In the Australian economy, where markets keep fluctuating every day, one of the most valuable commodities your business can possess is space. Finding the right office space is both exhilarating and disruptive challenge for a businessman. 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. It’s crucial for the environment of the company and also your brand image.
According to a recent survey, 90 percent businesses decline due to the lack of a perfect environment in the workplace as many business owners are unaware of just how important office space is to their business. The right workspace can not only affect the day to day operations of the company but also your staff morale. Renting a proper office space should be the top priority of your business as it is key to the smooth operations of a company and one of the biggest factors affecting its growth rate. Studies suggest that office rent is the highest expense of the vast majority of companies hence making the wrong decision can have devastating effects on the company and its funds. Decision makers and owners mostly make mistakes in selecting office space which debilitates their progress; hence it is imperative that you choose wisely.
Here are five essential factors to consider while choosing office space for lease :
The first thing that comes to the mind when looking for an office on the lease is space. To ensure that the new office has enough space for your current staff, a good rule to follow is 140 to 150 square feet per employee. On the same guidelines, care should be taken, not to hold on a lot of extra space on the lease as it can bring some additional cost to your business when you are already high on expenses.
Mostly the estate agents are quite smart in giving the space. Business owners do not realise it initially but find it later that much of the area that they have leased is not usable. A personal visit to the new location can help you analyse precisely how much space is needed to fit your needs. Also, it is a vital rule of business not to rely on pictures, and thus it becomes all the more necessary to visit the premise.
Rentable office areas incorporate closets, elevators, hall, stairways etc. Also take note of the reception area, kitchen area, waiting area, hallways, conference and meeting rooms and any other space that your company will need.
Also, take into account the number of staff you might be adding in future and find the space accordingly. It is not easy to relocate your office for short durations, as it can affect the functioning of business and result in loss of valuable customer base. Hence it is imperative to estimate the number of employees the company can hire in next three years and sign the lease agreement as per the growth needs.
2. High-Speed Internet
In today’s digital world, it’s not surprising that internet connectivity is as important as the location for your office. Many entrepreneurs believe that access to reliable internet connection is the most critical factor in selecting the office space and doing business. Even the smallest organisation requires a high-speed internet, be it for access to online banking or emailing or day to day activities.
High-speed internet has become essential for all modern businesses. Not many businesspeople know, but the right and functional internet connectivity is the most common reason a company moves from a commercial workspace.
Before taking office space on the lease, enquire about the cost-effective and resilient internet connection from your office estate agents. Commercial tenants have connectivity needs that are ever growing, and if they don’t get it, they move to another place. Hence make sure that you get a high-speed internet connection at your workplace.
3. Separate and Sufficient Restrooms for Men and Women
Hygiene is essential whether you are at your home or workplace. Being the business owner, providing basic sanitation to your employees is vital. Looking for enough space for restrooms is worth considering because not only the staff but the visitors and customers will also use these amenities every day.
The office should be able to provide the employees with the correct amount of toilets and basins. If the primary needs for such facilities is not met, your employees might feel undervalued, and it can affect their productivity.
Needless to say, men and women should have separate washroom facilities. Office owners or tenants who are looking for new space should not overlook the number of toilets they need in an office. It is imperative for health and safety factors.
Consulting the staff about it can also prove helpful as they can suggest whether they need more services to the existing male and female facilities.
The parking area is one of the essential factors to consider while looking for an office for lease. The premise should have enough parking space for your employees as well as visitors. The calculation should be made according to the number of employees who use their vehicles for coming to the office.
Also, get a rough estimate of visitors your office expects every day. This way, a business can analyse whether it has enough space left for the customers and clients after the employees have parked and the cost of parking.
Make sure that as the business owner, you walk into the parking lot yourself, identify the parking spaces and count them before you sign the lease. If the new premise of your office won’t have suitable parking, then it can bring significant accessibility issues for your employees, customers, partners and clients.
5. Clean Kitchen and Ambience
A clean environment is vital for an office as it can not only affect the productivity of your business but is essential for a better portrayal of the organisation in front of the visitors and customers. It is vital to give personal attention to all the details as an office space that is falling apart will send a wrong message about the business and the clients might judge it as the company is going through a rough phase. Make sure that the structure you are about to take on the lease is fixed and repaired and is presentable to the customers.
Lookout for the surrounding areas of the office also as dirty and unkempt surroundings can cause trouble for your employees as well as visitors. It can also become a reason for the sickness of your employees, and sick employees are either not present or if present then work less efficiently.
Also, it is imperative to keep in mind that the premise has a clean and functional kitchen with a pleasant ambience. Aside from just cubicles and desks, kitchen and conference room are some spaces that can be useful to your employees for having some fun time. So, it becomes essential to check that the employees get the right type of environment to boost the productivity of the business.
If you are looking for office space on the lease, then what you choose is incredibly important for your business. Make sure you are aware of all these factors before you sign the agreement. However, if you feel that you don’t have enough knowledge and are not able to make a decision then seeking expert advice is the best resort.
There are many experts in the commercial estate field. But not all of them can help you as many of the commercial real estate agents are aggressive, especially with the newcomers. Hence choosing the right company is essential. Even if you are not a new businessman but looking to move to a new place then start your search well before you leap.
END NOTE: For any information on Commercial Properties for Lease or Sale in Australia visit https://www.commercialproperty2sell.com.au