When you’re in the market for an office space, the right location and the type of space you go for is incredibly important. Not only is it the central hub of your day to day operations, but a good office can also boost staff morale, as well as brand image. While there are plenty of things to consider when looking for new office space, here are the factors that are vital to the process:
Everyone’s heard the common real estate mantra, “location, location, location!” When it comes to buying real estate for any purpose, the most important thing is to choose the right location. However, you need to look at different factors for different kinds of properties. For a new office space, you need to look at features such as:
- Convenient access for clients
- Convenient access for employees
- A safe neighborhood
- Near other offices and shops
These things are important for keeping both your staff and clients happy. A bustling neighborhood with coffee shops, gyms, after-work bars, and other social spots give your employees a chance to take a break. It’s also convenient for arranging an informal meeting with clients if there are restaurants and café’s located nearby.
Price or cost of the property is a crucial factor when deciding on new office space. You might go for a low-priced property but end up moving after a few most due to lack of facilities. Or you might end up paying too much and find yourself in financial trouble and have no money for rent!
The important things you need to consider are:
Your Budget — Find out what you can afford in your current financial position taking into account the advance rent that is often required.
Hidden Costs — Make sure you ask for any hidden costs such as parking fees, maintenance costs, etc. Make sure you can pay all of these for the foreseeable future.
Market Value — Do thorough research and compare the price of the office space with others in the area. Make sure it’s priced in line with other office spaces and if it’s marked higher, find out why.
Depending on the size of your company and the number of employees, you’ll have to consider the ideal amount of office space you need. The generally acceptable rule indicates a 70 square feet space for each employee in the office.
If you need extra storage or bigger desks for some employees, then up the figure suitably to allow for these additions. Make sure you take into account future considerations if you expect your company to grow. Also, consider the issue of resting and meeting spaces for your employees—where they can meet with clients and have meals.
The process of purchasing office space or commercial property for investment can be complicated. To avoid being overwhelmed and making a decision you’ll regret, always consult a real estate expert. Macomb Commercial Real Estate is a leading commercial real estate broker in Macomb. We have been helping investors in buying commercial property Macomb and industrial buildings for years!
Contact us at 586-227-9515 today for a free consultation to discuss your options.