Selecting the Best Office Location for Your Business
A lot of our clients wonder what the most important items are in terms of searching for office space; is it location, price, workers needs or a combination of all three? We asked our Office Brokerage Group to give us some tips!
No matter what city you are in, the location of your company is vital to your business from a variety of standpoints. For starters, it’s the first impression you can give off without anyone knowing what you actually do. More than ever, location greatly influences the ability for companies to recruit and retain the best talent available. The sub-market in which you do business should co-exist with your image, brand, and culture that you want to portray to employees and customers. Prior to selecting your office location, you should have a clear short term and long term understanding of this in order to maximize the best location for your business. Evaluating what works best for your business requires some planning and research but in the end, you want to find a space that fits your companies’ identity and goals.
Here are some tips to help you find the right location for your business. And, remember our rule of three. When determining the size, location and price; you can pick two and the market will determine the third.
Prior to starting any real estate search, it is very important to determine how much rent is appropriate for your requirement. Given your projected revenues and expenses, estimate how much rent your business would be financially able to pay each month. Different sub-markets (neighborhoods) rental rates can vary greatly, so keep that in mind when comparing spaces and parking options. Business location can determine whether you qualify for government economic incentives programs as well, such as small business loans and other financial incentives that could help in making a move feasible.
What are your office needs?
Office needs can include anything from the amount of space, parking, building access, growth potential, and style!
Square Footage: To figure out how much office space you will need, the square footage rule of thumb can help estimate that – find it here.
Parking: What will parking be like for your employees and/or visitors – are there enough spaces, how much do they cost and are they reserved?
Accessibility: Is there keycard access to the building outside of normal business hours?
Growth: What about future growth? If your company grows, does the location have extra space to accommodate?
Style: What about the style of the building and/or space? Your location should be consistent with the feeling and image of your company whether it is formal, casual or somewhere in between! Don’t forget we will negotiate costs like tenant improvements in your budget if you are leasing.
What about the area?
Does the location you are choosing have what you need in terms of potential employees? Furthermore, figure out what the area is like – this includes demographics, amenities, travel time to the airport, distance to hotels or the freeway, etc. – and if it will best serve your clients and employee’s needs. Talk with other business owners and potential co-tenants to help in your research efforts.
Of course, this not everything that you will have to consider when looking for a location for your business, but it should get you started thinking about what your needs are and what you can afford. The bottle line is you can never be too prepared, nor start too early in your search. Contact us today so we can prepare a customized plan for your office search.