How To Choose The Best Office Space: 5 Expert Tips
The hunt for the perfect office space can become a daunting task for anyone who is looking to grow their business and rightfully so. After all, your office is an extension of your business, and doing your homework is the first step towards making the best choice for you.
Finding a way to balance location, budget and amenities can be overwhelming, but these factors can be the difference between success or a long struggle to stay afloat. Skimping on your office space can be a dangerous affair as you could lose employees or potential clients.
To make the decision process easier we have compiled expert insights into 8 key points that will help you get the value you are seeking from having an office.
1. Make A Priorities List
Searching for the "perfect" space will be a nearly impossible task. Making a list of what is important to your business can help you avoid a headache when sorting through possible options. Don't over-invest time or money into the search, even more so when you're starting out small. If you don't need a big fancy expensive office avoid the "downtown", "high end" or "luxury" options. The last thing you want is an office that limits your business from growing just to move out 12 months later.
2. Location, Location, Location
There is no getting around this old real estate rule. Depending on your business this will determine the area you will want to search in. Is the space easy for your clients to find? Look around and see if there's competition already established there, or if you're in a business-to-business market you should find your potential clients and look near them.
3. Keep It Within Budget
This ties back to the first point, but it can't be stressed enough. Your office space is supposed to be a tool for growth, not the other way around. This is especially true if you're starting out small, You don't want "keeping the lights on" to be your main business goal.
Understanding your lease is a vital step. Is your lease based on price per square foot? Is all the space in your lease usable? Will any additions or improvements to your space be included? Will you have an extra expense on your hands? Get a breakdown of amenities and maintenance fees if any. This will help you decide if this is the right space for you.
4. The Right Broker Can Make The Difference
Your broker should have the tools and knowledge to lead your search in the right direction. Finding a trustworthy broker will make the process that much easier. Your broker should be going above and beyond to make sure you end up signing a lease in a space you absolutely love.
Ask other industry members for references, if you see an area you're interested in. Typically brokerage firms cover large areas so you may only have to deal with one. The best brokers will make you feel comfortable and won't push you into a lease you don't want. They should be seeking your trust and they should be a great source of information.
5. Consider Your Staff
Next to your personal opinion, your employees are the next priority. They will be spending a lot of time traveling to and from your new office, you should consult with a few key members and take their needs into consideration. Changing someone's commute by 30 minutes could result in tardiness, it may raise challenges for them to be with their families.
The last thing you want is to add hardships to your staff, especially if you have already built your desired office culture. It's best to discuss these issues ahead of time and make a strategic decision rather than suffer the consequences.
Making a move to improve your space is a tale sign that your company is headed in the right direction. This should be a vertical move not lateral, your office is meant to be a tool for growth and not a speed bump for your company.
Making the best decision is not going to be easy, but that's why we have a team ready to help you make the process less daunting and more profitable. When it comes to office space we are more than committed to delivering the ultimate professional experience. When you join the Ricchi family your business becomes our business.