As a business owner, one of the most important decisions you will make is signing the lease for an office space. This will become the beating heart of your business and is where your employees will spend the majority of your day. Every decision moving forwards will take place here, and you’ll meet important clients within these four walls.
Much like buying a house, finding the perfect office space is not something that should be taken lightly. There are many contributing factors that will influence your decision. To help you narrow down appropriate properties early on and complete the process in a more efficient way, here are our top tips for finding the best commercial property for your company.
Scope Out the Local Area
Firstly, scope out the local area in detail. If you were buying a house, you’d be looking at things like schools and crime rates, and just like with a residential property, there are a number of things you should be looking for in the area the offices you’re looking at are located within.
This will include any other businesses located nearby (especially competitors), whether businesses are moving out of the area or moving in, what the population is if there are any plans to change infrastructure in the area, and what the crime rates are.
By doing adequate research on the area’s early doors, you will minimize the chance for unpleasant surprises later down the line when you’ve already signed a lease.
Carefully Consider Your Budget
The next thing you need to pay particular attention to is your budget. This will dictate what type of property you can move into, as well as what your business expenses will be moving forwards. If you’re looking to save money, or if you searching for your first business premises, you might want to think about moving into a flexible office to save money.
It’s best, to be honest with the broker you’re working with about your budget – it will save a lot of time in the long run.
Create a List of Non-negotiable Amenities
The next step to finding an appropriate office is to know what your non-negotiables are. These will differ from business to business, but you might find that you’re not willing to compromise on things like parking, proximity to public transport, the number of meeting rooms, or the postcode area.
You will, of course, have to compromise on some things, but if you know what your non-negotiables are, you will find that you avoid wasting time on properties that simply aren’t going to work for you.
Ask Your Employees Their Thoughts
Our final tip may well be the most important: ask your employees what they think. They will be spending the bulk of the week in the office, so it’s important they like it. If they don’t, this will be reflected in their productivity and morale, and this could lead to poor staff retention.
If you’re going to be moving a distance from your current premises, make sure everyone is comfortable with the change to their commute before you commit. A lot of people consider commuting time to be a key factor in taking a job, so there’s every chance they might reconsider their employment if you up sticks and fail to discuss how it might impact them first.
Finding an office is tricky and definitely shouldn’t be rushed, but it’s often the case that you need to find a solution early on. Hopefully, these tips help you narrow down your choices and find the right option for you in a timely manner.