worked with us to find a co-working solution that provides the professional, secure environment that is required for the recruitment and retention of new attorney hires.
  • And yes, we even assisted a five-employee, millennial-led company with finding a vibrant, co-working community where they could work and grow with other small businesses.

Flexible office space options are emerging all around the world with unique offerings that fit different circumstances. DFW is no exception. In fact, it’s one of the markets leading the way. Read this report from JLL to delve into the metrics supporting future demand.

Jeremy McGown is a senior vice president in JLL’s Dallas office.

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