Written by: Carey Sanders, CORT Senior Account Executive
Are spec suites on your radar? Asking for a friend….
I believe in momentum, being open to new ideas, and taking cues from nature. We have tall pine trees in our backyard and when the wind blows, they bend deeply and then bounce back. They remind me to go with the flow and to be flexible.
I recently looked up the overused words and phrases from 2022 fully expecting Flexible to be listed. Perhaps it’s the crowd I’m running with, but it seems right up there with deep dive, you’re on mute, and the cringeworthy – new normal. The resounding message is the office requires more flexibility– but what does that mean? There are layers and many stakeholders making the equation to program workspace complex and unclear. Mitigating risk is top of the list. As the definition of a flexible workplace unfolds, it clearly requires the ability to adapt and change.
The furnished speculative suite is HOT and although turnkey, there are challenges. The upfront investment by a landlord can range from $15 to $20 per sq. ft. with design and installation services adding to the outlay. When the tenant’s needs don’t line up perfectly with what was anticipated, labor needs to be brought back to adjust. Unneeded pieces are moved and moved again. Hidden costs emerge. There are scenarios where owners have leased offsite storage for excess speculative suite inventory.
Furniture manufacturers are infusing flexibility by adding enhancements for easy reconfiguration and multi-purpose use. The bigger picture is that purchase is still required. Storage, labor, and asset management… still needed. Furnished speculative suites can be more “show” than “go” as corners are often cut to stage a space vs. have it ready for occupancy. Lead times can influence move-in dates and additional capital may be required.
There is a lighter, innovative model that is Permanently Flexible™. CORT has curated a national furniture offering accessible by subscription called Furniture-as-a-Service. FaaS allows owners to create speculative suites that are changeable. Partially staging a suite, similar to a home stager spotlighting the living room and master bedroom, makes an impression at a fraction of the cost. When the space is leased adaptations happen quickly. Billing can stay with the owner or be transferred to the tenant. New customers become returning customers as they experience the ease of activating furniture with speed. Each day, CORT teams are at work preparing, delivering, picking up, and restocking orders. When flexibility is required or uncertainty is part of the conversation, this solution alleviates the need to purchase inventory, wait for it, move it, count it, depreciate it, and decommission it.
Choose the location, choose the term, choose the furniture. No purchase is required.
I know, right?