Finding the right office space for your business may seem like a daunting prospect, especially if your business is just starting out. From location to amenities, leasing options to future growth, there are plenty of things to consider. Whilst this can seem overwhelming, an office move should be treated as a brilliant business opportunity.
If you’re looking for your first office space, you’re in a great position to get it right first time. If you’re an established firm, this is the time to really think about your business’s future. What does your business need from the space? Does it cater for anticipated future growth? Does the design accurately represent your company culture? How easily can your clients and employees get to the office? To make your life easier, we’ve listed the top five questions you need to ask yourself to guarantee you find the right workspace for your business.
What is your budget?
Cost is probably the most important factor for businesses looking to find a new office space. Be sure to establish your total budget, and don’t forget to include the cost of renovations and/or installations. When looking at potential office spaces, make sure to ask about any hidden costs and check the property price is in line with similar offices in the same area. If you are planning to fit out the building, we recommend budgeting a year’s rent for this.
How much space do you need?
When searching for a new building, the first thing to consider is how much space you will need. Committing to a property that doesn’t allow for future growth can soon leave you feeling cramped at work. Investing in a property that is too large can have negative affects on your profitability and create a sterile office atmosphere. Think about the number of fixed desks you will need, but also consider the size and amount of meeting rooms, agile areas and breakout spaces for your company. If you’re unsure, use our space calculator to work out the total floor space you’ll require in the new building.
What do you need from the space?
Your office space can and should do more than you think. It should reflect your company culture and brand identity, empower employees to be as efficient and productive as possible and be able to adapt as your business evolves. Consider the different work stations you’ll need – do you need private spaces for phone calls and high concentration work? Collaboration areas for projects and team-work? Make sure your new space provides the different work stations necessary for your team to get their work done as efficiently as possible.
When choosing a building for your new office space, there are multiple wellbeing aspects to consider. Does the building allow plenty of natural light in? Does the area benefit from strong Wi-Fi connectivity? Are there efficient heating and air-conditioning systems built in? These things may seem small, but they can have a huge impact on your employees’ working lives and wellbeing. Consider carrying out a workplace survey to uncover the issues that are really important and find a space that ticks all of the boxes.
What location is best for your clients and employees?
Location, location, location. This is an incredibly important consideration for a multitude of reasons. Consider where you current employees live, what will their average commute time be? Also think about where your clients are based, you want your new building to be easily accessible for them. Are there transport links and cycle routes nearby? Does the area fit your brand identity and company values? Do you want to be located near your competition or in a separate area?
From another perspective, you might want to consider the local amenities. Having a bank, supermarket, post-office, café and a bar nearby can impact your employees work-life balance and improve your company culture – these things shouldn’t be underestimated!
Should you buy or lease your office space?
Each option offers different benefits. Leasing provides businesses with a good opportunity to rent in a good location and can free up working capital. Short-term renting options typically suits smaller businesses because of the flexibility they provide where as long term leases provide more security. Few businesses buy a premise outright unless they are looking for a long-term investment. However, if you do, you can give your business clear, fixed costs and stay in the premise as long as you like (subject to market conditions and the ability to find a buyer when the time comes to move on).