Choosing You’re Company’s Office Space

When it comes to planning out your business, top concerns are usually financing and the product itself. And while this is perfectly rational, you should spend a considerable amount of time determining where it is you want your office to be located. Location can affect the results of your recruiting efforts, company sustainability, and success overall. Your industry will influence your location, but here are a few things to consider when it comes to choosing a workspace for your business.

Budget

Of course, budget is always important in business. When you’re looking to buy or rent commercial real estate, take into account your current and future budget. If you’re a startup or smaller business, co-locating with another company or team is great way to save money while maintain flexibility as things change. If you need more of a larger workspace to meet demand or to support production, you’ll need to look for something that will support your needs. You’ll want to take into considerations beyond the initial rent or purchase costs, such as:

• Taxes. Property taxes vary state to state so make sure you choose a state and location where you can afford the taxes. Taxes can also vary depending on the city so find a city that is friendlier to a business of your size and industry.
• Wages. Different states have different minimum wages. If you’re looking to move locations due to expansion, choosing a new location could mean higher (or lower) wage requirements.
• Hidden costs. From renovations to upgraded security features, most spaces need at least some work. These can add up so make sure to take redecoration, utilities, and moving fees into consideration.

But, choosing a workspace doesn’t just come down to your business’s budget…

People

Can your employees afford to work and live where your office is located? The budget of employees and the type of employees you want to recruit are also something worth taking note of. Location matters to you as much as it does to them, if not more so. The ability to attract and keep good employees will matter as your business grows. Just as you want to choose a workspace that works for your employees, you want to work somewhere that helps your business grow. Ask yourself these questions:

• Is our location easily visible? Depending on your business and the purpose that you plan to use the location for, you may answer the question differently. If your business is dependent on walk-ins, make sure you can be spotted by customers easily.
• Is our location reputable? Which address provides greater credibility? Choose an address and location that adds prestige to your business. New York, Los Angeles and Silicon Valley are areas that do just that.
• What is the traffic during rush hour and business hours? Your employees don’t want to fight traffic day in and day out. Your customers and investors won’t want to have too much trouble getting to your business either.

Safety and Zoning

Before you sign any contracts with a real estate agent for your business’s new location, make sure you look into the area’s safety and the zoning requirements.

• Look for a workspace that offers nearby parking that’s well-lit for customers and employees who leave the premises after dark.
• If your business manufactures or sells expensive items, make sure the location allows for easy security installation that ensures your products are safe, even if no one is in the office or store.
• Many cities have very strict zoning requirements. Make sure your type of business is allowed in a location before you sign the lease.
• Zoning doesn’t just mean finding a location where your business is allowed presently. Look for a space that adaptable as your business expands, adjusts, and makes other changes.

Location is everything when it comes to real estate. It also means a lot when it comes to business. Of course, commercial real estate prices matters, but if you compare prices, you can find a place within budget. You also want to be able to make employees, customers, and partners happy by finding a space that’s relatively close to each. As you plan out a move for your business, or a brand new store to add to your company’s location list, conduct your research into the area for budgeting as well as employee and customer satisfaction.  This will all help in finding a place that will be much better for filling out those TPS reports.

Author Bio: Erica Bell is a small business writer who focuses on topics such as commercial real estate loans and prefabricated buildings. She is a web content writer for Business.com.