Commercial real estate investments are always expanding, and purchasing commercial real estate is greatly increasing nowadays. Similarly, choosing an office space is a very different game. Many professionals consider their workplace to be a second home. The workplace you choose for your business matters the most since many individuals spend the majority of their time at work. In other words, the location of your office is a crucial component. It must be conveniently located for local commuters and business clients, but it should also be in a building or area with enticing amenities for your staff.
There are several things to take into account when searching for office space. This is because the choice you make will have a significant impact on how well your firm performs in the future. In this blog, we will discuss some important considerations that businesses should take into account when deciding to choose a new office space.
Office Spaces – Explained!
Many new businesses are caught between operating online and in a physical location, often referred to as office spaces or workspaces. Is Office Space important? Yes, it is. Your business can establish its character and culture by having an office. This aids in bringing in new business and luring in and keeping talent. An office fosters social interaction among staff members while bringing them together to cooperate, innovate, and produce better products and services.
In fact, the conventional 9-to-5 workday is quickly becoming obsolete due to modern technological breakthroughs in the commercial world. If you want to grow your staff, though, you cannot ignore the importance of having an organised workspace. It is crucial for your business to have an office and a productive workplace, despite the fact that telecommuting and hiring experts remotely are progressively becoming the norm in the modern workplace. However, having a work office is still essential for businesses.
Despite the changes in the workplace, most organisations still require an office to boost productivity and improve processes. Collaboration is the main justification for an office. Every firm needs its staff to collaborate and innovate as a team. Furthermore, a functioning workspace or office boosts productivity, increases a company’s value, and draws in quality employees and customers. In fact, your workplace lets clients know who you are.
Why is it crucial to choose the right office space?
When your company is ready to move forward and you have amassed a sizable team, you will need the ideal office space to centralise everything. A new workplace is something to think about because it can affect both the comfort of the employees and the profitability of the company.
The top five reasons for choosing a perfect workspace for your company are given below.
- Encourages Cooperation: Office spaces that are effective should unite staff and promote in-person conversations. When everyone on your team works together, you can accomplish business objectives fast and grow your company to new heights.
- Encourages Attention: Individuals who can concentrate on their work may benefit from the office’s design more than those who cannot. When you are in a tiny place, the noise from the surroundings can disrupt meetings. Concentration can be boosted by a well-planned office space with adequate cabins.
- Creates an organisational culture: There are numerous ways that office design can influence corporate culture. It might foster the right kind of employee-friendly environment. Businesses can opt for an office layout that encourages transparency and improved collaboration. Both are useful in equal measure. Businesses should also look for spaces’ exceptional flexibility and the advantage of first-rate administrative and technological assistance.
- Attracts Qualified Workforce: A company’s workspace gives insight into its worth beyond just how it looks; it is a statement of everything from its work philosophy to its financial sustainability. One of the best methods for a company or brand to attract employees and convey its personality is through office space.
- Draws in Investors: Some of your investors may insist that you open an office before they expand your partnership in order to guarantee proper administration and a thriving firm. An office increases the partners’ and associates’ confidence in your company or brand.
7 Key Factors to take into account when looking for an Office Space
The right office space itself significantly increases worker productivity and accurately reflects the corporate culture. But it can be more challenging than it seems to locate the ideal work atmosphere. Since an employee spends a substantial amount of time at work, it is crucial that the setting naturally promotes cooperation, engagement, and productivity. Modern offices can have many different features, such as open floor layouts and private spaces. Employee well-being is maximised in the correct office setting. The following factors can be taken into account while looking for an office space.
This is the one main thing to consider when buying office space. One of the catchphrases that drive the significance of area and accessibility for a firm is “Location, location, location.” Particularly in metropolitan cities, an office space in a premium neighbourhood will boost the company’s reputation and encourage growth. With the help of brokers and entrepreneur-friendly products, the stress of choosing a suitable location is reduced to a great extent . It is critical to have a location that is easily accessible for customers, partners, and staff.
In fact, the two most crucial factors to take into account when choosing an office space are whether or not clients will have any trouble getting there and whether or not employees will have any trouble getting to work. Once the aforementioned conditions are met, the location may be deemed appropriate for the firm. In order to protect the office resources from obstacles to progress, the location also decides to maintain the necessary levels of security. The area surrounding the office, including elements like restaurants, and coffee shops, is another crucial aspect of the location. These can significantly increase the accessibility of things like after-work social spots and lunchtime restaurants. When these criteria are met, it can significantly increase the accessibility of things like lunch stop locations and after-work social spots, which will raise employee satisfaction.
