How to Find the Best Property for Your Business.
Here are five key decision factors to consider when searching for your business’s first or next office location.
1. Identify the Needs of Your Employees
Think about how many jobs you, your friends, colleagues and family members haven’t applied for due to office location? Completing a zip code analysis of employee homes is one key to identifying the right location that best suits a company and overall employee performance and moral.
Companies should consider properties that are accessible by public transportation with stops conveniently located nearby and also accessible by major highways. Adequate parking is also a concern for employees, too! Consider the surrounding area and local amenities. Are there places to eat, shop, bank, hotels (for clients, if needed), etc.
2. Become Familiar With the Traffic Patterns in the Area
Rush hour traffic is also a big concern for employees. Are there schools nearby that will cause congestion? Are employees required to be in right at 8-9AM? A highly-congested area may not be in your best interest. Be sure to ask the right questions and conduct your own analysis of the area to ensure the location will suit the needs of your business and commute.
3. Consider Your Customers
Just as we are thinking about your employees, think about your clients. Do your clients visit on a regular basis? Do they have amenity needs? The last thing you want is to inconvenience them with your new location. See if the area is up and coming. Is there potential for the business to grow or is it over saturated by your competitors?
4. Understanding Your Space Plan Program and Interior Layout Needs
Efficiency is key. In today’s world of technology and collaboration, making sure your office design and layout is critical for productivity, moral and overall company performance. Have you discussed your interior plan with a space designer or architect?
5. Know Your Financial Bottom Line
Has your company set up a financial budget? Understanding your real estate annual expenses and budget is also one of the most important factors in your real estate planning. Are you up to date on current market conditions and pricing? Have you reviewed your operating expenses and looked for ways to improve your overall bottom line? Have you educated yourself on competing properties and comparable pricing?
It is vital to consider these points when analyzing a new location for your business.
Our team at WCRE is here to help with your next lease or purchase requirement and answer any market questions you may have.
Visit us @ www.WolfCRE.com to learn more about our services.