Choosing an office space can be very difficult, as your decision will have many implications for your business. A poorly chosen location, for example, could cause you to lose employees or customers.
Questions to ask yourself before choosing an office space
Office Space
Because landlords prefer long-term leases, businesses should ask themselves the following questions before signing:
Does my business have the flexibility to grow?
Every business needs to consider not only its immediate needs, but also growth and cyclical ups and downs that could change space needs over the course of your lease agreement.
If you can't afford to take on additional space due to budgetary issues, try negotiating a shorter lease term or add a clause to the lease that gives you the first right to negotiate on any adjacent space that becomes vacant.
What about the coworking option?
If you are a startup, a fast-growing company, in a reorganization phase, you want to work in several locations of a city or a country? This is a good option!
The advantages
- Share coworking services
- Coworking is a choice for freelancers or young companies
- In coworking, no need to worry about the layout of your workspace
- Coworking offers an environment designed for well-being at work
- In coworking, you have comfortable and friendly common spaces
- Occupy different coworking spaces according to your needs
- Enjoy the benefits of coworking
Is this the right place for my key employees?
Prepare a mobility plan considering the location of your key employees.
A long and expensive commute may cause them to seek employment elsewhere.
Ask them if the space is convenient for them.
Is the location convenient for customers? Parking, public transportation accessibility.
You also want your office to be accessible to clients, as transportation costs continue to rise, and people may not be willing to travel to your business. If you're moving from an urban location to a cheaper, decentralized space, ask yourself if the lower expenses will offset the potential loss of clients. Even in the age of video conferencing, it's important that face-to-face meetings are manageable.
Is this office sending the right signal?
What image do you want your company to portray? Think about it.
Reception, furniture, and the quality of your amenities are all signals you send to your clients, but also to potential recruits.
Are there any hidden costs I haven't considered?
Calculate the total cost of the space - rent or sale price, common charges, municipal and regional taxes, moving expenses and other costs that may not be obvious. There may be hidden costs. We recommend that you use our tenant representation services to help you understand the issues involved in your move, the choice of location and building, and to assist in negotiating terms with the landlord.
Parking and public transportation
It is important to consider the amount of parking available in the building. Are there enough charging stations for electric or plug-in hybrid vehicles?
If parking is limited, is there a place for employees to park so that customers have the most convenient spaces? Negotiating special rates for employees and validating customer parking tickets are good ideas, but they must be built into your budget.
Do you have a public transportation mobility plan to present to your employees? The more employees use public transportation, the less it will cost you in parking space and the environment.
Would I consider sharing an office with a company with which I share common interests?
Sharing space with another company saves money not only on office rent, but also on the cost of common space.
It's ideal to share with complementary businesses, such as an architect with a builder or a public relations firm with a web designer. There must be a formal agreement between the tenants, even if it is on a month-to-month basis.
Be careful to match the terms and conditions of the sublease with the master lease/
Increasing your rent
We are entering an era of higher price inflation, negotiate a maximum annual indexation percentage.
Consider incorporating a right of first refusal at the end of the lease to allow you to negotiate the terms of a new lease.
Note the final expiration date of your lease and the renewal dates, which are usually in the third and sixth years. Generally, you can waive or renegotiate your lease on these dates. Be careful not to do this at the last minute. Contact the landlord at least 9 months before the renewal date and 12 months before the end of the lease.