Calculate Office Space Requirements
Calculate Office Space Requirements
When it comes to finding office space, your goal will be to end up in an office space that meets your budget and criteria and in a location that satisfies your business needs. To help you determine your company's office space requirements, you should give careful thought to the following:
Cost of Office Space
How much can you afford to pay for your office space? What are the costs of leasing office space in your market? Ask a local Tenant Rep Broker for an up-to-date market analysis on office rents and costs of office properties within your area so you can get an idea of how much you are able to afford.
Size of Office Space
How much office space you need will depend on your current (& projected) staffing levels together with what facilities you require and any expected projections for future growth. It is generally accepted that, for planning purposes, you should work on allocating approximately 200 sq ft of "usable office space" per employee.
Facilities & Amenities
The range of amenities that your business requires - together with the services provided by the Landlord - can be important factors. Determine what onsite amenities are included when leasing office space - such as security, covered parking, work out facility, ATM etc. Of equal importance are the local amenities. Do you need to be near public transportation, restaurants or shops?
Location of Office Space
When choosing a new office location for your business there are many things to consider, including: proximity to customers & competitors (many companies choose to locate their office where they can benefit from exposure to like-minded neighboring businesses), importance (or not) of a prestigious business address, convenience of transport infrastructure for existing employees and availability of people needed to fulfill your future staffing requirements.
Condition of the Office Space
The condition of the office space will depend largely on your budget and what is currently available within your timescale. Are you looking for new (Class A) office space, 2nd generation, or an executive suite? Ask a Tenant Rep Broker to look at various options and advise you what type of office space you can achieve for your budget.
Flexibility of Office Space
Is there enough flexibility within the office space to allow for future growth (or contraction)? Think about what your business might look like 3 to 5 years down the line. Is the space you're considering flexible enough to expand or retract? Tenants are recommended to get an Office Design Company to accompany them on the tour of any short-listed office spaces (so they can be on hand to provide advice & guidance on space planning and office layout issues as to what can, or can't, be achieved at each office space option).
It really is worth the effort of spending time at the front-end developing your office space requirements with your Tenant Rep Broker. Doing so will allow you to evaluate office space options more objectively so that you can secure space that best suits the needs of your business.
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