In the market for an office? Trying to determine your space requirements and other amenities can be overwhelming, especially if this is your first time sticking your toe into the waters of commercial real estate leasing. Space requirements, preferences in location and ease of access can occupy the decision-making process.
Remember these questions when addressing office needs for your company……
- How many employees will you have occupying your office? This year, we all got a crash course in working remotely, working in the office with “new pandemic rules,” and possibly going out on our own therefore, determining how many employees will actually be in the office at a desk matters the most. Will they be there on a full time basis or will it be a desk share situation? It can be difficult to predict how your company will evolve yet making that prediction can be critical to determining your required office space. You may also need to consider if you might need multiple office locations or will it be a single location.
- How much office space do you need? On average US offices allow just over 200 square feet per employee. That includes personal workspace along with their share of common areas such as conference rooms, kitchens, print rooms and reception. This will help you to figure out space requirements based on buildouts or office layout. A plan focusing on private offices and cubicle space for instance will require more space than an open floor plan.
- What buildout works best for your business? This question is best answered when assessing the types of tasks that are performed by your company and what your priorities are regarding client interaction, privacy, collaboration, level of productivity and wellness. Whether you want an open floor plan, a collaborative layout or private offices, each of these buildouts offer distinct attributes and challenges ultimately impacting your costs and occupancy experience.
- What type of lease should you execute? The three primary types of leases are direct leases, subleases and coworking agreements. A direct lease established directly with the property owner allows you to customize office space. A sublease allows you to lease space from another direct lease tenant but with limited flexibility in customizing the space itself. A coworking space requires an agreement and not a lease, whereby the operator of the space allows your organization to utilize the facilities. This could be a private office, the use of a dedicated desk or a seat at a workspace in an open area with others.
- Should I consider an office space program? This is a strategy that your business can develop with an architect to design and office that satisfies your requirements. It creates an environment that includes your company requirements for space – both workspace and common space, implements industry-specific best practices and ultimately projects your mission, your culture and values. An office space program will address your required space, technology needs, workflow, along with aesthetic and cultural considerations.
- How long with the lease process take? Whether you are leasing your first office, renewing your lease or relocating, timing is key in this process. Waiting until the last minute may cause you to lose out on an attractive space. Beginning approximately 6-24 months prior will give you time to see what is available and give you an opportunity to reassess your budget. When intricate buildouts are required, you may want to allocate more time to accommodate construction.
If you already have an office and your lease is expiring, you may want to consider most if not all the information above. Bear in mind, it is imperative that you review all the details of your current lease. Both renewal and termination options typically need to be exercised well in advance of your lease’s expiration date.
Here at OfficePlace, we offer Private Individual Offices, Private Office Suites, Day Office options, and Virtual Office options, along with a variety of meeting room set-ups. If you are interested in our available offices, call today 860-419-5900 or take a peek at www.officeplace.com
Written by Kate Fuechsel