When it comes to choosing the right place for your new office setup, there are important things to consider for the future of your company. Between security concerns, convenience for your employees, and the all-important cost factor, here are some questions you should be asking yourself in the process of office hunting before you put pen to paper on that lease contract.
- Is this location good for everyone involved in the business?
This is a broader question that covers the concerns for everyone related to the business, including employees and clients. Is the location in a secure, convenient spot? Is it easily accessible by public transportation? If you are in the UK and need a serviced office space, Bracknell might not be the best small town to locate in, but if you are happy with fewer amenities, then it might just be the perfect area that ticks all of your boxes.
The needs of your client here is very important, depending on the sector your company works in. Consider that the environs and neighborhood of your office will be representative of the image your brand projects; if it is in a grimy, dirty neighborhood, it will reflect poorly on your company. Conversely, a trendier, up and coming area casts your company in a different light – a brand that is making a name for itself and will soon be a big player, just like the district you are in.
- What are all the costs and price options on the table?
Of course, a huge factor is the cost of the building or space you are renting. We would all like offices in the new One World Trade Center in lower Manhattan or right in the center of London, but few companies can actually afford that kind of luxury. A part of the price that is easy to overlook are the hidden costs. It’s not just the rent that needs to be accounted for, but the price of monthly expenses like utilities which can vary from place to place, moving expenses, and the cost of construction, restoration, or renovation need to be also considered. Hiring a professional broker can be a good choice that might cost you more in the short term, but is a good long-term investment to see the whole financial picture.
If renting your own office area is prohibitively expensive, then consider sharing an office with another company. Not only do you share the cost of rent, but similar to living with roommates, the cost of common goods in areas like the kitchens and bathrooms is greatly reduced. It is even possible to garner extra business if the company you are sharing space with is a complementary business; for instance, builders housed with architects would be a good choice, as would graphic designers and public relations firms.
- How does the future of my company factor into everything?
It is absolutely essential to factor in future growth of the company, as well as the possibility of everything going down the drain, or even the potential of selling the company off in the middle of the lease. Anything can happen, especially in highly fluctuating or volatile industries. That also goes for the real estate industry, so it is worth asking how secure the lease and rental rates are down the line (the corollary question would be “how trustworthy is your new landlord?”).
Choosing an office space doesn’t have to be a hugely difficult process, but that’s only if the time is taken to take all of the above and other determining factors into consideration. What might seem like a simple choice for many businesses may just end up costing them in the long-term so research and deliberation is essential for all office space decisions.