By The Storage Group®
In today’s storage market, it’s essential to align with major industry trends. This year, for example, many RV and boat storage facilities trended toward adding EV stations and introducing smart technology. Probably the hottest trend making waves most recently, though, is flex space, which offers a myriad of profitable possibilities for operators coast to coast. Read on to learn more about what it is and how it can enhance your current offerings.
What Is Flex Space?
Flex space is rentable space that can be used for multiple purposes, based on tenants’ needs. Although the spaces can be rented by individuals (think RV storage/mancaves), it’s more common to attract commercial business owners, who may use warehouse-like space to store retail inventory or work equipment (as in the case of plumbers, landscapers, general contractors, etc.). A mechanic may use flex space like a garage to work on vehicles, for example, or a small business owner might need office space for completing daily work tasks.
What Are the Benefits for Tenants?
It is cost-effective: You will spend more money and deal with a greater amount of paperwork by buying land or property, renting a warehouse, building and renovating, compared to using a storage unit for both office and inventory purposes. This is the perfect option for lean start-up businesses and more.
It is efficient: Typically, facilities provide everything needed to run a successful business, including Wi-Fi and power. Tenants do not have to worry about paying extra for utilities or anything like that. Instead, they can take advantage of the office space without having to worry about buying land or property.
It is convenient: Hybrid work is essential for streamlining workflows and enhancing communication. Flex spaces simplify and centralize things, providing a home base. An operating storage facility would also have climate control units, drive-up access and more, offering tenants a secure office oasis.
Is It Feasible for Your Site?
The first step is to conduct market research to determine if offering flex space is the right choice for your facility’s needs. Check competitor offerings, occupancies and rates. If they’re full with a waiting list, there’s a pretty good chance you’ve found a great market to tap. The same holds true if nobody is offering flex space options, especially if you’re in a high-growth market where office and warehouse space is expensive.
Next step: Analyze your facility layout. Do you have vacant land adjacent to your existing facility? Does a modular design make sense for your location? Based on population and demographics, what size and kinds of units will you offer? Not sure? Consult contractors with experience in storage development and the flex space concept. You don’t need to reinvent the wheel, but you want your final facility operations to run smoothly, and there 
are several consultant-contractors who’ve already achieved expertise in flex space. (Tip: Contact Toy Storage Nation if you need references for reputable contractors.)
Consulting with an experienced contractor will ensure you meet code standards for engineering the building and units, have appropriate lighting and review other important considerations, such as drive-up access and climate control options. For instance, no one wants to set up an office in a unit without air conditioning and proper lighting. Similarly, a mechanic will definitely need drive-up access to work on vehicles indoors.
Don’t forget to make sure your leasing agreements are appropriate for the type of storage you’re offering and aren’t just a replica of typical self-storage agreements. This may mean hiring a storage-savvy lawyer, but it will be well worth it to protect your investment from unpredictable liabilities.
Finally, ensure you develop a proper marketing plan to engage your community, letting them know about the new flex space concept. Make sure to update your website to explain how flex space can enhance local businesses, creating convenience and a cost-effective alternative to more expensive options. Also, don’t forget to post regular blogs about the benefits of renting flex space and disseminate a press release to local media outlets, business owners, chambers of commerce, etc. Lastly, don’t forget to tap into the power of social media to extend your brand’s reach and attract tenants.
Not sure how to take marketing to the next level? Consider working with The Storage Group®, which specializes in offering expert digital marketing services and innovative software solutions. Boat and RV storage owners benefit from advanced marketing campaigns and online tools like ClickandStor® Online Rental Suite, the storage industry’s first online rental tool, and Aiden Chat, the AI-driven virtual assistant, designed to enhance their facilities’ online presence, boost conversion rates, and drive revenue growth. With a team of in-house industry experts, The Storage Group® helps storage businesses thrive in competitive markets.
