A Balancing Act
While we are about to explore five of the main factors influencing a decision around office space, it is first important to recognise that a business must balance each of these in order to achieve the best results for themselves. In an ideal world, you will be able to “tick every box” and source your dream office, however that is not always possible. Before you begin sourcing office space, objectively consider those factors that are higher priority should you need to make a “one or the other” choice later.
The location of your office can be all-important in more than one respect. Firstly, you need to consider the area where you are. Is the office in an area that people are likely to want to travel to, or somewhere that is usually avoided? I was once invited to carry out some work for two recruitment agencies, one in an upmarket part of London and another in a rundown area. Which one do you think I chose, and which would you choose?
Consider your business, also. If you are a haulage company then an inaccessible, inner city location isn’t going to win you any contracts anytime soon. At the same time, a business consultancy on an industrial estate doesn’t reek of professionalism, either.
Often the biggest barrier to the space you want is the cost, particularly in higher end locations. Naturally, you want the office that is going to be seen as most influential, just make sure you accurately calculate how much revenue a desirable location can bring in against somewhere else, and whether it will cover the cost.
A key factor that will bring a little bit of the first two points into it also. If you are storing stock then obviously you will need something bigger, but if not then consider what you will be using the offices for. If it is just for one or two people and you will be conducting meetings remotely, do you really need the large room and leather sofa?
By this we mean what you can use the building for. The more uses you can get out of your office space, the better. If you own the site could you hire it out at weekends or during evenings to offset some costs or even add to your bottom line?
5. Buy or Rent
This will ultimately come down to your business model, or how much capital you have to invest. While you will pay a premium for desirable space, it is possible to sign up to shorter contracts than usual commercial agreements, so you have options after 6 or 12 months. If you are a start-up or lone trader, why not consider a weekly or monthly option until you have established regular revenue streams?
Harworth Estates is a landowning company based in the UK with access to over 30,000 acres of land. Harworth Estates has a large portfolio of properties such as office space, residential and agricultural sites available for businesses.