In the rapidly developing business world, progressive and ambitious companies are revolving their attention towards finding engaging office spaces and sustaining the health of its building and premises. In such circumstances, finding the ideal space for your business to function can be both exhilarating and disruptive challenge.
Even if you have the most promising business idea, ample financial resources and backed by most hardworking staff, your business cannot be successful without having the right working space.
Where the physical office space plays a vital role for employees, employers also want to lease a workspace which differentiates it from their counterparts. The most successful companies as well as the budding entrepreneurs are looking forward to create a docile office environment by providing a space that is open, comfortable, efficient and easily accessible to its employees and visitors alike.
To make quick and right decisions, you should be ready with clearly designated real estate and business objectives.
The important things to consider are location, transport requirements, estimated space requirements, technology requirements, parking, budget and ambience of the place. To increase the efficiency of the search, it is imperative to understand and plan the budget, present requisite, projected growth of the business, the process of getting the lease and the time commitment required from the owner.
To make your search for office space on lease as efficient as possible and to ensure that you get the most out of the available area, it’s essential to consider these five most important points:
1. Choose the Space Wisely
When looking at a space up for lease, some basic pointers can help you see if your business will function efficiently in that size. Figure out the area that will be dedicated solely to meeting clients or shall be used for employee recreation and breaks. Find out if each employee will get enough area to work and be productive. A good rule of thumb is around 12 to 15 sqm per employee, but that is adjustable according to your business. Also, keep in mind the growth plans of the company and the space needed to sustain an increase in the number of employees. Making decisions with foresight is critical because nobody wants to keep moving out and changing offices too quickly.
Look for spaces that are more adept regarding floor plan and layout. No two spaces with same area or measure are alike as there is always a disparity in layout and design. For example, an office with some extra windows that allow a lot of sunlight and air can give a brilliant look and at the same time is cost-effective by cutting down the electricity bill. Try to look out for all the available options and choose the one which offers the best design and feel.
2. Best Location for the Business
The office space is considered as the heart of the business, where all the major decisions are taken, and where your customers and clients can approach you easily. So, the location of your workplace plays a significant role in the success of the business. An ideally located structure provides easy accessibility and safe environment for your employees as well as clients. To ensure a wholesome working experience, it also helps if the office is near a gym, coffee shop, and somewhere recreational for employees, like an after work bar or lunch cafeteria.
If you have an established business and are looking for office space just to improve your workspace, it is advisable to stay in the same area or nearby location to avoid any inconvenience to employees as well as the customers. But if you are a start-up or are despondent about your current position, consider the following factors:
Your target customers and where you can find them: If your target customers are in downtown, but you lease space in the suburbs because of cheap rent, it would result in loss of customers. An ideal location for the office space is where your customers can approach you easily.
Visibility of the business: Visibility is probably the most enduring factor for a business. Favourable office spaces are the ones which are apparently visible and located in areas with plenty of foot-traffic and a lot of cars being driven by.
Accessibility: Approach to roads and public transport can be the make or break factor for any business. Choose an office space for lease which is easily accessible to both employees and customers.
Safety: Safety of your employees and customers should be your primary concern while looking for office space on lease. Ensure that you, your staff and customers feel safe and secure when they leave the office building. Don’t ignore the fact that the employees will be moving out during evening hours and they should have a sense of security at that time. Ignoring this fact can lead to loss of employees and customers, which is not good for the health of the business.
Competition: Some places are famous for a particular type of business, and thus it is beneficial to be in such locations and proximity to your counterparts. On the other hand, sometimes it may hurt your business by being so close to your competitors offering same services or products.
3. Ambience / Environment for the Employees an Customers
Engagement of employees has become the keyword for success for any business in the competitive global landscape. It has become essential to provide an alluring work environment to the employees to make them more competitive, creative, innovative and productive. The correlation between the employee satisfaction with their workspace and productivity is quite clear and evident. The employee satisfaction can only be achieved by providing them with essential amenities like:
A clean kitchen: A fully operational and clean kitchen and conference room are some places where the employees can gel up with one another over a cup of coffee. Also, these places provide an option for employees to rejuvenate in work breaks, out of their cubicles and work-desks. Remember, these are the areas where the best business ideas occur. So, make sure that the office for lease has a clean and hygienic kitchen.
