Distributed work force – the latest euphemism for working from home…although it could include some people working from home, some in an office and some in an executive suite or coworking space. However, many companies are choosing to do this and in today’s world of coronavirus it’s sounding more and more appealing, right?!? We’ve all read the pros and cons of working from home versus being in an office setting, but there are times when working from home is preferable if not downright required.
In dire situations, such as natural disasters, war, infectious diseases, etc., you may be forced to vacate your space. How does your lease respond? Are you allowed to vacate your space for a set period of time and then resume occupancy once the crisis has passed? Is your rent then waived, delayed, or what?
One thing today’s tenant is requesting more and more is flexibility. The ability to maintain your square footage and expand or shrink as needed is a feature some tenants are willing to pay a premium for as evidenced by all the coworking/shared spaces now in the market. Pay as you go – basically signing a lease for a month at a time. All these options come at a price, but some companies, especially start-ups or companies with limited-time projects, are willing to pay for the convenience of flexibility.
Which is better for your company? Flexibility or long-term security and pricing? As always, it’s best to engage a tenant representative who can walk you through all these issues and more.
Bob Gibbons is a Real Estate Advisor & Tenant Advocate with REATA Commercial Realty, Inc. which is a tenant advisory firm based in Plano, Texas. Bob serves companies in Plano, Frisco, McKinney, Allen, Richardson, Addison, Dallas and the surrounding areas and specializes in companies which lease or buy office and warehouse properties.