What To Consider When Relocating Your Office?
Location location location… We all know how important it can be to the success of a retail business, but is it as important for an office location? I think it is. When looking for retail locations, We’ve identified key metrics in determining the right location; demographics, traffic/traffic counts; ease of access and visibility, competition and zoning. Finding the right location for an office can be just as critical, but owners should take into consideration additional factors before deciding on their office location.
Employees. First and foremost, you should take into consideration where your workforce will be coming from. Far distances may deter employees from working at your office, especially in denser metropolitan areas, and in some cases you may have to pay more to attract general administrative help to offset the cost and time of travel. Human Resources at your company should create a heat map showing where your employees are traveling from, a good agent should be able to help you with this as well.
Competitors. Just like retail you may want to see where your competitors are. Many times there are synergies that can be achieved by being near a competitor, whether in the medical space, I.T., computer programing or general office. Many companies may specialize in one aspect of your business field, and by being near them you may be able to create a good two-way referral source with each of you complementing the services that you offer your clients.
Ease of Access, Visibility and Amenities. Although not as important then if you were opening a retail location it is something to consider, especially in large metros with high traffic. Amenities in the area are often overlooked, but something to consider are what amenities are close by. Are there a lot of restaurants for lunch and meetings, are there places to go to after work to socialize? Does the building offer ample parking for your employees and clients? Does the building offer parking for alternative transportation (bicycles)? Is mass transit easily accessible?
Long Term Plans. One area that many companies overlook is if the location and office space fit in with your long term plans. Most office owners look for either a 3 year or 5 year term. Unlike retail spaces that expand by opening new locations office expansion can be a little more difficult as most companies want all of their office employees in one centralized office. One option might be a larger building or landlord that has the ability to transfer your lease into a larger space if needed. They will most likely require you to extend the lease term, but you won’t have to worry about subletting your old office.
With everything that goes into finding the right location for your business and negotiating a fair deal for your company, I always recommend researching and finding quality commercial real estate professionals that to help you. By communicating your needs they will be able to give you invaluable advise and as to finding the right location and negotiating the best deal. For more information you can reach us at info@cbicommercial.com