Once a business starts to grow, the company will typically find a new office space that aligns with its operations. It needs to be a big enough space for the business’s needs and it should be situated in the right location — getting this right can determine whether or not the business is successful. Below we will look at the most important things to consider when looking for a new office space.
Location is arguably the most critical consideration when leasing an office space. The property should be close to important resources and infrastructure and be accessible to suppliers and customers. The business will determine the right location, with an important consideration being whether you want walk-in customers. Service industries and businesses whose employees do most of their work out of the office will require a location close to a main road.
Real estate companies, property owners and property managers write commercial property contracts in different ways. It is common to find contracts that lock you in for a specified period, typically five or more years. If the business grows large enough to move out of the space, the contract might mandate that you pay for the remaining period. Such contracts are usually very restrictive on new businesses that might struggle to pay the monthly rent initially, mainly because they are building a customer base.
Some companies, however, allow for rolling contracts. These contracts do not lock you in and are typically for shorter periods than five years. Businesses can get out of these contracts easily by waiting for them to lapse, and they do not usually have to wait too long.
Depending on your business and how many people will be working from the office at any given time, you might want one with on-site facilities. For example, many commercial properties now have a kitchen and a dedicated bathroom for employees and customers.
IT infrastructure in the building is also very important in the age of digitisation. You can find commercial property to rent in Berkhamsted that has robust IT infrastructure, with the business only required to hook up its computers, servers and other equipment to get to work. Sometimes, the property might come with gigabit internet, but you should ask the property owner or management company who will pay for it. Some pay for it, but it is always best to ask so you know where you stand.
Many businesses want properties they can move into and get to work immediately, as doing so saves them time and money. Some want properties they can customise for their specific needs. Both approaches are fine, but you should consider your finances and circumstances to know which option would be better for your business.
If you choose one you can customise, talk to a tradesperson to see whether they give you a discount as this will be a big job, and you might have multiple jobs for them in the future.
Moving to a new office is a sign that your business is flourishing. It is important to consider your needs and financial position to find the best one at your budget. There are also important considerations concerning the property, such as the ones we have discussed above.