Things to Consider When Looking for Office Space
Searching for the right office space can be a daunting task when you’re faced with various options. Whether you’re the owner of a small business, a thriving startup, or a well-established company looking to relocate, there are a number of factors to keep in mind throughout your search. A carefully selected office space can improve team productivity, emphasize your brand identity, and even draw in potential clients and future hires.
In this blog, we’ve curated a list of top considerations to help guide you in your search for the office space that best aligns with your business’s goals and culture:
- Accessibility: Ensuring that your office is accessible to employees and clients is vital! Consider the office’s proximity to public transportation, highways, and main roads. Taking a survey of where your employees live is beneficial as well. Proximity to the office can be a huge benefit to your team.
- Parking: While it is vital to evaluate the interior of the office space, it is also important to evaluate the parking facilities. Check for the number of parking spots allocated to your team as well as the location of your allocated parking spots. It is also important to examine the condition of the parking lot and ensure that it is well-maintained and has proper security.
- Nearby Amenities: Similarly important to the accessibility of the office itself, is what’s nearby. Nearby amenities can enhance what your office space already offers to employees. Whether it be a local café, shops, or entertainment – providing employees access to these amenities can improve a day at the office.
- Brand Association: The location of your office space, whether in a prestigious building or a remote home office, can significantly influence its perceived value and reputation. Certain amenities, as stated above, can enhance the experience for both employees and clients alike. Furthermore, being associated with certain well-regarded areas can boost a business’s image.
Size and Layout
- Space Requirements: Adjusting for business type and culture ensures that there is sufficient space for each employee as well as the equipment and furniture your business needs, while still maintaining sufficient space for accessibility.
- Flexibility: Depending on the projected growth of you business, it may be a good idea to opt for a space that can adapt as your business grows. An open layout is typically more versatile than a closed one. Additionally, it will sometimes help to locate in a property that has other suites that could eventually play into your growth needs.
- Meeting Rooms & Common Areas: Ensure that there is enough room for space, collaboration, meetings, as well as a space for relaxation. The number of meeting rooms an office needs will likely be influenced by your employee count, the workspace layout, and frequency of meetings. Additionally, a separate common area for employee socialization without distracting their coworkers is essential.
- It is vital to consider the infrastructure, verifying that there is reliable access to certain necessities such as electricity, water, and internet. The condition of the building, HVAC system, elevators, and parking are equally as crucial for employee efficiency comfort. Ensure that the building supports both modern connectivity and consistent utilities.
Lease Terms & Conditions
- Before agreeing to an office space, it is important to fully understand the lease terms and conditions. This includes the type of lease (Full Service, Modified Gross, NNN, etc.) and the expenses that are included or may be the tenant’s responsibility. The duration of the lease, cost and responsible party of the buildout, renewal options, and many other clauses that may present themselves are also factors to have a full understanding on before signing a lease. This is why you should always work with a commercial real estate agent who is experienced with the ins and outs of a commercial lease.
- No matter how much planning and preparation takes place, there is always the possibility of unforeseen circumstances arising. Always try to have an exit strategy prepared for your office space. This will inspire flexibility within your business and fabricate the opportunity for adaptability within an ever-changing market. One strategy that is very common is the ability to sublease your space should your business need change.
Selecting an office space is more than just finding a place to work. It’s about finding a space that resonates with your brand. With all of these considerations in mind, you’re well on your way to making an informed and beneficial decision for your business.
For further assistance or to explore office spaces tailored to your needs, contact our team of commercial real estate experts today!