The rise of space-as-a-service (SPaaS) is reshaping the commercial real estate industry. Space-as-a-service is a revolutionary trend that has transformed the way commercial landlords provide services to tenants, shifting their focus from collecting rent to providing support. SPaaS is based on the idea of the sharing economy; it’s an approach that considers the value of a physical asset and its associated costs in proportion to how much usage it gets, rather than owning or leasing that asset outright. In other words, space-as-a-service makes it possible for customers to pay only for what they use—in terms of space, time, amenities, services, etc.—and gives them further control by allowing them to choose where their space is located and how long they need it. It’s a model with the potential to completely reshape how commercial real estate owners function and how tenants operate, manage, maintain and pay for their spaces. It can also bring about significant changes for other players in the industry who provide products and services to traditional landlords as well as those who have joined forces with space-as-a-service companies.
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