Choosing the Perfect Office Space
By: Rachel Pollard 03/24/2015
For new business, the right office space can make or break you, as explained by American Express. It is crucial that you find the right balance between the space being affordable and in the right location, but that is necessary for your company to grow. Even if you are new to the whole real estate thing, finding the time to secure the perfect office space is vital to your success. The head of marketing at Morgan Lovell, Paul Kelly explains, “Getting the right office space is so important because your business will have to live with it for the life of a lease. Get it right and you have a happy and productive staff; get it wrong and it will slow people down, cause aggravation and waste money.
Location, Location, Location
You've found the perfect space! It is exactly what you need, has amazing views, huge space, and even comes with some furniture and office equipment. And the price was so much cheaper than you'd imagined. If it sounds too good to be true it probably is. If you find the perfect spot with extra amenities for far less than you'd expect to pay, check the neighborhood. You need to make sure that you are choosing a safe neighborhood for your location. No one is going to want to come to do business in an area with a reputation for being dangerous. Choosing a safe location will also help you to avoid break-ins. You also need to make sure that the location is in an area which is easily accessible from various forms of transportation. Having nice places for shopping or restaurants nearby may also be an added bonus. You will also want to ensure that your key employees can get to it without too much hassle.
Cost & Time
While you obviously don't want to find any place which is too cheap to be a good idea, you also don't want to spend too much on your office space. When calculating the cost, remember to include everything; rent, utilities, costs of remodeling, moving expenses, and any hidden costs which you may not have anticipated. These extra costs may include such things as maintenance fees, parking costs, garbage, sewage, water, etc.
You also need to consider the amount of time that you have to lease a space for. An office space which requires a five year lease, for example, maybe a bit much for a new business. While you may only have a handful of employees now, you may expand to ten times that much in a couple of years and then you'd need to move to a larger space. If the lease you are looking at does not give room for your long-term business plan, then you should not sign it.
As mentioned above, your company will hopefully be expanding quickly over the next few years. According to Bplans, it is usually recommended that you have 70 square feet for each employee. You may want to adjust this number according to how much space your employees may need. For example, if one of your workers needs a larger space for their desks, tables, storage, etc....then you'll have to figure that in. On top of that, you need to remember to add meeting and greeting spaces, break rooms, restrooms, etc. Having such spaces can save you time and money on luncheons, etc, if you can have clients to meet you in the meet and greet room. You also will want to add in room to grow.