As a business owner, finding the right office space is crucial. There are many things to carefully consider when deciding on your place of business, such as whether the success of selling your products or services relies on foot traffic, the location suitability for your employees, whether you plan to expand in the future and the risks of being bound by mortgage or lease agreements if a venture goes under. To buy or to lease? The first question to ask is whether to buy or lease your office space. Retailers generally fare better by buying, since logistically the cost of relocation of inventory and furniture when a lease expires is high. By buying an office property, you will also have an added asset at the end of the mortgage period. Those businesses that do not depend primarily on their specific location for their revenue can often do best and save significant amounts of money by renting office space or by using a serviced business centre. The latter offers a range of flexible lease options for companies who don’t want to be tied down too much. The right broker is key Make sure you hire an experienced real estate broker so that you have the choice of a wide variety of properties to match your requirements. Your broker should help you learn to identify your space needs, locate rental property that best fits those needs, negotiate the best lease possible and explain how that lease could affect you in the future. An experienced broker is also highly useful as they can warn you of any pitfalls associated with a potential property and point out the benefits to help you make the right decision. While larger companies naturally tend to get more attention and choice in properties from real estate brokers, as well as better lease agreements, there are also brokers who specialise in finding office space for smaller companies. Location is gold Make sure that your office location is accessible to both customers and staff. Your employees need to be able to easily commute to your place of business or it could become difficult retaining the right people. Businesses such as retailers are made or sunk through location – if customers can’t find you, the quality of your products and services becomes irrelevant. Business centres and rented offices can be a great choice to gain a prime location fast. For example, part of the business and financial appeal of London for companies is the first class rented executive office space and business centres available in exclusive locations. Size matters Then there is a question of choosing suitable space for a commercial property. It’s always a good idea to opt for an office size that is slightly bigger than you need to accommodate for future expansion. Rather too big than too small is a general rule of thumb. Infrastructure check It is also important to be aware of the location infrastructure. For example, make sure the property is not prone to flooding during a heavy downpour. While it seems obvious, ensure also that other services such as water, electricity, telephone and Internet connectivity are in good order. These can be pitfalls that many businesses don’t realise until they move in. For this reason many companies opt for rented serviced offices where all facilities are guaranteed as part of the lease. Furniture options When leasing an office space, it’s a good idea to buy modular furniture that can be assembled and dismantled quickly in the event you relocate. Alternatively, you could lease furniture to avoid any fuss if or when you move. Another option is to rent a serviced office in a business centre, where furniture, internet and other office necessities are already in place. The above tips are crucial to keep in mind when looking for a commercial property, since the right place of business can give you the right head start.
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Office space and location can make or break a company. The following article offers useful tips on finding the perfect place of business.
Simon Reston – business owner and writer on office space tips.
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