If you’re looking for an office to establish your business or relocate to a better area, you’ll likely find the variety of available options confusing. However, making the right choice is crucial as it will affect your brand's image, employees' morale, and day-to-day operations.
With a large number of factors to take into account, making a decision can be tricky. Here are five crucial factors to consider before finalizing your decision.
Getting an expensive office will increase your fixed costs and might make you struggle to pay the rent, whereas spending too little might leave you with an office space where your business’s and employees' demands are unmet.
Before renting the property, you must make sure you can afford to pay a three-month rent deposit. It's also essential to ensure that the cost of the property is in line with similar properties in that area to ensure you are getting value for money. Asking about any additional hidden costs like maintenance charges or parking costs is also crucial so that you are not troubled with unexpected charges.
It's important that your office space is accessible by public and private transportation and has ample parking space so your employees can get to and from work hassle-free. This will also make it easier for clients to find your office. You’ll also have to ensure that the neighborhood your office is located in fits in with your brand's image, is safe, popular, and has a good reputation.
Convenient local amenities, such as coffee shops, restaurants, banks, post offices, office supply stores, etc., should also be present in the area as your staff needs to meet their daily needs.
It's also necessary to consider the local businesses present in the area. They should be quality businesses matching the image you want to portray for your brand. Additionally, local businesses might be competitors. If you can compete with them, you might also benefit by attracting their customers. However, the opposite is also possible. Weigh the advantages and disadvantages of having competitors nearby and make your decision accordingly.
3. Design and Layout
The layout and design can significantly affect employee productivity and satisfaction. Some important things to consider are the lighting and whether it's artificial or natural, noise, ventilation, air quality, etc.
Additionally, your office must have all the different types of rooms you might need for your business, for example, reception, large conference rooms, small meeting rooms, a common area, and a kitchen.
It is also essential to ensure that your office space is large enough, but not too large, for your business's current employees. It's recommended to have at least 11 cubic meters per person. Factor in the additional space required for storage of equipment and supplies and other requirements, for example, meeting rooms, and adjust this figure accordingly. Make sure you have enough room to accommodate future employees according to your current growth projections.
4. Working With a Commercial Real Estate Tenant Representative
Working with a commercial real estate tenant representative (tenant rep for short) can significantly mitigate the challenges involved with finding a new office space.
Working with a broker will give you access to property listings that are reserved for them and otherwise unavailable. They’ll also already be familiar with office spaces that best suit your needs and fulfill your criteria.
Tenant reps also ensure that you can avoid hidden charges. With expert lease negotiators, you will be able to win concessions from property owners, such as free or discounted parking space, good expansion and renewal options, building sign rights (having your name on the building), and many more. You can contact Jeff Tabor Group to hire the services of their expert commercial real estate tenant representatives.
Finding a suitable office space is challenging and will consume lots of time, resources, and energy. However, if done right, the result will be worth it. Make sure you start early so you have enough time to plan things out. After carefully considering your budget, the location, and employees' needs, hiring a commercial real estate broker, and considering the advice of other business owners, carefully finalize your choice.