Monthly Archives: April 2016

Important Factors in Considering Office Space Rentals

Choosing an office space signals a new phase in your business venture. Whether you’re in the early stages of starting out and growing your business, or you’re looking to relocate your current company for an expansion or reduction in force, there are similar factors to keep in mind while conducting your search. Most office space rentals come with a 3 or 5 year lease agreement, so the spaces you survey should be considered a comfortable option for at least that time period.

Whichever phase your business is experiencing, INCO Commercial’s expert agents can help you find a reasonable office space for rent that not only meets your current needs but is adaptable and allows for future growth. Our agents are strongly tied to the areas in which they serve, and can assist in choosing the rental space matching the demands and requirements of your company. While we can help you with the logistics and finer details, here are some things to consider for your choice in office space as your search begins.

Commute

With an existing company and team of employees, the location priority should be centralized among your employees, especially your top workers. Employees can experience discouragement in extended commutes, and even excessive spending in gas or car maintenance. A central, easy-to-access building will help maintain morale while also providing a competitive edge when recruiting new staff. If your business regularly welcomes clientele to the office, considering their commute time and ease is essential as well.

For those starting off on a new endeavor, INCO Commercial can help evaluate the type of location that would best serve your company. By looking at similar businesses in the area, we can examine which location variables impact their success, and attempt to replicate that for your own business.

Room to Grow

To give you an idea about how much square footage your company and its employees require, there are general industry suggestions, depending on the roles of your employees. For workers in a cubicle situation, the suggested space allotment is around 65-80 SF. Suggested workspace for a supervisor or manager position increases to 120-200 SF, and directors and executives come in at 250-300 SF. Of course, these are only suggestions, and it ultimately depends on how your company will use the office space.

Client space is another factor to consider: does your company regularly invite for meetings, etc.? Are smaller offices enough or would a conference room be more ideal?

Additionally, do you foresee your company experiencing a substantial employee expansion? Will your employees work in the office, or are some telecommuting? As a small business owner, it may be hard to project what the business will look like in a few years. Finding a rental within a building offering several different kinds of spaces may allow for some flexibility with the landlord. In the event that you require a different space sooner than your lease is up, you may be allowed to move within that building location.

INCO Commercial can work with you to analyze the immediate demands of your company, as well as project the potential growth and space requirements for the future.

Location

Surprisingly, finding an office space close to a similar business as your own can have more benefits than disadvantages. If your business frequently accommodates customers, it can help to be clustered near other businesses so the client can take care of errands or other matters in fewer trips.  Depending on the nature of your business, setting up shop near other like businesses may allow for a sharing of resources, such as expensive equipment, brokering services, or even collaboration on certain projects.

If your business does see clients on a regular basis, easy access to the location encourages client interaction, while a decentralized place can sometimes discourage ease of visits, and ultimately, a potential loss in business. In addition to proximity to your client base, the neighborhood atmosphere will also affect how your customers feel about visiting your business.

Surrounding Environment

The context of your business is just as crucial as the physical space you’re working in. Examine the parking situation for both your employees as well as your customers. Will either one have to pay? Is your company willing to compensate employees for paid parking?

Ideally, there are also cafes or restaurants within walking distance for lunches or meetings. Is it important that there is an opportunity to work out or walk during lunch and other breaks? Habitual rests are proven to boost overall productivity, which can help enhance your bottom line. Visit the location or building at different times of day to get an idea what the parking and traffic patterns are like. All of the features in the surrounding environment can affect happiness and morale.

INCO Commercial is committed to helping you find the space that best matches the needs of you as a business owner, and your company. After consulting with you and discovering the requirements and goals you have for your business, we set to work in strategizing the best approaches in negotiating lease terms and agreements with potential landlords in the local area. We work hard to find you the space that best matches the requirements of your business and finances. INCO Commercial will assist you in understanding all of your options before signing a lease. For more information, please visit our contact page and reach out to the location that would best accommodate you. We look forward to serving you and your business!

Renovation vs. Relocation: Changing Your Office Space

As a business owner, you may reach a point where your office space is no longer serving your company in the most advantageous way. On the fortunate side, maybe your business has grown or requires a different layout to better accommodate the business’s work flow. Perhaps your employee base is shifting and are established in different locations or work remotely, instead of being centralized in one city or office. These situations beg the question, “Is it better to renovate or relocate?” INCO Commercial can help assess your individual situation and compare the logistics of each option. In the meantime, here are some things to consider when deciding between renovation or relocation.

Renovations Could Be Distracting

Electric drill crescendos, hammers knocking away, extra people moving in and out of the office, employes shifted and possibly cramped into temporary spaces… All of these renovations occurring during business hours can be a huge distraction, and more importantly, cut into the productivity of the workers and the business owner. If your office accommodates client visits, your clients may be hesitant to visit or distracted by the dust and noise as well.

By investing in a brand new space, your business can still maintain normal operations at the initial location until the move-in date arrives. When the new space is ready and set up, everyone can relocate at once. That way, the transition is more seamless, and less disruption is experienced by your business and its employees.

Relocation is Sometimes More Cost Efficient

Relocating is often times more cost efficient than going through the process of renovation. In the initial stages, the pricing quotes and comparison may not seem too much different, or possibly even cheaper for a renovation. However, as the renovation work advances, it’s almost guaranteed the cost will as well. Unexpected expenses arise more often than not, another problem or obstacle surfaces, and the actual cost ends up much higher than projected.

The costs for relocation to a different site tend to be more straightforward, and the time frame for getting it ready more concrete. Another cost saver to consider is that your team is able to keep their productivity more stable in a brief move, versus working through ongoing renovations and changes amidst their work space.

Relocations Are Much Quicker to Accomplish

It’s also important to realize that a renovation is not always a timely endeavor. Office renovations are not a one or two-day occurrence, but can last weeks or even months, depending on the extent necessary. The distractions that wear on day to day can affect the performance of the overall company and ultimately even the bottom line. Taking a day or few to relocate everyone expedites the transition period and everyone can return to business as usual.

Renovation Restrictions by Building Owner Regularly Apply

Permission is required for any physical changes to the structure, since your business is most likely renting the office space from a commercial building owner. If the building owner does allow for renovations, there are most likely limitations as to how much you are actually able to do.

INCO Commercial can help you find a new space that best accommodates your business’s overall needs. We realize not just the physical space is important, but the traffic flow and local demographics that feed into your business. We also thoroughly examine the lease terms before you make a commitment to help you determine which options are available in case you want to do any minor changes or improvements to the space before moving in or possibly down the line again. With INCO Commercial, you will always know what you’re in a position to do or not do in accordance with your lease agreements.

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As you carefully consider the options, INCO Commercial can help you assess what would give your business the best possible space with the fewest additional costs or distractions. We will help you examine which would be in the best interest of your company, as well as allow your daily business operations to continue as smoothly as possible. If relocation is the best option, our agents’ intimate knowledge of the local area can help guide you to properties that would best fit the demands and dynamic of your business.

INCO Commercial is here to help you evaluate any decisions to renovate, relocate, or assist with any other issues or possibilities concerning your business. For larger scale projects involving new site development, INCO’s affiliate, IMC Municipal Consulting offers real estate and community development advisory services to assist in project formation, site selection, economic incentives, development assistance, and more.

Explore the rest of our website for a full explanation of INCO Commercial’s services, and visit our contact page to find the office location and contact information most convenient for you!

 

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