Businesses move for all kinds of reasons. Maybe they need more space, an updated image, or a better location. They might be launching a startup technology firm or moving up from a home office. Perhaps things haven’t worked well with the current landlord or property management firm and it’s time for a change.
Whatever the reason, it had better be compelling because moving is a complex process. And, the cost of leasing office space is one of a company’s biggest expenses; second only to salaries and wages. Because the decision about whether—and when—to move to new office space is so critical, it pays to plan carefully and ask the right questions before getting started.
Is an office relocation necessary?
What’s making you want to move to new office space, and are there options for resolving those issues without moving? If you have outgrown your existing office or you need to downsize, your current landlord might be able to accommodate your new requirements. Or perhaps your existing space could be renovated or reconfigured to be more efficient.
If your office space is starting to show its age, investigate options for remodeling, updating signage, or redecorating with upscale colors and furnishings.
Is it time to change or enhance your office image?
Does your business need to upgrade the quality or image of its office space? A new facility designed for your specific needs can enhance productivity and have a positive impact on your company’s overall success.
Would a new location be better for business?
A better location could bring you closer to your customer base or even attract new business. First impressions count, and the neighborhood makes an impression on every visitor before they even see your office. Even if the location doesn’t impact your type of business, it can impact your bottom line—rental rates can vary widely in different parts of town. Also, the right location with the right amenities can help attract and retain key employees.
Are there other issues?
Perhaps you are no longer comfortable working with your current landlord or property management firm and you feel it’s time for a change. Are there seasonal fluctuations or other considerations that will affect the timing of your move? For example, if your operation is busiest during the fall and winter, you may want to try and schedule your relocation during the spring or summer months.
Moving to new office space can be a chance for a fresh start and an opportunity to generate excitement among employees and clients. If you decide it’s the right time to make a move, make sure you have a plan and stick to it. And, use a checklist to make sure your move goes as smooth and stress-free as possible.
How to attain the ideal office for your business
Determine Your Needs
- How much space do you require?
- What type of building fits your business?
- What is your preferred geographic location?
- Establish your rental expense budget.
Identify Potential Properties
- A thorough market survey of available properties meeting your requirements will be provided.
- List is narrowed by excluding any properties that are undesirable.
- A property tour of the remaining facilities will be scheduled.
Take a Property Tour
- Guided-tour of the prospective properties.
- Two or three properties that would best fit your needs are identified.
- Re-tour specific properties, if necessary, to gather additional information.
Preliminary Space Planning
- A space planner or architect will help determine the most efficient use of space at your two or three top building alternatives.
- The general type and amount of changes required will be established for construction cost estimate purposes.
The Request for Proposal (RFP)
- RFP’s will be prepared and distributed to the landlords of your top two or three building choices.
Select a Building or Space
- RFP analysis based on the RFP responses will be provided.
- Based on the RFP analysis and the preliminary space plans, determine which space would be the best alternative for your business.
- A Letter of Intent will be sent to the landlord of your selected property outlining the terms you intend the lease to be based on.
- First draft of lease will be requested from landlord.
- Lease review by your commercial real estate broker, decision-maker(s) from your company and your real estate attorney.
- Renegotiate and/or accept lease terms.
- Build-out of space begins.
- Construction progress is monitored throughout the build-out period.
- Final walk-through is performed.
- Certificate of Occupancy is delivered.
- Network/telecommunications equipment set up and testing.
- Move in furnishings and equipment.