INSIGHTS, RESOURCES & EVENTS

Should I stay or should I go?

Move or Refurbish – 5 Important Factors to Consider

When considering your office space – whether it is the current space you occupy or the possibility of taking on new space, one of the key questions will be whether the space fits with your business – both now and into the future.  And there are many different ‘measurements’ of fit!  Size.  Location.  Cost.  Lease Agreement.  Facilities.

Size

The physical size of the space which will house your business is very important.  Too little space forces crowding of staff and reduces the facilities available to let your people be at their most productive.  The most likely outcome in this situation is inefficiency throughout the organisation.  By contrast, too much space will likely leave an organisation struggling to keep teams working together and causing unnecessary dilution of culture and values.  A test fit on the space available and using your current and projected requirements will allow you to see if you have the right space to fit your team now and still provide the necessary room for expansion as it is required.

Location

Another important ingredient in the feasibility study is the building location.  This can be influenced by such things as physical location, floor level within a building, proximity to existing tenants (it’s not always that comfortable being located right next to your biggest competitor!) and other factors.  A major determinant is access to public transport and major road & rail networks.  The easier you can make it for your potential customer or partners to visit you, the quicker you will be able to scale and grow your company.

Cost

All the best sales trainers tell us that a buying decision does not come down to cost – there is always some other factor that will stall or stop a deal from going through.  However, it will always be a factor when looking at real estate and your ideal business location.  Cost can encompass your current facility – is it going to look after your needs in the future or do you need to make radical changes and additions to cope with your growth plans?  It may be of value to look at other options out there to see if a different space will cater for your requirements in a more cost-effective way.  The real ‘cost’ will typically include items such as; Relocation, fitout of new space, dilapidations, on-going rental, rates, IT infrastructure, staff changes – other items will need to be factored in depending on the individual business.  You really do want to get the best bang for your buck.

Lease Agreement

Knotty one, this one.  As the potential tenant, you will want to squeeze as much out of the lease agreement as possible.  This generally means that you will want the best space for the least amount of money and ideally on a rolling month to month contract.  In theory, this is great, in practise it doesn’t work this way.  Ever.  Ever heard of Regus?  The landlord or letting agent on the other hand will be pushing back on every point, wanting to tie you in to a 20 year lease with no break clauses and a huge dilapidations fee at the end.  However, there is a middle ground to be found, negotiation is still alive and well.  Please don’t be unrealistic in your wishes – premium Grade A office space does cost a lot more and generally offers a lot more in terms of address, prestige and facilities so there is a value attached to this cost.  It also does pay to have a good quality agent and legal team on your side who will be able to get the most of any agreement for you.

Facilities

The facilities are very important and a key decision point when deciding what is the best space for your business.  And these facilities can be both internal and external.  Internally they may include a reception area, toilet & refreshment facilities, lifts, air-conditioning and shared spaces.  External facilities which are desirable include on-site parking, roof gardens, outside space and bike parking amongst others.

 

Phew – there’s a lot to think about, isn’t there?  At Calibro Workspace, we carry out feasibility studies on potential sites to help you make an informed decision on the best space for your business.  Sometimes everything is accounted for but you just want to see if the space will really work for you – our ‘test-fit’ service will see if what you require can be fitted within the space.  Caught between 2 buildings and looking for that knowledge to make an informed decision?

Our team are always ready to help you – get in touch today with one of our expert space specialists:

hello@calibroworkspace.com | +44 (0) 28 9442 5200

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