Finding the right office space for your business is crucial. Especially if you’re leasing, you have to ensure that your choice is the perfect one because it’s going to stand as you and your team’s second home.
This 2020, many companies switched to a remote-working setup, which led to terminating their leasing contract. However, as we are getting ready for most of our workforces to return to the office – what do you do if your employees have nowhere to return to?
If you’ve terminated your old leasing contract and looking for a new space, or maybe you’ve started a new company and is looking for a home for your business, this article may just help you out.
Read my quick guide on choosing the right office space!
6 Factors to Consider When Choosing Your New Office Space
You might have hired a real estate broker to help you find your new office and is now presented with dozens of options. All the options look great, so you’re having a hard time trimming the list down to three locations.
Or maybe you’re scouring for offices for lease online – my, the options are endless!
With that, here are six factors to consider when choosing your office space:
1. Location & Accessibility – Is it in the middle of nowhere?
Location and accessibility are the most important factors when choosing an office space. You wouldn’t want your office to be in the middle of nowhere – where your employees will have a challenging trek going to work.
An accessible location is vital to the success of any organization – why? So that your employees can come on time, feeling great, and ready to check off their tasks on their to-do lists.
You have to think about the traffic and lack of parking spaces – these two are major concerns for workers. Not only can traffic and parking make them late, but they can also cause stress at the start of the day.
With an office space that’s easily accessible by public and private transportation, located within a business district, and close to establishments such as coffee shops & restaurants, it can surely improve employee morale.
2. Price – Is the price right?
You’ve found the ideal location – but is the price right? Does the lease price match the location and facilities included?
Location greatly influences the lease price of commercial space. Finding the balance between location and your budget is key. You need to consider the cost of an office space as it will affect your business’s net income. Your business may end up with the burden of a high lease as an expense. To say it bluntly, can your business afford the cost?
You have to consider that there might be maintenance fees, associated dues, parking fees, or other additional charges that come on top of your monthly lease. You have to ensure with your leasing manager that there are no hidden charges.
3. Premises Size – Can it fit your workforce?
We have to be realistic about the space we need. Does the size of the office premises match the size of your company?
You wouldn’t want to overspend on a huge space that your workforce doesn’t really need. Likewise, you wouldn’t want to cram your employees into a tiny space where there is no room to move. Still, you have to consider the near future – are you planning to grow your company by this time and hire more employees? Investing in a bigger space might be ideal so you wouldn’t need to move into another location shortly.
Knowing your sizing requirements on the get-go will help you trim down your space leasing options as each location offer different square footage.
4. Technology & Infrastructure – Does it provide your business with the functions you need?
Most, if not all businesses today rely on the internet to keep their business moving. Most commercial leasing spaces are equipped with internet connectivity that is already incorporated with the rent.
Still, it’s best to ask if the property can accommodate changes in their infrastructure should your business need a more reliable, stable, and fast internet connection.
5. Layout & Design – Is the property conducive to do business?
Did you know what makes a person productive? According to studies, many factors affect a person’s productivity. These include:
-> Office layout, look and feel
-> Natural and artificial lighting
-> Air quality and ventilation
-> Noise and acoustics
-> Proximity to nature
Of course, you want your and your team to always be productive when in the office. Therefore, it’s best to consider the property’s layout and design and check if they’re ideal for the five factors above.
6. Safety – Does it implement safety protocols?
If it were a year ago, safety would only mean protection from danger such as theft, riots, or any impact from misconduct. However, in today’s time, safety also means protection from health risks.
Does the commercial space implement safety protocols such as disinfection and sanitization of all areas? Do they follow health protocols to prevent the spread of a virus? Better safe than sorry.
Choosing your office space is choosing your second home.
Take the time to do research and site visits to find the right office space. Nobody wants an office where employees are stressed and low in morale. A pleasant office space can uplift spirits and boost productivity levels – which will impact your business’s success.
Krisi Miller is the General Manager of JW Management Co. Commercial Real Estate.
She is an expert at property management and understands your office, warehouse, and tenant needs. Krisi is a super fan of the Dallas Cowboys and the Texas Rangers – she is about as Texan as it gets.