According to the commercial leasing experts, if you’re planning to choose the right location for your business, then it should be in an organized and logical way. Never forget to consider your employee and workforce, always try to put your goals at the forefront and remember an office space is not just about cost, it’s about quality as well.
Newmark Grubb Knight Frank’s Executive managing director Jeffrey D. Cristal said, “Never rush while looking for a right office space, otherwise, you’ll get in trouble.”
It might be possible that your current office space isn’t working because it just needs some minor adjustments. Just take a look back and find out what would you do with your current space so that it works out well for you and the employees. “There are times, when you look back and say, oh we can achieve our goals in a current office space. We just need some adjustments,” Cristal added.
Cristal used the term ‘people equation’, which means – for an operating business, the costliest part is the employee’s salaries and benefits. So, it’s a quite expensive proposition when you have a high turnover rate. It’s very crucial to retain your employees. Otherwise, you’ll be losing years of experience. Make it possible that your office has the highest technology available to each employee; the office should be at a place that is easily accessible and must have facilities that your workers want.
Moreover, as a business owner, you should think about both the office space and the working environments. Just make sure that your workplace is a lot more than just a building that houses people, Cristal said. You have to figure out an opportunity to brand your organization and establishing its brand image in front of your employees and the outer world. And the opportunity is to sense out the location and the people around.
Whether you have planned to move to another location or thought of having some adjustment changes in your present space, just prepare yourself, North Pointe Realty’s President & Lead Tenant Agent, Scott Simon said.
“When it comes to the costs related to any business budget, the most significant one is of leasing an office space. However, don’t forget to keep in mind the total occupancy cost while making decisions, not only the lease payment that you have to pay to the property owner,” Simon mentioned in an email.
Always make sure that you know the difference between the rental and usable square feet. The rental square feet refers to the space you occupy plus the section of the shared space of the building. On the other hand, usable square feet refers to just the space you occupy.
Now you need to figure out the improvement required by your office space; such as the design and the aesthetics, or you’re planning to reconstruct it, Simon said. If this is the case, then who’s paying for it; you or the property owner. If you’re going to upgrade the design and visuals, you’ll be charged at $5 to $20 per square foot. On the other hand, reconstruction will cost you at least $30 to $50 per square foot. You must know who is paying for it to avoid any misunderstandings.
“Moreover, it’s imperative to know that where the employee is coming from and where’s your client base situated,” KandD Real Estate’s Sr. Commercial portfolio manager Dyann Davion said. Let’s say, you’re planning to shift, would your clients be able to reach you over there? Is there any proper transportation to get to the London office? Or what about the parking, do you guys have the good parking space for clients and employees?
“As a business owner, you have to keep in mind the critical aspects such as access to the local retail and highways, employee drive time, customer perception and signage potential,” Davison added. It’s an excellent idea to involve your employees while deciding an office space.
Just take it this way; offices are not just a workplace. A lot of companies relocate due to problems with their heating, and cooling systems are not working properly at the current locations. Some want to change and thus plan to shift to another site. But you have to think logically, and you will save a good % on your layout needs, Davison said.
Employees spend most of their time at work so business owners should have to support their health and well-being. For instance, some companies choose the concept of green space for organizational sustainability. However, you need to choose the area which is economical too. Don’t spend too much on just the layout and aesthetics.
Hopefully, the tips mentioned above and tricks will help you while deciding your office space. Certainly, you’re the owner and know how to hire and retain the employees.