Top Five Things to Consider Before Planning an Office Move
Planning an office move? There are many things to consider before making a decision that will have a major impact on your business, your customers, and your bottom line. Below are five of the most important considerations to take into account when relocating your office:
TIMING
The amount of time it will take to find and move to a new office location is proportional to the amount of space and amenities that you need.
The key is to allow yourself enough time to negotiate and move before your current lease expires. In general, tenants looking for less than 10,000 square feet of space in the Dayton region should begin their search 7 to 9 months ahead of time. If over 10,000 square feet of space is required businesses should begin their search anywhere from 9 to 18 months before their current lease expires.
SQUARE FOOTAGE
Will the space that works for you now work for you in the future, or do you anticipate growth? Future employees should be factored into the equation.
A good rule of thumb is to allow approximately 200 rentable square feet per person, which is about the size of a 14’ x 14’ room. While this number may seem excessive, this calculation includes space for hallways, walkways, conference rooms, and kitchens. If you are considering a high-density open layout you can reduce it to about 125 rentable square feet per person.
LOCATION
The right location may seem obvious, but make sure that you evaluate it from the perspective of your clients, staff, and vendors.
Before narrowing your search to a specific area, understand the current market conditions and obtain insightful demographic and informational data, including:
- Availability of nearby potential hires
- Employee commute times
- Nearby restaurants and amenities
- Traffic counts
- Good access to major roadways
- Proximity to the airport
- Zoning regulations
- Public transportation
- Proximity to courts and public offices
FEATURES
A new office space can significantly impact your company culture and bottom line. Prioritizing your requirements will help you to identify your true necessities.
Some factors to consider when prioritizing your requirements include:
- Flexibility for future growth
- Open office layouts vs. privacy
- Building type (tower, mid-rise, retro, etc.)
- The WOW factor
- Tenant mix
- Number and size of conference rooms, executive offices, breakout spaces, reception area, kitchens and coffee bars, mail and copy areas, storage rooms, etc.
- Building/Suite security
- Main lobby appearance
- Convenience of parking for staff and clients
- Branding/signage opportunities
TOTAL COST
Office relocation is often one of the most expensive events a business will incur in its lifetime. Budgeting ahead of time is essential.
Below is a list of some of the items you should evaluate when choosing your location:
- Length of obligation and long-term costs
- Availability of public incentives (assistance with tenant improvements, moving costs, signage, etc.)
- Renovation costs
- Financial strength of the building owner
- Capability of amortizing tenant improvement costs
- Tax rates
- Parking costs
Consulting with a professional, knowledgeable Broker is the smartest way to ensure these top five items are addressed properly. An experienced Broker will save you time and money by:
- Understanding your requirements and identifying an achievable timeline for your move
- Helping to define your space requirements
- Taking the guesswork out of site selection by providing the appropriate demographic statistics
- Understanding your must-haves thus narrowing down the search, saving wasted time touring spaces that don’t meet your needs
- Uncovering hidden costs and identifying opportunities for savings
For help with your next office move, contact Aaron Savino, 937.297.3259.