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  3. Office Selection Guide

Office Selection Guide

Office Selection Guide

There are a lot of factors to consider when deciding on the best commercial office space for your business. It can be a challenge, but having a good understanding of your business objectives and the associated space requirements will help.

Finegold Commercial Real Estate and Partners’ Office Selection Guide will help you begin to ask the right questions and consider the appropriate factors.

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1. Your Business Goals

What are the growth projections for your business during the lease?

Are you looking to attract and retain key talent or skill sets?

Are you targeting expansion into new geographic markets?

Is the cost of your current lease a major concern?

What have been the positives and negatives associated with your current office?

2. Time Factor

When does your current lease expire?

Always begin considering options to either relocate or renew 12-36 months in advance of a lease expiration for larger spaces (greater than 2,000 square feet) or 9-18 months for spaces less than 1,000 square feet. The construction of special tenant improvements can take 6-18 months.

It’s important to be “way out in front” of office lease expiration dates. Don’t wait!

Do you have enough time to move before your lease expires, or will you be without a choice or time to properly evaluate other options and negotiate?

3. Decide How Much Space You Need vs Want

How many people will you have in the office?

What other functions do you have in the office that need to be accounted for?

Do you need a large open office area for collaboration?

Do you need private offices, meeting rooms, conference rooms, board rooms, social areas, showrooms, storage rooms, IT/Server area, fitness areas, showers, bike storage, lab areas, etc.?

Do you operate on a one-desk-per-person policy or will you have flexible working options?

3. Choosing the Best Location

What are you likely to prioritize—ease of public transportation, freeway access, more parking spaces, airport access, etc.?

Will it be convenient for your employees, clients or partners?

What are the amenities, facilities and establishments near and around the office (hotels, restaurants, fitness, outdoors, etc.)?

5. Budget—Think Beyond the Lease and Rent

Relocation costs

Fit-out, or tenant improvement constructions expenses

Purchase costs of a new building, if you choose to own

Internet connection, telco, furniture, and utility costs

6. Security and Access

Do you require high levels of security and additional entry points?

Do you need access to additional power and backup generators?

What are your office hours?

Do you operate 24 hours a day and/or over the weekend?

7. Engage the Help of a Reputable Real Estate Advisor

Find out how Finegold Commercial Real Estate and Partners can help you. Fill out the form below and we’ll get in touch with you as soon as possible.