5 crucial considerations for relocating a large business

In this post-pandemic era, the days of long, rigid leases could soon be a thing of the past, as many large businesses begin to re-evaluate their real estate requirements. With 1 in 4 employees expected to work from home in 2021, it’s clear that a desk for every staff member will no longer be the new normal. 

Over the years Wizu have cultivated a wealth of experience creating and managing turnkey spaces for large businesses.  We understand what’s required to create a workspace which ticks the many, often complex and bespoke boxes and provides a compelling financial case.  

If you’re part of a team embroiled in discussion and grappling with some big real estate challenges, then our flexible workspace COO (and ex corporate banker), Natasha Babar-Evans, shares 5 crucial factors you should be considering as part of the process.

1. How much space you’ll (actually) need

The general trend is that real estate requirements are shrinking. While most large corporates will still have a head office base, regional requirements will become more of a focus as the hub and spoke approach is adopted.  

One of the most overlooked benefits of a flexible workspace is the efficiency it brings to your floor plate requirement. 

For example, a regional office requirement for 100 desks in a traditional lease mindset would typically require 10,000sq ft plus some, once you factor in dedicated meeting rooms, private offices above and beyond the actual area needed for desks.

Any good flex space operator worth their salt should be providing meeting rooms, collaboration areas, event spaces, bike stores, private call spaces and so on allowing you to reduce your footprint to avail of these amenities only when you need them rather than carrying the fixed cost.

That’s not to say you wont need some of these built into your own space but credible operators should provide digital management of resources and a specialist space planner so efficient sized space can be occupied.   

2. How you plan to use the space

Sounds like an obvious point but with home working here to stay and work split across 2 environments it forces us to consider more thoughtfully what functions workspace is needed for.

It is accepted that tasks and processes can be executed behind the home desk. However dynamic, face to face collaborative work is impossible to achieve working remotely so this is where many larger businesses are focusing. In addition to this, wellbeing spaces, social spaces and hot desks are a consideration.

Some key considerations:

• How many people do you expect on any given day
• What kind of collaborative space is needed and what kind of work does it need to facilitate
• What AV facilities are needed for project work
• Acoustic dynamics i.e. the need for quiet space and private space as well as collaborative environments
• Are permanent desks necessary?

3. How your space attracts and keeps the best talent

By virtue of spreading its footprint more widely in accessible locations a large business instantly has access to more talent.  However, the challenge of creating a vibrant culture and brand consistency presents itself in more locations.

Wellbeing is also top of the agenda for many large businesses. With the talent landscape highly competitive, it’s no longer enough just to offer monetary perks or extra holidays to attract the best people.

Bright young things – now expect more from their employers. From dedicated sustainability efforts, wellbeing initiatives to floods of natural light and masses of biophilia.  Your workspace should cater to these wider needs in order to attract and keep the very best talent.

Creating dedicated bike storage, gyms, yoga rooms and Google style social areas is sometimes not feasible in every location. However, the best flex space operators will provide access to these facilities on site, bolstering your proposition and giving you a competitive advantage when it comes to finding and keeping talent.  

4. How do flex space costs compare to traditional lease costs 

There are many comparisons of traditional vs flexible space on cost. We’ve created our own which demonstrates a significant 6 figure saving in favour of our flex space solution over 3 and 5 years. 

How is this possible when flex space is often perceived as having a premium price tag?

Put simply

• Reliance on operator communal resources and efficient well considered design reduces your overall sq ft requirement
• No set up costs and no exit fees
• No management time and project management input
• All inclusive fixed fee which covers all running costs, services and utilities  

If you wish to receive a copy of our detailed cost comparison breakdown of a serviced office vs leased office, then please email natasha.Babar-Evans@wizuworkspace.com.

Finally, its worth mentioning the Financial Accounting Standards Board requires businesses to disclose lease obligations directly on balance sheets. Flex space licences can avoid this balance sheet liability.

5. Technology that works

Having an independent and secure technical infrastructure is critical for large businesses from both an operational and compliance perspective.

While all flex space operators provide their own infrastructure, can sufficient adaptations and solutions be presented that satisfy your requirements?

Over the last few years we’ve had to provide dedicated data rooms, 10Gb dedicated lines and highly resilient connectivity to businesses running 24/7 operations on 3min SLA’s to name but a few.

Some things to consider:

• Do you require independent connectivity
• What resilience is on offer for both power and data
• Will you require your own secure comms area
• What access protocols are in place to secure area’s if sharing?
• Can access control be integrated with your existing systems
• Is the space flexible enough to supply enough hardwired connections in exact positions

What’s next: complimentary space planning 

We believe ultra-flexibility will be crucial for creating lasting partnerships with large businesses in the future, which is why we offer the very best flexible terms and options for the corporate market. 

We’d love to talk to you about your workspace needs and help you determine the most efficient use of space. We invite you to get in touch and avail of our complimentary space planning to see how the future could look.

Tips for Moving Your Business to a New Location

When your business grows, you may decide it’s time to move to a new location. Changing locations is not an easy process and usually involves some chaos (even with the best plans), disruption, and loss of productivity. However, there are some ways to minimise the impact of a major move on your business.

1. Be Proactive

Don’t wait too long before moving. When employees don’t have space to work comfortably, their productivity, creativity, and wellbeing suffer. These are all signs that your business has waited too long. By this time, it’s challenging to plan a chaos-free move to a new office.

2. Analyse Your Space

As things become more crowded in the office, analyse the workspace to see if a reorganisation would be enough to fix space issues. If not, it’s time to move.

3. Communication is Essential

Communication is crucial when preparing for a major company move. It’s important to keep employees, clients, and stakeholders in the loop on how the move is progressing and when the company will be at the new location.

Communicate with your team before and during the move. Employees need to be informed during the relocation process, even if the move isn’t far from your current location. They need to understand where the new location is and whether there’s parking, additional office perks, and more.

You may also want to give employees a schedule of events, so everyone knows what will happen and when.

4. Set the Moving Budget

Once you’ve decided to move, it’s time to determine and set your budget. The amount you can afford will be an essential factor in finding the right office space.

Planning your budget involves determining how much rent the business can afford. Remember to explore different types of leases. Traditional offices come with a long-term lease, while business centres offer short-term leases. In addition, traditional offices carry more expenses than a serviced office or coworking spaces in a business centre.

5. Research Locations

Once you’ve determined the budget, it’s time to start researching locations. The goal is to find a centralised location that’s easy for employees, clients, suppliers, and stakeholders to reach.

It could be helpful to include your employees in this search by seeking their input on locations. It’s a good idea for you and your employees to visit prospective sites and get their input on each one. This helps their buy-in for the move.

6. Create a Timeline

Once the right location has been found, it’s time to create a timeline for the move. The timeline should include time for renovations, moving furniture and equipment, setting up, and more.

In addition, decide who is responsible for each task during the move. Choose one person to be in charge of the move, with other employees being responsible for each task.

Moving your business to a new office doesn’t have to be a horrible experience. Taking a proactive stance with the move can make sure your company is ready to move. Having a plan can also reduce chaos and ensure the move is smooth and efficient.