Traditional Office Leases are Becoming a Thing of the Past

team in office

As technology continues to change, so does the world we live in. Advancements in technology allow us to access infinite amounts of information at our fingertips and connect with anyone, anywhere, at any time in a matter of seconds. The accessibility of information and people continue to increase, and so does the rise in costs. These two societal changes have caused a shift in the standard work environment. We no longer must be in the same office as our coworkers to reach them or get information from them, now, we can do that with our smartphones or laptops. At the same time, the costs of traditional office leases are so high that they’re starting to become unaffordable for many businesses. This new age of technology and the high costs of working and living have birthed a new phenomenon known as the sharing economy.

The Sharing Economy

According to Statista, the total value of the global sharing economy is predicted to increase to almost 335 billion U.S. dollars by 2025. Businesses such as Uber, Lyft, and Airbnb are becoming increasingly popular due to their peer-to-peer sharing business models. Why own your own car or stay in a pricey hotel when you can just use someone else’s car or home?

This way of thinking has also transferred to the business world. Why spend so much money on overhead costs that you can avoid, such as a traditional office lease? Why not just rent an office space only when you need it and work remotely when you don’t need it? The working class of today needs flexibility, convenience, and affordable options to remain happy and successful in their careers and the sharing economy hits all these needs. As costs rise and technology advances even further, who knows what the sharing economy will bring to the table? We are excited to see what is to come of the sharing economy.

Barrister Executive Suites offers exceptional service, flexibility, and convenience that their tenants need to run their businesses successfully.