OSCA, Residential, Investment
For many businesses, an office is a must-have. Although our experience of the pandemic clearly demonstrated that the business climate can change quickly. Before you know it, the business may have grown out of the space, or your landlord is raising the rent. We have previously tackled a checklist for leasing but before you get there, here are five considerations to think about before renewing your office space.
Before renewing your office space, it is crucial to have an organized and optimized operation as this exhibits a well-run business. So, how are your current business operations? Is your office open during regular hours only or run a 24/7 operation? Are you upscaling or downsizing? What do you need the office space for? These simple questions relate to how your business should operate in the near future and can paint a picture of whether your current office space is sufficient or not.
Role of the office in future plans
Once you have identified your current operations, figure out what role the office will play in your future business plans. Are you looking to increase your workforce or downsize the team? Has the company completely transitioned to a work hybrid model? Do you plan to have the entire team return back to work? Or make use of the hub and spoke office model?
The key here is to identify the employee headcount who will report to the office, where the meetings will be held, a training room for team members, and an area for in-house office storage. Companies also consider other shared areas such as an office pantry as this is a place for office gatherings to encourage collaboration and boost employee morale. The office spaces play a vital role in the business’ culture so thinking about what kind of space you need based on your company’s culture must also be considered.
Relationship with the landlord
Your relationship with the landlord is also a contributing factor in having a quality experience as a tenant. It not only helps your business but makes your life much easier when planning to renew your office space. To do this, you need to maintain a balance that is favorable to both sides so that it is easy to come up with an agreement.
Another thing you need to do before renewing your office is area planning. You need to know the basics of the kind of office space you want. Given the current direction of your company, does the current surrounding office or building still speak to your brand?
Keep in mind that an office is your brand’s visible mark or identity. So, if you find the current location no longer suits the corporate branding, then it might be time to rethink the space.
Given that expenses have already been incurred in your current office, would the cost of transferring to another office space be worth it? If transferring to a new office space is really the right direction for the business, this will could garner increased income from the scaled-up operation. However, cutting building lease costs is also a cost saver for the business.
Finding your next office space
Now that you know what things to consider, it is time to find the right office space. Santos Knight Frank is a renowned real estate services agency that has a great track record of serving clients with services such as occupier services & commercial agency, investment & capital markets, residential & sales leasing, property marketing, research & consultancy, valuation & appraisal, project management, asset management, property management, facilities management, technical services & engineering solutions. Just visit our website and speak to our real estate practitioners at https://santosknightfrank.com/.
If you want to know more about the different office spaces, you can also read about Bare Shell, Warm Shell, Semi-Fitted Offices,Plug and Play Office: Which one is for you?.