Choosing an office location? Keep these crucial factors in mind.

 

Here are our top tips on what to factor into your office search:

Demographic – Consider the local demographic of businesses and clients around selected office premises. There are two ways of thinking about this; if you select a building in a part of town that is a ‘hub’ for your industry, it increases the local skill base if you are hiring and greater competition can work to drive better performance internally. On the flip side, there is the opinion that the over-saturation of similar companies in the area will limit your networking and partnership opportunities.

Budget – What does your budget get in CBD compared to fringe locations? Although you will likely receive a better deal than in a city CBD, this needs to be weighed up against the location of your staff and clients and the standard of workplace you will get.

Client needs – A centrally located office in an accessible area brings with it credibility for your business and brand. It will also raise the opportunity to network with target clients if the new workspace is near businesses you work with.

Accessibility – It may seem like an obvious consideration, but it is essential to consider your employees and ensure that the location is convenient for a greater number of people if you want to encourage office attendance above remote work. Proximity to transport links (or designated parking if available) will always be beneficial if you wish to attract and retain the best talent.

Safety & Security – Assess the safety of the local area. Is the building in a location where you would be happy for staff and clients to visit even after dark? Security around building access is also imperative, so consider whether a 24/7 manned reception is essential and key-card access for the main door and tenancy.

Building & local Amenities – In line with employee expectations, selecting new premises that provide additional facilities and amenities is essential. New buildings or existing buildings with a forward-thinking landlord focussing on attracting new tenants will offer in-house benefits such as end-of-trip facilities to enable well-being for those with to run or ride to the office. Other plus points include convenience in terms of food and beverages, as well as value-add services such as building concierges.

Technology – In the new world of hybrid working, the technology infrastructure that can support your business operations effectively is imperative. Again, while older buildings may offer a better rental cost, do not underestimate the costs of upgrades should the I.T. be insufficient. Tenancies with a technology infrastructure that is convenient and straightforward to use can provide a platform for hybrid work and flexibility which most businesses are adapting to.

Hidden Costs – Although the rental rate makes up the majority of your office's costs, any refurbishment costs, solicitors fees and agent fees can be high. This also applies to building running or cleaning costs, so it is important to read the lease agreements in small print to note any ongoing costs.

Efficiency & sustainability – Signing a lease in a property that is already efficient and sustainable is not only good for your company image but may also save you money. Buildings that utilise solar or wind energy will decrease overall running costs, and elements such as movement-sensor lighting will decrease electricity bills. Quality air-conditioning that can be controlled and managed may not provide a significant in bills but can still make a difference over time.

Future growth – Ensure that your new workspace will provide the option for future growth. Thinking must go beyond your current requirements by assessing your future business plan and vision. If you are committing to a lease, ensure the longevity of the solution.