Choosing the right commercial space for your office is one of the most important decisions you will make as a business owner. Research has indicated that the location and layout of your office space will have a direct impact on many aspects of your business, from employee productivity to the company’s brand image. In a survey by the American Society of Interior Designers, “employees cited their physical environment to be one of the most important factors influencing their decisions to accept or leave jobs, tying for second with benefits.”
The right space can greatly enhance your business. A well-located, well laid out office space within your budget allows you to focus on the growth of your business by attracting top talent and fostering positive work culture. Consider these four important factors before entering a lease agreement.
Size matters, especially in regards to your office space. You want a space large enough to comfortably accommodate all your furniture, computer systems and staff. The rule of thumb when seeking office space is that each employee requires about 200 to 250 square feet, though this varies by use. While it’s wise to choose an office space that suits your current infrastructure, leasing a space that can expand with your company’s long-term growth trajectory is equally important.
Pro tip: Enlisting the services of an architect can be very advantageous in securing a space with the right amount of square footage. An architect’s space program report can help you determine the type and size of space to lease.
There are several factors to consider when choosing the location for your office. The ideal location will not only meet your space needs, but will also appeal to clients and top employee talent. Businesses attract customers in different ways. Some companies require a high-visibility location with a lot of foot traffic to attract their consumer base. While other businesses operate with limited face-to-face interaction with their clients; these companies can pocket huge savings leasing space in a less populated location.
It’s important to understand demographics. Examine the habits of the target consumer audience, and then choose a location that fits your business module.
Is the building you’re looking to lease office space in properly maintained? As a business owner, you need to think about the intangible benefits of choosing a particular space over another. For some businesses it might not matter what the building looks like, but if you want to give the right impression to a potential new client, you should factor in a building’s aesthetic and curb appeal.
Evaluation of your financials is a major first step in determining what office space you will be able to afford. Once you realize your rental budget, and before signing any lease agreement, it’s imperative to understand the rental rate quoted to you and how that number was calculated.
At that point, you can adjust the rental budget for hidden costs and fees associated with necessary renovations, furnishings and supplies for your office. Remember only a small number of commercial spaces are business ready.
Do your research. Investing time, money and resources leasing a space that does not meet your current or future business needs is a costly blunder. Consult the professional commercial real estate brokers at Shetland Properties to help you make an informed and successful decision.