Planning an office relocation gives you the opportunity to explore new possibilities, fix mistakes, and access new demographics. It might feel like a huge undertaking, but it can actually be a surprising gift. While you might think that budget and revenue are the only important concerns, you also want to keep in mind the culture and talent that make your business thrive. Without them, your business may not have as big of an impact as you want. Here’s how to choose the best location for your new office:
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Make Sure It’s Centrally Located
It might seem like a no-brainer, but far too many offices sit out in the middle of nowhere. This means employees have to drive potentially hours in traffic. Extra drive time might make staff exhausted or upset before they even get to work. There may be fewer options for lunch, after-dinner drinks, and even quick walks to break up the day. The geographical location might give your team more beneficial options that keep morale high.
When you choose an office relocation that is central to a nearby city, your employees have more options in terms of transportation. They may opt to take the bus, or a subway, or a rail system. They might bike to work or even walk in. This means they can read their favorite book or get exercise instead of constantly merging, hitting the brakes, and cycling through periods of road rage. They’ll also have more options for venturing out during the work day.
Review Local Amenities
Yes, unless you’re going to build a campus in the same vein as Google or Facebook in Palo Alto, you’ll want to choose an office building that has access to amenities. Without nearby diners, cafes, bars, and gyms, your employees may feel trapped within the four walls of your office. Their workspace might feel more like a prison than a fun place to be productive and innovative. Plus, they’re stuck packing sandwiches or frozen meals every day for lunch.
An office closer to the hustle and bustle of a cosmopolitan area generates more young, lively, exciting energy. Your staff may stop off for a bagel and coffee on their way in and then take a walk around the block on their break. This electric energy creates a culture of togetherness, growth, and movement. They can hit the gym or a yoga class after work on Tuesday and have drinks with their coworkers on Friday night. Your office becomes an extension of their best life.
Consider Your Future Scaling Needs
As much fun as it can be to plan a move to a new office with amenities, vibrancy, and energy, you won’t want to have to make this move again soon. This is especially true if you love your new location, and your hard work pays off. As your employees come to love their workspaces, they’re more likely to become more productive and come up with great ideas. This leads to further growth for your company, which means you’ll need… Yes, more space.
So, as you’re scouting locations, make sure you’ll be able to expand to another floor or a nearby building. If you’re looking to lease land and build, you can also consider buying enough land to build on later. The ability to scale from the same location you’ll be in can save you tons of money in relocation later, especially if you factor in potential rent increases and interest rate hikes as time goes by.
Check Your Budget
You had to know this issue was going to come up. Of course you want to check your budget before deciding, or even looking, for a new location. Rent prices can vary wildly depending on the city you’re in, how close to amenities you are, and how much space you’ll need. In general, you should not spend more than 20% of your gross revenue on your office space. And this includes overhead like water, electricity, and internet services.
Still, you can get creative with your choice of office space and location when it comes to your budget. If you’re hoping for a spot in a big city, look for a spot that needs a bit of TLC, and you may be able to get a deal. If you’re looking for land, consider a location that’s in an up and coming neighborhood, where prices haven’t hiked up yet. You can also start small and grow as your business grows. Just be sure you’re keeping your future scaling needs in mind.
Balance Talent and Target Audience
Finally, one factor many businesses don’t consider when choosing an office location is the talent and audience you’ll have access to. In the wrong location, you may find yourself struggling to fill critical jobs in your office due to a lack of experience or expertise nearby. You’ll end up having to reach out farther away for employees. Those potential staff members may then expect more benefits and help with transportation getting to and from an office farther from their homes.
In contrast, when you choose an office space located near a major university or other similar businesses, you’ll know you’ve already got a strong talent pool to select from. You’ll also likely have a strong target audience to tap into, who’s already familiar with your industry. Now, you can recruit top candidates and advertise your products and services to your niche clientele from the luxury of your fabulous new building.
In the end, where your office is located is critical to your company’s brand, culture, innovation, and growth. It will affect who works for your company and how those employees feel. This then relates directly to how your customers connect to your products and services. With all of that in mind, be sure to factor in more than just your budget when it comes to making this choice. Pick a spot you’ll be excited to work in, so your employees and customers are excited, too.