The cost will always be a crucial factor, regardless of how many boxes an office space checks, but it is always advised for businesses not to ignore the possibility of renting space for less. Effective planning must be done when estimating the cost of office space. The price affects your company’s net profitability and influences the reserves it may maintain. If the price is inflated, the company can end up spending more than it can afford, which would put a heavy financial weight on it in the form of a high lease and additional costs.
Therefore, given what to watch out for when renting office space, caution against unexpected charges is necessary. Think about both current and future costs when estimating the total cost of renting. These go above and beyond rent, Wi-Fi fees, moving costs, and seat fees. Examples include repairs, extra furniture, extra spending, and fines for contract violations. Ask about any potential hidden fees when reviewing the list of spaces, or at the very least, take them into account to determine whether your budget is compatible with the overall costs.
Location and cost are undoubtedly significant factors to consider when selecting a commercial space. However, it’s not enough to only consider your current requirements when searching for office space. You must also plan for future expansion to avoid hindering growth due to a lack of space. Think ahead three to five years and anticipate how much space you’ll need as your business evolves. Will you have multiple departments or expand your product line? These are crucial factors to consider when deciding if your chosen office space will accommodate your team’s needs in the future.
For small businesses on a tight budget, leasing a larger space may not be feasible at the moment. In this case, opting for a shorter lease with clauses that give you the first right of negotiation when an adjacent space becomes available is recommended. Alternatively, consider staying in a coworking space until you can afford a permanent location. Thorough research is necessary to find the perfect office location. Renting a space allows for more flexibility to experiment with new ideas, and selecting the right office environment thoughtfully can make employees feel valued.
Imagine a place that expands as your objectives do. It is crucial to consider both the employees’ and the clients’ comfort. It is one of the things to consider because it promotes business expansion. It is essential to be informed of the amenities and services offered by the office building, such as surveillance, parking, backup power, etc. Also, consider flexible work arrangements that satisfy the needs of your business. You can combine various departments or offices with shared support staff, such as cleaning, reception, and infrastructure resources, in addition to having many offices.
Other infrastructure considerations include building structures that support your business’s goals and determining whether doing so will come at an additional expense. Along with the number of services, the quality of such services is equally important, and it is bad for the company’s morale when business operations are disrupted or interfered with.
Existing employees and potential hires deeply consider the commute to work as a key factor. There should ideally be a large number of transportation hubs close to your place of business because accessibility is important for determining how readily your staff can get to the office. Additionally, make certain that your staff has access to convenient parking. A lack of accessibility or long commute times has been an important factor in workers quitting their jobs. Pick a location that is simple for new hires to get to in order to lower attrition rates and make travel to the office simple. A workplace in a desirable location with good access to public transportation can increase workers’ productivity by ensuring that they arrive at work on time and without stress. In fact, employees don’t have to worry about transportation to and from work every day if their office is close to both public transportation and private transportation. Clients can easily locate your office in the interim. Additionally, accessibility and staff morale can be increased by locating an office adjacent to or in a business district with access to malls, eateries, bars, and coffee shops.
6. Layout and Style
Although it might be thought of as a secondary issue, space layout and style is just as crucial as the other factors. The notion of how the workplace affects both clients and employees often dictates style. If you want to establish a brand, you should start with your office space, which should match your company’s brand image.
It’s a requirement that has a big impact on employee satisfaction, productivity, and engagement. Your office’s appearance and atmosphere convey a lot about your company’s culture and how much you appreciate both your customers and your staff. In fact, recent studies indicate that workplace layout, natural and artificial light, air quality and ventilation, sound and acoustics, look and feel, plus proximity to nature are the main elements to be taken into account in terms of office design.
7. High-end Building Management System
Last but not the least Building automation is a growing trend in today’s real estate industry. Therefore, when searching for office space, it is imperative to look for a completely automated building. These “smart building” systems communicate with one another and a central “brain” using standard communication protocols.
With the help of BMS, office spaces may now operate the systems that regulate the functionality, safety, and comfort of their properties from a more intelligent position as it will be based on real time inputs received from sensors and equipment installed across the building. One that will undoubtedly result in major energy savings for many years to come, in addition to raising staff happiness and helping with better space allocation. BMS also helps in monitoring, controlling and optimising the use of energy and other resources in the building. It helps to ensure that the building is running efficiently and meeting the needs of its occupants. In addition, BMS allows for improved comfort levels and better air quality control, as well as improved security and safety features. It also helps to reduce operational costs and allows for better management of the building’s resources.