Calculating Business Space Requirements
Working out your Business Space Requirements
An important part of determining your company's requirements in the new office is finding out how much space your business needs. The size of the office space will determine the rent, and may even steer what locations are available to you.
Before you even engage a tenant rep broker, or tour any potential new properties, you will need to calculate your business space requirements. Having the right sized office will help to meet your operational and technical requirements and ensure that the space reflects positively on your business throughout the duration of the lease term.
Underestimating how much space you need may mean that you outgrow the premises before the lease expires which can result in service inefficiencies and a stunted business growth. On the other hand, too large a space can be demoralizing for staff and could land you with a rent bill you can't afford to maintain throughout the lease.
Growth Density Ratio
One thing you will need to consider is your business growth strategy. This can mainly be determined by the looking at the length of lease you are signing and how much anticipated growth throughout the term in terms of employees.
A shorter lease of anything up to 3 years will be easier to judge, and you also need to take into account any growth anticipated within your industry, as well as the economical climate. Typically this ratio ranges from up to 175 useable square feet per person for densely planned, larger offices and up to 325 useable square feet per person for smaller, private office layout.
Consideration must be given to the number and size of meeting rooms. Judge these on the total number of employees versus a typical group size, as well as any technical requirements, such as video conferencing you may need. The quickest and most efficient way to calculate how much business space you need is to use this free Office Space Calculator. Download it for free here >>
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