Moving to Hana by Industrious allowed a multinational financial company to adopt a core-flex solution, combining two spaces with different term-length commitments on the same floor.
Having a mix of term lengths within a flexible workplace enabled the company to downsize from its former workplace while gaining the ability to adapt its space as its team returns to the office. In the interim, the enterprise can book shared spaces as an overflow solution on days when the full team gathers on-site.
Being a part of a flexible workspace also allows the company to cost-effectively make use of specific amenities, such as a kitchen, without having to build them out.
The Challenges
The company’s office occupancy rates had lowered as a result of the pandemic. It was looking to significantly reduce its footprint without losing any of its current functionality or the ability to scale up in the future.
In addition, the company needed to be able to customize parts of its workplace both to make it client-facing and to comply with its enhanced security requirements. Confidentiality is a key to the company’s services, so it needed to install its own cables, IT network, and A/V equipment.
The Solution
The company moved forward with a core-flex solution in which two different types of spaces with different term-length commitments were pulled together within a single floor of a flexible workplace. The company devoted about half of its square footage to client-facing space for meetings, presentations, and team collaboration. The remainder of its square footage was desk space reserved for individual focus work.
Because these dedicated spaces are within a flexible workplace, the company’s team can also access shared spaces, including a kitchen and conference rooms, enabling the company to reduce its footprint by more than 50% when compared to its previous traditional office. This space also gives the company the flexibility it needs to accommodate an uncertain headcount on a short term basis.
The Benefits
One of the advantages of moving from a traditional lease to a core-flex solution within a flexible workplace is that the company was able to have both its client-facing and internal work spaces on the same floor despite the different term-length commitments. The dedicated meeting space was signed on a five-year contract so that the company can personalize the area to fit its needs while amortizing its CapEx. In contrast, the desk space — which doesn’t require as much customization — was signed on a five-year contract with an annual termination option after year two.
Targeted term lengths allowed the company to cost-effectively invest in its space. The company was able to lock in the current market rate while having the option to scale their internal space up or down. Within that two-year period, the company can use shared spaces within the flexible workplace to accommodate temporary overflow.
Because the company began working with Hana by Industrious while the location was under construction, it was able to install cabling for its private security network before the floorboards went down. Wi-Fi blockers were also added so that the company’s network wouldn’t interfere with the floor’s shared one. In this way, the company was able to get the custom solution it needed while still maintaining the flexibility to adapt to changing circumstances.