For many industries, there comes a time when their existing infrastructure or office space no longer suits their needs. However, moving offices isn’t as easy as moving into the first building within your budget.
While it might be tempting to sign the first long-term contract with a commercial property owner, it’s crucial to think through certain details about your growth goals, employees and your overall company structure.
One shouldn’t underestimate the effort you’ll need to put into searching for the right space. Choosing the right office building can make all the difference when it comes to recruitment and retention, performance and, in some cases, your ability to bring in new business.
Without further ado, here’s what business owners need to consider when they’re seeking new office buildings.
Renting or Buying?
It’s that simple. If you have the finances to do so, and in need of something long-term, it might make sense to purchase your new office building outright. If not, renting is the most viable way to go. And if the new building is just serving as a last resort, you might be able to find a short-term license. Note that each option comes with its own pros and cons, with licensed office establishments often offering shared facilities, like meeting rooms, break rooms, and kitchen facilities.
Leasing a space, on the other hand, is a practical answer for many small companies. Why? Because it’s simpler, flexible and tends to be less pricey. It frees up working capital and provides access to a great location.
For instance, if you need a retail space in a well-trafficked area, or you’d prefer to be located in a building that has amenities, renting might be your best option.
If you decide to purchase a new office space, the advantages will include fixed costs, fee deductions, and possible long-term savings. A long-term commercial mortgage makes it easier to plan financially and possibly leads to long-term savings. While buying offers the most control, it also comes with the greatest amount of reasonability – so be wary about market conditions and your business needs.
Office Space Amenities
Just think of all your favourite office building amenities: the break rooms that help you unwind during a strenuous workday, the fancy on-site gym that you visit before or during work, and even the available snacks and beverages in the office kitchen that you look forward to each day of the week.
In today’s business world, the amenities concept evolved to extend over an office building’s four walls. In 2021, we see amenity trends incorporating a mixture of digital and physical experiences that bring people together, as well as people to place.
To find your building amenities and drive value through them, you will need to establish an effective commercial building amenities list that can boost the tenant experience. Don’t be a copycat – ask your employees what perks would better their work performed on-site.
Employee Commute Time
All companies using real property as an integral part of their businesses should determine their workers’ commute time to increase work performance.
Why does employee commute time matter more than you think? Studies have shown that every extra minute of commute time reduces a worker’s overall job satisfaction, concluding that an extra 20 minutes spent in traffic is as bad as a 10% pay cut.
Reducing your staff travel time is just one of the many strategies you can use to keep your employee retention as high as possible. The best part is that it’s not difficult to do this in most cities. For example, if someone is looking for monthly parking in Seattle, they can find available locations and book online in just a few minutes on sites like WhereiPark.
How a Working Space Reflects Your Business Culture?
In the past five months, the workplace has accelerated dramatically because of the social, health, and financial uncertainty we’re currently experiencing. As the dust settles, we’re expecting the modern office to look and feel like a different place than the one we left in last year.
Less About Work Density and More About Experience
In 2021, office buildings are no longer just containers for employees but rather an experienced driver. Office performance should focus less on workplace density and more on the experience and quality it delivers.
Many businesses have reported high productivity from remote employees, but are we working well? Are we building expertise, mentoring and learning while we’re apart from our team?
Returning to the office space is one thing we’ve been craving during the pandemic: genuine human connection. And, modern office spaces will need to offer those meaningful and immersive experiences to reconnect teams and individuals with their business culture.
The office: More of a Journey to Discovery and Less of a Single Destination
Do you happen to have your best ideas in the shower? Or on a hike?
Our brains enter their most creative flow when we’re moving, standing, and mildly distracted by physical activity. It makes sense to be much more creative while you’re moving, isn’t it?
To promote creativity in your company culture, you should think of your new office space less as a single destination and more as a journey to discovery. A modern office building needs to resemble a natural setting, preferably one in which we’re best adapted and prioritize heightened experiences. For instance, having to move between floors or a variety of work settings gives more room for interaction and engagement.
However, all these must-haves and would-likes depend highly on your brand/company identity and employee work styles. To better determine what you should prioritize when choosing a new office space, ask yourself: What’s your identity? Or, who are you as a company? Take into consideration all of these when seeking new office space.
The sooner you answer these questions, the better. Our advice? Choose a location that will stay true to your brand values and identity but also accommodate your employee’s work style.
Published on: https://holrmagazine.com