If you’re in the market for an office space, what you choose is incredibly important to your business. Studies show that finding the right office space, in the right area, can make your employees much happier, as well as improving productivity. The right space also plays an important role in attracting the best caliber staff for your business.
Find the right commercial real estate agent to represent you
Finding the right Property Broker is key to finding the right office space. Your property agent should have experience as well as a good track record in the area you are looking at. Do your research, and this is quite easy to do on-line. Check if your agent is active in your area. Look for client reviews, or successful deals done. The best real estate agent is an experienced professional who listens to your needs and knows their specific market. That person might not necessarily work at the largest brokerage, or close the most transactions, but is ready to find your perfect space
Choose the right type of space best suited to your business needs
Decide what type of office space is right for your business. Look at your medium term plans for your business, what is your growth plan? If your business is fairly stable, and your have not planned to increase your staff compliment substantially, then choosing a traditional office is probably the best and most cost effective way to go. Renting a traditional office is more cost effective over the long run, as you are paying the lowest rental, and can spread your capital outlay over the period of the lease, usually 3 to 5 years. But, if your plans are more fluid, and you may require more flexibility in your office space requirements, it is beneficial to look at serviced or semi serviced office space. With this option, your lease term is flexible and can be as short as a month to month lease. With the serviced office option, you have a much smaller capital out-lay, as you do not have to purchase, or hire office furniture or pay to fit-out your new commercial space. You are also able to grow or shrink your footprint at very short notice. We have the right assortment of offices, both serviced, semi-serviced, shared and traditional office space to let. How to Find the Right Office Space in your budget.
How much space do you need?
There are a number of formulas out there that can help to find the right number of m² you should be renting. Your business will have its own requirements, and your trusty property broker will most certainly guide you on this topic. When planning your space, these are a few things you need to consider in order to get to the right number. And I always like to start at the beginning!
- Does your business receive clients? If so, you may need a full reception area with space allocated for seating. If you rarely have clients rock up at your office, a smaller reception area is perfect.
- Deciding on a reception, or not, you should also consider the placement of your meeting room. It often makes sense to have your meeting room/s adjacent, or in close proximity to your reception, thus avoiding clients and visitors trekking through your office area to get to the meeting room.
- Kitchen, staff pause area. Its often best to have your own kitchen, and depending on if there are outside facilities, a dedicate staff rest and pause area. Or go the whole hog and put in a staff play room with pool table, Foosball and a lounge!
- If you are lucky enough to have access to a patio, then plan your staff area close to this to maximum use of this space. Remember, you are more than likely going to have to pay for you patio.
- Storage, do you require a dedicated document storage area? A server room, these are not usually very big, but factor them in.
- Does your business require your staff to have enclosed and private offices? Or do you need open plan work space. Open plan space is by far more cost effective, both from a space perspective, as well as fit-out costs. It can often work out better if you have your work space open plan, with one or two small private suites for those times your staff need a quite place, or area to discuss confidential matters. Finding the right office
- Finally factor in your management and executive suites. Management suites are usually a 3 X 3 office (9m²), whilst the space for the big dog should be anywhere from 25 m² upwards.
- There you have it, quite easy. Or not. If you have a fairly large space requirement, engage with a professional Space Planner to plot out your space from a more scientific perspective. You can often get them work at risk, or there may be a small fee for this design service, but it could work out saving you on space costs over the term of your lease.
- The last point to consider is that you now know how many Meters Squared you need. When you are renting office space, there is usually a substantial difference between your usable area and your rentable area. (GUA & GLA) In the most extreme cases, your “common” area could be as high as 28% of you total GLA. This is especially high if you are looking at office space in a high rise building, that has large lift areas, lobbies etc. So factor in that you will need between 12% and 20% extra space to accommodate the common area in the building.
Choose the right area!
There are many factors to consider when choosing the perfect location for your business. Do you need to be close to key clients (Remember this can change over time), is public transport service important? Do you need staff parking? Client Parking? Here are a few points to think about.
- Do you want to be close to other similar businesses? Creative hubs, financial districts, tech hubs? Speak to your property agent to find out more.
- Parking. Parking bays are almost always an addition to your lease, and if you have a high parking requirement, this can become a large portion of your rent. Renting offices in high density areas, like the CBD come with fewer parking bays, and at a much higher cost than offices in less built up locations. And if you need fewer bays, the public transport infrastructure could be more important.
- Considering places that are popular with your employee demographic is also important. Yes?
- Market Rentals. Supply and demand for office space plays a role in what landlords ask for rent. Areas with low demand have better market rental than for instance areas with high demand and fewer options. You can often find awesome office space at an affordable rental in your less popular areas.
- Convenience. Consider where your work-force is coming from. Shorter time spent commuting increase staff happiness and productivity.
- Get your Property Professional to provide you with comparative rentals for your top three locations.
- Branding and visibility for your business. Find out about free standing building, where you may be able to get naming rights and branding opportunities.
- Think about the security of the neighborhood as well and what’s close to the office.
- Is there a gym nearby? Coffee shop? After work bar? All of these things are important for keeping your clients and staff happy!
How much should you pay?
Price is probably the most important factor to most businesses when they’re choosing a new office space. If you spend too little, you’ll either end up with an office you’re not happy with, or you may find yourself moving out after a few months. Spend too much, and you might struggle to pay the rent or have to move again to downsize. Neither of those scenarios are ideal. finding the right balance will keep you in the right space for longer, and avoiding the cost of having to relocate your business. Do some research to make sure you are getting the right deal.
Finding the right space
During your search, you will find a wide range of suitable offices to rent. Some may already be fitted out, and the layout may suit your specific needs, or the space you want is a white box, and needs a full tenant fit-out. There are benefits to both these scenarios. Find a space that is close to your needs will mean that you will spend less on customizing your space. Starting from scratch may mean a higher initial cost, but designing your custom space could result in you having a smaller, more productive office layout. This could work out more cost effective over the long run.
Now you know how much Real Estate you need. You have a better understanding of the best location. All that is left is for your Property Broker to provide you with the most comprehensive assortment of Commercial Space best suited to your business requirements
Do need professional advice on find the right space, please reach out and let us help get you the best deal on your new space