Separate toilets for men and women: There should be clean and fresh toilets for the employees with adequate space. The office spaces with separate restrooms for men and women are the most preferred by female employees. Moreover, it is essential to provide better facilities for your customers as well.
For the Customers: The ambience and feel of the office space also help to shape up the perception of people and particularly your customers about the company. So, the office space you choose for lease should act as an extension of your brand and reflect a positive image of the company. You should take care that the building of the office for lease is well-maintained and not falling apart.
The building or the premise of the company represents the functioning of your business. Where the office space can be used to your advantage by making the customer feel comfortable, it can also give a wrong idea of the operations of the business. While a building with broken door hinges or faded paint gives an impression of a struggling business, an affluent workspace will make the customers think that the company is not judicious with expenses and is not spending their money wisely.
Also, in case, there are some repairs to be made, the liability of expenses to be incurred should be established before the lease agreement is signed.
4. High-Speed Internet connection
There are specific vital ingredients to the daily efficiency of a business, and one must make sure they’re all readily available at the office. A high-speed, reliable internet connection is the most important of them. In today’s digital world, this is not surprising that internet connectivity is as crucial as selecting the location for your office. Many businesspeople believe that access to reliable internet connection is the most important factor in choosing the office space and doing business. Even the smallest business requires a high-speed internet, be it for access to online banking or emailing or day to day activities.
You must ensure that the internet services provided in the area are not only available but also high quality and consistent. You must also look at the telephone and postal services. Ensure that there are no hindrances in telephonic conversation. The best office spaces even offer an efficient mail handling system, for all physical deliveries and signed items.
If there are regular internet outages, and troubles in network availability, there is a considerable loss of productivity. Ensuring good infrastructural facilities eliminates daily hurdles from your operations, thus providing speedy workflows.
5. Parking for Customers and Employees
Lack of a proper parking area causes daily hassle to your employees and clients, and therefore it is imperative to make sure ease of parking. Ask the landlord about the parking facilities and check how many cars and bikes can be parked there. If there isn’t an attached parking area, see how far your clients and employees will have to park their vehicles, and how much it would cost.
It’s a huge red flag if the parking is far away and costly, and it is commonly said that "If it is difficult and costly for your employees or customers to park, they might not be your employees or customers for as long as you would like."
So, before you sign a lease, take a thorough inspection of the parking lot, identify the available parking spaces and take a count of them. Sidestep from the buildings where parking is costly or difficult for your customers and employees.
These are the essential points to keep in mind while looking for an office on the lease. If you choose your workspace considering these factors, your business will thrive and flourish.
END NOTE: For any information on Commercial Properties for Lease or Sale in Australia visit https://www.commercialproperty2sell.com.au
Manish is founder of Business2sell Group of Websites.
Business2Sell.com.au is one of the leading business and franchise for sale listing websites. We work with our business brokers, commercial agents, franchisors and private sellers to help them connect with the right buyers for their opportunities.
With website now functional in Australia, United States, United Kingdom, Canada, New Zealand and South Africa. We have over 18,000 businesses for sale listed, with over 220 Business Broker and Commercial Agent.
I have over 20 years of experience in Web Industry; I have been involved in websites industry since the early years of 1996-97. In my professional career I may have worked for over 10,000+ websites. My Specialty is to build portals or complex online applications.
The last decade has been full of ups and downs for the commercial real estate sector in Australia. While the industry experienced ..Read More
Among the myriad terms that have become mainstream in the digitalised world, virtual reality (VR) is one that has created a furore..Read More
Business owners looking for commercial property are often stuck with the dilemma of choosing between buying and leasing. The decis..Read More
Commercial property is considered a bargain deal as it proves beneficial in the long run with its increased return on investment. ..Read More
If moving homes is considered an overwhelming task, then moving workplaces hits you with a double whammy as you have to manage the..Read More
It is no secret that the housing market in Australia is experiencing a downturn. The prices have plummeted, and sellers are holdin..Read More
The commercial property investors have taken their investment game a notch higher as the housing market seems a bit precarious in ..Read More
Commercial property investment is not everyone’s cup of tea. It involves a gamut of factors including logical thinking, far-..Read More
The Opal Tower crisis in Sydney, which led to the evacuation of the residents after cracks appeared in the building, came as a sur..Read More
The Australian housing market has been experiencing a downslide since the last quarter of 2018 and has made many investors wary of..Read More