Office space is one of the biggest overheads for businesses, albeit a key consideration which can ultimately have an effect on productivity, business growth and market share.
So what should you consider when looking for the perfect office space for your business?
Choosing the best location for your workplace is one which offers the greatest benefits overall to your business. The location should allow you to manage and operate your business as effectively and efficiently as possible whilst considering future growth, target market, staff, and ultimately facilitating long-term success.
Establishing the right location for your business is very important for a number of reasons, such as proximity to important resources, suppliers and walk-in customers. The location you require will depend heavily on the type of business you run, whether you rely on footfall customers or if your company provides a service and can manage to operate out of a city center location.
Leasing Vs Purchasing
Leasing an office space is the most popular process of obtaining commercial space. You may be required to sign a long-term lease agreement, or you can on occasion opt to choose a lease on a month to month basis. Leasing a space however may also bring the responsibility for the upkeep of the area, including the interior design, plumbing, repairs and electrical services.
Advantages of leasing an office space includes less capital invested meaning flexibility to relocate if the office space become unsuitable. A disadvantage is you may be subject to decisions from the landlord and may be subject to a raise in rent or the selling of the building which could impact your business.
Buying an office space is generally less common. While an advantage is allowing for more control of the premises or seeing an increase in future value, there are several disadvantages to choosing this option. The most noticeable is the tie up in business capital, which may be better invested elsewhere
It is important that you speak to a financial advisor to understand your specific business and financial situation.
Size & Growth Potential
Your new office space should comfortably fit all of your staff and provide your team with an environment that allows them to reach their full potential and respond to their working needs.
While you need to consider your current situation, it is key to understand your future growth potential and where the business is headed. This includes employee growth, technology, expansion etc.
There are also health and safety regulations to consider as well as guidelines in place for spaces that will be occupied by furniture, fittings, equipment or other objects.
With our property agent connections and other market sources, we can assist with locating a suitable premise for your business. Our expert team can also support you with assessing the office space to ensure your team (and your future growth plans) can be incorporated comfortably.
If you have any questions on finding the right office space for your business, our team would be happy to help!