As businesses grow, they outgrow their current space; as time passes, needs change. Your office space should meet those needs whether they are getting larger or smaller. When is it time to make this decision? Let’s start by asking a few, simplified questions to help us answer the big question: Is it time to move your commercial office space?
Does your current office space meet your projected long-term needs? If not, put a tally in the move column. Whether you are expanding or consolidating, your commercial office space must agree with projected work demands. If you bottleneck here, you hinder earning potential.
Location, location, location, right? This element is true for your financial requirements just as largely as your client base. Long, arduous commutes are a deterrent for new hires and a hindrance for retention, so distance effects your employees as well. For this matter, consider parking. Difficulties with parking can lead to unwanted client and employee frustration.
Leases are complicated. How can you be certain that your rental agreement is secure? What if you get to the end of your lease and your property owner wants to increase your rates? What if your office rental is out-bid on? These are all very realistic concerns. The best answer is to get a commercial real estate expert who can work in your favor to put limitations and restrictions on your lease.