Every business needs to have their perfect match especially when it comes to occupying an office space. While office hunting can become a daunting task, there are a few main factors or to consider.
To make the office hunting as painless as possible, this will round up the ultimate factors one needs to consider. Knowing the ins and outs of the business will ensure the success of landing the best office space worthy of the money and investment.
- Know how much space you require
Businesses should be decisive and set a standard in office space acquisitions. To produce a set of requirements, it should clarify how much space they really need to operate their business. These are the main factors that will help business owners determine their size requirements.
Estimation of office spaces require a lot of foresight, so it is best to start thinking about the type of business one is engaged in and the suitable layout it requires. Usually, businesses choose the traditional and spacious office spaces.
However, some enterprises have special requirements. Take, for example, the Business Process Outsourcing sector prefer denser office spaces due to their large labor force. The BPO individuals are usually divided into teams and find it easier to work or collaborate when housed in the same area or location.
The number of employees is also crucial in choosing an office space. Businesses should take into consideration any potential room for growth. Strike the perfect balance by finding a proper compromise. While it is less than ideal to make more people occupy a smaller space, employers should also take extra caution in acquiring offices that might result in idle or unused spaces.
Some businesses require a set of utilities and amenities to run their operations seamlessly. Allot spaces for server rooms, meeting or huddle areas and even a boardroom that are perfectly suitable for and cater to the business' transactions.
There is no exact rule of thumb in determining your needed office space. Take note of the density of the potential office spaces. If comfort precedes other concerns, less density per square meter usually means more space for each employee.
- Know how to get the ideal location
Office location plays a big role in any business. May it be for convenience or branding, determining the location is as crucial as the space occupied. Expansions are best placed in the same location as the flagship office for employee convenience.
However, if you are a new business or a business looking to change locations, there are several factors to consider:
Knowing your market and staff is of prime importance - The convenience of your customers and employees should be the top priority in picking your new location. It is better to pick locations near major thoroughfares or public transportation hubs. Highly accessible locations are usually more expensive, but the business' gains from the consistent availability of service provided will offset it in the long run.
Visibility is key to brand awareness - Putting your name up in lights is always a good thing because being the talk-of-the-town can jumpstart any business. Start the buzz by strategically placing your business in a location that is hard to miss. Central business districts offer a lot of foot traffic and signages options you can get creative with.
Consider your competition - It is important to know your neighbors anywhere you go. It is a make-or-break decision whether you will choose to keep your competitors close. However, no matter what industry you are in, the surrounding businesses say more about the location than any research will. If successful businesses or big corporations are proximate to your chosen location, chances of a high success rate are a possibility and prove that they are setting base there for a reason.
- Picking an office hunting buddy
Nothing really beats the expert. A commercial brokerage firm is a good way to go especially in assessing your needs, provide you with the correct options and finalizing your main requirements. Similarly, real estate firms can scout and provide location choices for the perfect office space one is looking for.
Real estate consultancy firms can help you polish your shortlist and give you reliable market insights to help you arrive at the best decision. After all, a reliable partnership with an expert real estate firm will also save you a lot of time, score you a better deal, and ease up the burden of future issues and documentation load.
- Choosing a suitable office set-up
The 21st-century workplace is more than a set of tables and chairs. First impressions matter; The office layout and design are a telling reflection of a company and its culture. Apart from that, a wise usage of office spaces can impact the overall success and productivity of employees.
It all depends on the brand you want your office to exude. The psychological impacts of the simple things like paint and décor prove to be valuable in keeping the consistency of the preferred company image. Light colored and technologically-equipped offices can help increase morale and decrease turnover rate.
Some workplaces are taking a modern and employee-centric approach by incorporating physical and mental wellness hubs in the office. Addition of workplace nursery, pantry, and leisure or entertainment hubs are small but effective steps in the right direction.
- Managing the office space
As with any business operation or project, it is important to oversee the maintenance of the office. Day-to-day tasks that are unrelated to the business can be outsourced. This is where built-to-suit and serviced offices come to mind as it allows tenants to focus on their business transactions and its other engagements.
Menial tasks such as organizing the mail room, cleaning the office and managing the pantry can be done by outsourced personnel. There are also other providers and solutions companies that deal with payroll, janitorial staff and administration personnel. Non-fundamental jobs that require a highly specialized skill set can be delegated to freelancers to avoid delays or disruptions in your executions.
With all things considered, leasing office spaces go beyond the physical structure. The office and its chosen location can become a contributing factor or a source of risk if not properly thought of and evaluated.