Selecting the right space for your company is about more than simply finding a place to conduct business and greet clients. Your new office should not only come with a great price tag, it should also foster a work environment that reflects your culture and values. This can bring very successful results, including the ability to increase productivity and retain talent.
There are many key questions you should ask yourself as a business owner when trying to decide where to relocate, or if you should even relocate at all. Before you commit, ask yourself these questions.
1. Do I Really Need to Move?
Many companies jump to the decision to relocate before they even give enough thought as to whether they should stay in their existing space.
A relocation costs more, not to mention it’s more disruptive, to a business than a simple modification or upgrade. You may first want to assess what renovations you would need to do in the existing space to meet the long-term needs of your organization. Keep in mind that functioning throughout a renovation can be tough on ongoing operations, so always be sure you factor this into your decision.
If you’re simply outgrowing the existing space and no amount of modification will fit your needs, making a move to a bigger space is warranted.
2. Does the New Office Space Reflect the Company’s Culture and Brand?
The commercial real estate industry is transforming as the result of lifestyle, technology, and work habit changes. You have to embrace these changes and realize the importance of having space that adequately reflects your brand, values and culture. An office isn’t just a building, cubicles or carpets. Rather, it’s a place where collaboration happens and best practices are honed.
3. Am I Spending Too Much Money?
Many people associate a growing rent or lease bill as the sign of a growing company. But this isn’t always the case. Many times, a growing company actually needs less space, as well as expense, instead of more space. You may be able to better spend your money on flexible work strategies designed to improve your employees’ work-life balance, while at the same time reducing real estate costs.
4. Am I Avoiding Risk?
Due to the economy’s volatility, any company that signs a new office lease should identify these potential risk types:
- Building risk: This involves a change to the building’s ownership or infrastructure that could impact your occupancy.
- Market risk: Events in the global marketplace (recessions, interest rate changes, political turmoil, terrorist attacks, natural disasters, etc.) can affect real estate and subsequently on the rent you as a tenant will pay.
- Business risk: The risks inherent within your own business could impact profitability, such as if you lose a major client or key employee.
To mitigate these risks, you have to understand your ability to expand or contract your office space over the term of the lease or, if necessary, terminate it.
5. Does the Location Support My Employees?
Looking for an office location that’s convenient for your employees is key. Immediate access to intracity transportation vs. the traditional value of proximity to suburban train hubs, as well as “bike-friendly” buildings are both big trends right now.
But don’t forget: convenience is about more than simply taking into account commute times. If work-life balance, for example, is critical to your company, you may want to choose a location where there are services and amenities nearby, such as gyms, yoga classes, restaurants, coffee shops and doggie day cares, suggests Entrepreneur.
6. Do I Have Time?
Many corporate business owners tend to underestimate the time it takes to move, research possible locations, and negotiate lease deals, as well as make sure the expense of the relocation will fit your company’s budget and business plan. This is why you should start the search for an office before you even need it. This keeps time on your side so you don’t feel rushed into making a decision or lose the ability to consider alternatives.
The first step before moving your office is to partner with an experienced commercial real estate broker to help you find the perfect space. The second step is to partner with an experienced mover that handles commercial and office moves every day of the week.
Contact Around the Block Moving
Now that you’ve asked and answered the preceding questions, you’re good to go for your office move! To get a free quote, contact us at 214-433-6768.
