To avoid making a hasty decision, you should take your time and analyse all aspects of the office site, such as the space itself and how it impacts your workers and customers.
Check out the following resources no matter where you are in the process of looking for information.
Is it better to rent an office or use a coworking space?
The first choice you must make is the kind of area you will occupy.
Office leases are more costly and bind you to the space for a longer time, but they provide you with greater flexibility in how you use them. Particularly in more conventional areas like banking, personalising the space with your branding has a big impact on your team’s morale and the image you portray to customers.
If you have fewer employees and some room for expansion or just require the space for a short time, coworking spaces are a better option. Furthermore, working in a coworking environment relieves you of chores such as coffee and toilet paper replacement. These locations often host free workshops, groups, and speeches (along with complimentary cookies!).
Read Which is better: a coworking space or a typical office? for both sides’ more comprehensive arguments
Prices for offices in the region
Check the prices of comparable workplaces in the neighbourhood to discover whether that great space is indeed a bargain.
|Average office rent cost (per person per month)
Costs that aren’t visible
Remember to include stamp duty, installation charges, solicitor’s fees, and purchasing agent’s fees when planning your relocation budget. Though rent will account for most of your office expenses, they will make a considerable contribution. Find out what the corporate tax rate is for the properties you’re interested in.
Remember to account for operating and cleaning charges while you’re at the workplace, as well as any fees you may incur for items you didn’t bring with you and must dispose of.
Don’t sign the lease without understanding the costs that you and your owner may face.
Conforming to the brand’s image
Your office location, as previously said, is an extension of your business image.
If you’re a sophisticated digital startup, people won’t react positively to a dark, run-down workplace. Spending a lot of money on your office space, on the other hand, sends the incorrect impression if you’re a not-for-profit with a more economical image.
Check out the legal ramifications of relocating your office since they may have changed since you last did it.
Your new office must fulfil safety requirements in terms of health risks, fire protection (the local fire department may assist), and lockdown procedures. Don’t forget to handle data by GDPR while relocating offices and computers.
If your employees refuse to relocate, you may have to give them redundancy, based on their contract’s mobility provision.
Check out the local crime rate numbers on the Police website. It’s not precisely a legal concern. It will tell you how safe a neighbourhood is for your employees and visitors, as well as the chance of your office being broken into.
There is still room for improvement (if necessary)
High-growth businesses will need more room to expand. Estimate how many extra employees you’ll need to recruit and locate a facility that can house them – it can even serve as a motivation to achieve your objectives!
On that topic, you’ll want to be near your talent pool if you want in-house employees. Consult with local recruiting firms to learn more about the kind of people sought after in the location you wish to relocate to.
In this region, there is fierce competition.
Find out what the competition is like in the area you want to go to.
Greater competition is often a motivator for higher results. With that in mind, if you’re a financial startup, you may choose to begin in an area that’s connected with your industry, such as near Silicon Roundabout in Shoreditch. Then you have the option of relying on other companies for clients and suppliers, forging strategic connections you may not have anticipated.
Be mindful that competition might hurt your company’s success in certain industries. Suppose you’re a marketing firm in an area where there are already a lot of marketing agencies. In that case, you can struggle unless you specialise in something specific, like promoting women or companies in the food sector.
Your employees will appreciate the convenience.
Your workplace must, of course, be accessible by bus, rail, tube, or tram. Employees who choose to ride their bikes should be able to get to the new location by bike. Check to see whether it offers a bike park or is close to a docking station, as well as adequate on-site amenities like showers and drying racks.
Tell personnel where the closest parking spots are if there isn’t one on the grounds.
Employee well-being is commonly accepted as critical. Consider closeness to cafés, bars, gyms, banks, and stores when evaluating location regarding your employees’ fundamental requirements.
It’s simple for tourists to get there.
Your first concern is to make it simple for employees to get to work, but what about visitors? More distant office premises may be difficult to discover on Google Maps or via public transportation. It might be a negative start to your company partnerships if it’s difficult to locate. Consider the expense of a less costly office in a more difficult-to-reach location against a more expensive office in a location with more business potential.
The correct workplace space may make the difference in attracting or repelling customers.
Proximity to suppliers
You’ll want to be near your suppliers if you depend on them for tangible goods, particularly those that aren’t generally accessible. Moving farther away and maintaining your existing provider might be expensive in terms of higher delivery miles, so if that’s the case, it’s worth looking for someone closer to you.