10 Important Factors To Consider When Leasing Your Space
You mean to tell me it’s not just Location, Location, Location? Below we will reflect on how most companies make the decision about where to locate the office.
- Location, Location, Location: Not only a real estate adage, but a fact of life. The location of the office is usually described as the either the biggest benefit or biggest negative.
- Commute Patterns: Take a preliminary survey of your companies thoughts on their current commutes and use Rofo’s tool to determine how the new office location might effect their commute pattern.
- Amenities: What restaurants and coffee shops are available nearby? Being in an isolated office park can be a very bad situation for the comfort of employees. At times in cannot be helped, but being in close proximity to the amenities employees use during their lunch break can be a huge recruiting advantage. Please see our Rofo Amenities tool to look for nearby amenities as you search for space.
- Safety: What is the neighborhood like late in the evening? Have there been office or car break ins in the neighborhood recently? Would a female employee feel comfortable walking to their car or public transportation after working late on a project? All of these issues should be considered when considering your next location.
- Layout of the Space: Is the layout of the space desirable. Is there good separation between the lobby and the work space? Is there separation between the kitchen and the work space so food smells don’t permeate the office. Is there good natural light?
- Image of the Building: The question depends on how you are trying to present yourself to your clients and potential employees. If you are a law firm that helps with class action suits, it might not make sense to have the top floor of the nicest building in town. If you are the high powered corporate firm, it might be absolutely necessary to display that image. The location, layout, and feel of your building and space will leave an impression on your visitors and should be considered in your decision making process.
- Parking/Public Transportation: The proximity to public transportation and affordable and convenient parking are extremely important. Many of your key employees might need quick access to transportation as they visit clients while others need convenient and affordable ways to get to the office. The more transportation options the better.
- Recruiting: Will your location and building aid or hamper you in your recruiting efforts for top talent. How will the location effect current employees?
- Expansion: Will your location allow for easy expansion? Is there space available nearby that can work if there is not space within your building?
- Building Ownership & Maintenance: Is the ownership local? Is the HVAC system consistently broken? Your landlords involvement and attitude and responsiveness towards tenant repairs should be a critical element of your building decision.