So you’ve decided to relocate your business, either because of recent growth or a need to cut overhead expenses. Whatever your reason for the office move, it’s critical that your find commercial real estate with an ideal location. That may seem like a no brainer-of course you need a pretty spot to bring clients to-but there’s a lot more to finding a commercial real estate location beyond its look! Keep these five factors in mind during your office real estate hunt, and soon you’ll have an office space that employees and clients will swoon over!
Neighborhood Take into account what the surrounding area is like. Ask yourself, how will this neighborhood or business district reflect the attitude or values of my business? Be wary of moving a business into a “hip” area in an attempt to show how innovative your business is. What is trendy now may be significantly less so by the end of a ten or fifteen year lease, and inspiring innovation can come in more tangible forms, like your office design or open floor plan.
Access How accessible is your new location for clients. It might seem great to situate your business in the beautiful rolling hills of the countryside, but if your business is heavily service based, clients won’t want to trek over the river and through the woods to get your service. They will simply go elsewhere. Consider employee accessibility as well. When you search for commercial real estate, look for a spot that is centrally located to where all of your employees live. Not only will this make their commutes shorter, making them happier more punctual employees, but it will also get your staff on your side for the move. Most employees balk at the idea of change, so catering to their needs is a great way to turn a stubborn employee into one who is actually willing to help out with the office move.
Visibility This relates to access in the fact that you need to be located in a visible area for clients. This may mean locating to the heart of downtown or situating your business closer to a highway were people can see your sign as they drive by. Signage itself is important as well. Make sure that your future landlord allows you the space for a large, visible sign that will attract clients to your business. Without a great sign, you’re just another building on the side of the road.
Taxes If you’re operating on a budget, or if you’re simply looking to run a more efficient business, paying attention to an area’s tax code is crucial. Make sure that you understand the property taxes of an area before you settle in. Even if you are leasing the commercial real estate, the amount of tax will have a huge impact on the cost of your lease. Sometimes this in and of itself can be the deciding factor for your business move. On the upside, though, as commercial real estate prices have generally dropped, you may be able to move into a higher property tax rate region (perhaps a more prestigious location) for less than you would have been able to ten or so years ago.
Whatever your office space choice might be, remember: location, location, location! No matter how much you spend on fancy office furniture or state of the art audio visual equipment, if not one wants to go near your business, none of that will matter. With these tips, though, you can start making the best office space decisions for your business. Happy Moving!
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