Perhaps you’ve outgrown your existing office space or maybe you’ve just realised that now is the perfect time to move that garage start-up out of…well, the garage. Whatever your business circumstances, there are a host of factors you should consider when scouting for your office space. Read on for a few important things to look out for when searching for your next perfect office location:
Location, Location, Location
Sure, you may have your heart set on the CBD with its high-rise buildings with the sweeping panoramic vistas, but before you call ‘dibs’ on that window office, stop to consider the effect your new office location could have on your existing and future client base. Specifically, does it make strategic sense to move to a central location if you already have a built-in client base in another part of town? Will your clients follow you or will they just take their business elsewhere? More importantly, is the new location conducive to attracting a new client base (consider the type of establishments nearby and the amount of foot traffic the building attracts). And while sweeping vistas are definitely a major plus, consider whether it is a worthwhile investment – after all, if you run a service company such as an internet marketing agency or an seo consultancy and conduct most of business on-line, with little face-to-face client interaction, then paying (a lot) extra for such features may not be such a great investment.
How much space do you actually need?
Not only do you need to consider if you can adequately fit your current employees, but it is also necessary to plan ahead and account for any future growth. After all, you don’t want to move in and get your office fitted out with the latest furnishings only to have to move again after a year or so. Also, aside from work stations, think about how much space is required for staff amenities such as bathrooms, kitchens, staff break rooms as well as additional storage space.
Lease or buy
Perhaps the most important decision you will have to make is whether to buy or lease your office space. While buying will involve drawing significant upfront capital away from your business, it will nevertheless give you the opportunity to build up equity over time. A lease, on the other hand, has the benefit of flexibility which may be important if your short term future is uncertain or you want to test-drive an office space before committing to buying it.