Oxford Companies recently introduced a new short-term leasing program, Oxford Instant Office, geared toward startups and small businesses seeking flexibility in a leasing agreement.
The program includes different office layouts available for a short-term lease, ranging from a 130-square-foot single office to a larger 4,500-square-foot space for 20-25 people.
Wonwoo Lee, Oxford asset manager and broker executing the program, says the idea for Oxford Instant Office was born out of feedback Oxford had received from tenants and local businesses over the last few years.
"Flexibility kept coming up and simplifying the process, since a commercial lease can be complicated," Lee says. "We're trying to make an environment easier for startups."
Oxford Instant Office leases also include amenities that aren't typically built into a traditional office space lease, such as utilities, janitorial services, and furnishings. Additionally, the program has a fast turnaround. Lee says Oxford hopes to have spaces available for tenants about 24 hours after signing the agreement.
Lee says the flexibility of Oxford Instant Office encourages innovation and expansion if a company decides to move into a larger office space.
"We're committed to adapting as much as we can to produce a win-win for the tenant and landlord," Lee says. "When it comes to collaboration, conversation, that's really best face-to-face. Having spaces to do that will make business innovation strong."
While the real estate industry has seen a slowdown due to pandemic-related business shutdowns, especially in the hospitality and retail sectors, Melissa Gumenick, Oxford associate director of business development, says companies still see the value in having an office space, especially when it comes to collaboration and productivity. Both Lee and Gumenick say the office space sector has stayed more consistent and don't anticipate it to fade away completely.
Gumenick also says companies may want even more space post-COVID to give employees more distance in the workplace.
"We have the ability to hear how businesses change and how [the way] people work changes," Gumenick says. "We can respond to the changing needs of the business community and provide the space and amenities they're looking for."
Emily Benda is a freelance writer based in Ann Arbor. You can contact her at firstname.lastname@example.org.
Photo courtesy of Oxford Companies.
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