Stay in the Current Work Space or Move to a New Office?

Should you stay in the current workplace or move to a new office? This business decision isn't an easy one to make. Moving to a new office can be both an exciting and challenging phase in a startup or SME. In the search of a new office space, you might find a lot of great designs and convenient locations that will make it easier to operate the business and connect with the clientele. On the other hand, there's the new leasing cost and terms, office setup and fit-outs, and a lot of other things associated with relocating to a new office. Before you get caught up with the frenzy, consider first if staying in the current office space might be a better idea. Here are some things to think about:

When it's better to stay in the current office space

• If office size and space still fits the number of employees and business needs, it may be more cost-efficient to stay in the current workplace.
• If the company is still young, relocating might be risky because of limited capital and unpredictable growth during the experimental stage or early phase of the business.
• If the office space is in a prime business location and business is doing well in the current office, there might be no better reason to move out.
• If office fit-outs and interior can simply be remodeled or refurbished to create a more comfortable office space and to meet modern business needs, staying in a renovated workplace can be a better alternative to relocating.
• If you can run the business in the same office and location for the next 5 to 10 years, you might consider signing up for a longer-term lease contract or even purchasing the office space as an investment.
• If cost of operating the business (lease, utilities, maintenance, equipment, etc.) falls within the budget or an acceptable overhead range, it might be better to just stay in the current office for lower, more sustainable operational expenses.
• If the company needs another office for backup operations, you can stay in the current business address while setting up an office or branch in another location.

When it's time to relocate to a new office

• If you're expanding and the office space can't meet the current and future needs of the business, it's time to look for a bigger, better office space in a prime location (such as BGC and Makati).
• If there's a more convenient location with better office facilities and amenities and lower risks for emergencies and disasters, it will be a great opportunity for a high-value property investment, for future expansion or for additional income for the company.
• If a new office offers more flexible lease terms and requires little to no maintenance, then you must take advantage of modern workplace designs and solutions to match your company's evolving needs (i.e., equipment, utilities, and maintenance are covered by the leasing cost of serviced offices).
• If business isn't doing well in the current location or can do better, it might be better to relocate to a more strategic business address to reach out to your clientele/customers or have better access to the labor force.
• If the business is more established and more stable, it's time to look for a bigger, better office space that will help cement its status as a successful firm.
• If the current office space no longer provides the data and technology infrastructure, preferred work settings, and office design the business requires, it's better to look for a new office that offers optimum space that can accommodate your number of employees, workflow design, intended office atmosphere, and needed office fit-outs and equipment (various traditional and serviced office options can provide these requirements).
• If the company is downsizing and the current office space is too big and too expensive, moving to a smaller, more cost-efficient office space can be the best solution.