Avoid These Mistakes When Hunting for a New Office Space
Hunting for a new office space can be fun, but it can also be fraught with mistakes if you’re not careful. Even simple mistakes can cost your business. You may believe that everything’s been completely thought out and all situations covered; however, things can happen quickly that undermine any plan.
We’ve put together a list of the most common mistakes that companies make when searching for their next office space.
Searching Too Early
While it’s good to plan ahead, many companies make the mistake of starting the search for a new office space too early. Some may start as early as 18 months before their current lease is up.
The problem with starting too early is that the office broker probably won’t know what will be available by the time you’re ready to move. Keep in mind that most serviced office spaces have notice periods of 1-3 months. How on earth can they tell you what will be available in 18 months?
The best time to begin the search is about 1 to 6 months before your move. This gives you and the office broker time enough to find the right workspace for your company. There’s no need to hurry the process—everything will come out OK—we promise.
So, just breathe and relax. There’s plenty of time to find your next office space.
Not Keeping an Open Mind
Think about the last time you made a major purchase. Did you buy what you thought you wanted, or did you buy something else? This happens more often than not, even when hunting for a new office space.
Many businesses believe they completely understand what their company needs in the next office space. However, when they begin talking with an office broker, they may begin to realise their mistake in wanting the wrong type of workspace.
When you stop and consider what the company actually needs, you may find that a different type of space will be more suitable. For instance, consider the type of lease you have now. Are you looking for a new workspace with a similar lease? If so, have you considered the flexible leases offered by serviced office spaces?
Serviced offices are able to offer short or long-term leases, which are all-inclusive. What does this mean? It means everything is included in the monthly rent. Everything—from the utilities and IT network, to the office furniture and equipment, and then some.
This makes a serviced office a flexible, cost-effective option for your company. You’ll have the ability to scale up or down, as needed. And you get all the perks, too.
Perks include fully stocked kitchens, breakout areas, meeting rooms and more.
What are you paying right now for your current office space? Don’t tell us but consider how much you’re paying and what you’re getting for your money.
Now, consider a serviced office. Just as they offer flexible leases, you’ll find a wide variety of office spaces to choose from, too. You’re sure to find a space that fits your company’s branding and culture, in just the right location for your employees, partners and clients.
When you work with an office management company, they’ll help you narrow down the type of office space you need, then they’ll find the right workspace at a price that fits your budget.
The fact is the serviced office market is flexible and offers a wide variety of spaces sure to fit your business budget.
Doubt & Apprehension
Once you’ve found the right office space, at the right price in a perfect location, it’s common to feel doubt and apprehension about the decision. Is this really the best space for our company? Is the price the best we can find? At that point, you may develop cold feet and decide to sit on the deal for a few days, just to make sure it’s the right move.
The problem is that while you’re hesitating and making sure this is the right decision, another company has swooped in a grabbed that great deal and perfect office space. Now, the deal’s gone and you have to start over from square 1, which is hunting for another “perfect” office space.
These are huge decisions, but if you don’t take advantage when the deal is a good one, your doubt and apprehension will cost you a great office space.
Making Too Many Enquiries Online
When working with an office broker, remember there are other brokers in the area who are going after the same serviced offices. There are only so many serviced offices available in a city. So, if you go online and make enquiries with several office brokers at the same time, all you’ve done is replicate the same search over and over. In other words, the same office spaces will turn up in each search, and all your efforts are for nothing.
This is frustrating for you and the office brokers. It’s best to pick one broker and work with them and their connections to find an office space. If this doesn’t work out for some reason, you can always work with another office broker. However, remember that there are only so many office spaces available. If one broker doesn’t find the right place for you, chances are another office broker will have the same issue.
Making a Lease Decision Based Only on the Price
You want to find the best possible serviced office space for your company, and in a place that fits your budget. However, the problem is that many people are tempted to go with a cheaper offer, thinking this is the best way to go. Cheaper doesn’t always mean better.
For instance, consider a traditional office lease and a flexible serviced office lease. With a traditional office, you’ll be stuck in a long-term lease, possibly for years. What happens if the space isn’t good for your business, or you just don’t like the landlord? You’re stuck until the lease ends. Breaking the lease early generally comes with a high fee, which is sure to break your budget.
With a flexible lease, your business will have more options. In the first place, you can choose either a long or short-term lease. A short-term lease can be a great option. If you need more room, or need to downsize, you can do it when you need to. You’re not stuck with a long-term, expensive lease. In addition, service offices usually have an all-inclusive lease. The monthly rent includes all expenses—such as utilities, IT network, and more. You don’t have to worry about all the extra expenses—they’re already included.
So, cheaper isn’t always the better choice, especially if a serviced office offers a flexible lease, with all the amenities included in the monthly rent.
When you work with the right office broker, they’ll help you avoid all of these mistakes and more. They’ll also help you find the best serviced office space for your business—one that offers everything your company needs.
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