– The Secret to Choosing the Right Office Space –
Location, amenities and size of the space will have a direct impact on the cost of leasing the office itself.
Selecting an office space that works for your business can present a unique and challenging task for commercial investors.
Whether you’re a doctor opening up a private practice, a lawyer or a telemarketing company, the size, amenities and location of your space will each play a crucial role in the success of your business in its new location.
By sitting down with a real estate professional, you can itemize what you need and want for your business office space.
Location is the one thing you can’t fix about a business.
If the business is dependent on high traffic flow, expect to pay a premium for office space that offers high exterior foot traffic.
A telemarketing company is likely more concerned about the size of the space than the traffic flow outside the building.
Meanwhile, an accountant who is dependent on walk-in traffic will need a smaller office space with substantial exterior foot traffic in order make sure the business is successful.
Amenities such as parking, washrooms, Internet, cable and multiple phone lines are a definite consideration when choosing a space, in addition to any business specific amenities necessary for your personal office requirements.
There is typically a correlation between the number and type of amenities and the price of the space.
Size of the space will determine whether there is room for future growth or if there is enough room to accommodate the current office space needs of the business.
Lobbies and common areas can offer a nice entrance but do not add to the usable square footage of the space.
The cost of having access to common areas does not always translate into additional value for the office.
Investors need to be aware of whether or not there is added value with access to common areas.
Cost of the office space is impacted by a number of factors. Office space is priced in a couple of ways.
With smaller spaces, a flat monthly rate is often used. For larger spaces, it is often leased by the square foot.
Some leases will include the cost of utilities and taxes, while other spaces require that the utilities and taxes be the responsibility of the business.
Location, amenities and size of the space will have a direct impact on the monthly cost of leasing the office itself.
Business owners looking for office space will need to carefully balance the size, amenities, location and cost of the space they are considering.
Other things to think about include:
Does the space allow room to grow?
Do the amenities match the business requirements?
Is there enough space to meet the current business needs?
Is the space available for a reasonable cost?
If you can answer yes to all these questions, then this is the office space that will accommodate you as a long-term location for your office needs.