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Flex

Northern Virginia Commercial Real Estate
with Ray Repage and the Repage Team

Flex buildings evolved from industrial buildings that prevailed in the 1970s. These were geared to trucks that transported goods to and from the properties, and usually had front loading docks. Employees and visitors had to position themselves around the trucks to enter the buildings.

As the '80s approached, everything seemed to get flashier and sleeker, including industrial parks. At the same time, the demand for office space increased. Thus came the emergence of flex space as we know it: one-story buildings with high ceilings, rear loading docks, surface parking and generous landscaping. The building shells are designed to accommodate companies needing office, light manufacturing and/or warehouse space.

Flex space prevailed and continued to prosper throughout the '80s and '90s. According to Johns Hopkins Trend Watch 2001, "flex space in the Baltimore area yields the highest return on cost for all property types in the region."

Why is this the case?

Advantages of flex space

1.   Flex buildings offer straightforward economical business space. You rent exactly what you need.
2.   There are no shared costs for hallways, bathrooms and the lobby. You have more space for your money.
3.   Not to mention that the space costs less to build and the rent averages $8 to $14 plus utilities.
4.   Another benefit is that, unless it is a new building, you probably can sign a lease for less than a five-year term. This is ideal if your company is on the move and requires larger space.

The bottom line

In short, flex space accommodates the full range of companies -- from those operating their first offices outside their home or garage, to well-established businesses, and everything in between.
If you are looking to occupy anywhere from 1,500 to 60,000 square feet of space, a flex building may provide the right fit.
The fads of the past three decades have come and gone, but flex properties continue to be in demand.

Contact Ray Repage about your commercial real estate needs.

 

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