Is Your Office An Asset Or A Liability for Your Business?

Some important things to consider when selecting an office for your business to insure your office is an asset.20131206_081927

The office location

That’s right in real estate its about location location location, but for different reasons that searching for a home. Getting a professional office space for your company could be the shot in the arm needs to get to the next level. Whether to improve employee retention or because you want to look more professional to potential customers, getting a professional office space is the right move to position your business for further growth.

Things to consider:

  • How easy is it for your employees to get to work? Are you near major access roads? (Easy access from your employees homes.)

  • Is there ample parking for your employees and guests?

  • What about ingress and egress to and from the property?

  • Are you close to an airport? If the proximity to an airport is important to you.

 What about any Amenities?

  • Is there a daycare provider nearby?

  • Are there good places to take clients/customers to lunch?

  • How far do employees have to travel for lunch, going to a pharmacy, doctors’ offices, etc.? You can increase employee productivity through decreased time away from the office.

If you are in a convenient area, employees are able to get to work on time and spend less time out of the office. Having a lot of amenities in the vicinity will improve the employee’s satisfaction and results in fewer employee turnovers. This will also help you attract and keep the best talent.

The office building

It’s critical that the property where you occupy space is efficient. To that end:

  • Is the building appropriately priced within your budget for your business?

  • Are the office operating costs high or low?

  • Is the office buildings load factor high or low?

  • Is it more space than you actually need?

  • How old are the building’s systems, example: HVAC, Internet and other communications capabilities. Will they likely need to be renovated, and how will that disrupt your operations?

Locating your business in an office building that is efficient and has a low operating cost reduces your business’s occupancy expense. Quality systems, a healthy environment and plenty of amenities can reduce your employees’ out-of-the-office time and increase your employee’s satisfaction rating.

The office space itself

Space efficiency is a hot topic these days in the commercial real estate world, as businesses are trying to keep their expenses down, while providing room for growth.

As Millenials will be making up 75% of the workforce in 11.5 years, we can expect the rapid changes in today’s office space is inevitable.

More things to think about:

  • Having standardized offices and workstations can reduce your overall real estate costs.

  • Is the amount of space in line with industry standards for employee-to-space ratio (1 employee per 200 to 350 rentable square feet)?

  • Do you have enough public spaces to optimize productivity ( meeting rooms, employee break room, printers, copiers etc.)?

  • Do you have a sublease plan ready if you need to downsize?

Let me know how I can help you find an office that’s an for your business that increases productivity and employee satisfaction, while decreasing your costs. A true win-win!

 









This information is for informational purpose and not intended to be investment advice, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.

 

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