A big step for any company is deciding on office space. Whether they are looking to leave their current space or moving into an office for the first time, it requires immense planning to ensure a smooth transition. We will look into some reasons why businesses may consider searching for new office space, or staying at their current place.
Remember the saying – “If you build it, they will come”? If you have realized that they are not coming, it may be the right time to move out. While offices in less convenient locations may have lower rent, what use is that if there is only a small talent pool or potential clients and partners find it difficult to travel there? The pros and cons definitely need to be weighed before making any decision. Also, infrastructure may not so developed in these areas due to a lack of demand. Internet speeds may not be of a high level, and neither the transportation.There are many factors associated with choosing an office location, for example, being near competitors, customers and staff, but it can vary widely depending on the organization.
TERMS OF LEASE
If your current rent is expensive, consider whether the other cheaper options are really value for money. Will you be paying less rent but losing out on other areas such as the quality of employees? A balance must be found which benefits the progression of the business. Even by starting to look elsewhere, your current landlord may be forced to act to do as much as they can to get you to stay. This could put you in a stronger negotiating position to reduce the rent or even upgrade your current space. Remember, it doesn’t hurt to look. You are not banned from viewing other spaces that could meet your criteria and you should always do what is best for the company, and who knows, you may stumble upon a diamond in the rough ready for you to unleash its potential!
While the alternative options may not be better than your current place, there are always vacant spaces available. Is your office space fully utilized? If not, consider using conference booking software to ensure that meetings and conference rooms are easy to book, thus ensuring they have a higher rate of use and therefore generating more income! If even after steps such as these, significant value is not being gained, it may be time to look elsewhere. Too much and too little space can be detrimental to staff morale; so it is important to have working space which is proportionate to your company’s size.
So there we have it, some points to really take into account whether or not to find a new office. Every company is unique so we are not in a position to tell you what would be the right move for you, but consider these points carefully before making decisions as big and pivotal as these!