9 Questions to Ask Before Starting Your Company’s Real Estate Search

Relocating your business can be a very exciting time, filled with decisions surrounding employee satisfaction, amenities, traffic patterns, and furniture configurations – to name a few. Business owners are often forced to make quick decisions related to their real estate strategy based upon factors specific to their business, such as unplanned growth, changes in company direction, and loss of control of the building they are located within. These unplanned scenarios can create stress and cause you to make decisions that you might regret.

Consider these questions to understand your vision by analyzing how you intend to use your space prior to assigning square footage needed, type of building, or even location.

What is your ideal space and storage plan?

Having a well-defined space program will allow you to determine the ideal property and design for your business.

Do you prefer an open environment or lots of offices?

The open environment has risen in popularity… but is it right for the type of roles on your team? Evaluate privacy needs to understand what will work best for your company.

What will integrating your company’s brand and culture into your space require?

Maybe it’s work perks – like dog-friendliness, or a fun break room for your team. Or maybe you require wall space to display your company values. Keep these needs in mind before you search.

Do you host events/conferences/trainings which would require some flexible conferencing space?

Make sure these are in your space plan – you could offer those spaces as coworking space for companies that may be beneficial strategic partners for collaboration.

What types of goods/services will you offer from the space?

Is there any aspect about the offering you provide that make your space needs unique?

What is your total occupancy cost?

Of course, there’s the monthly rent to consider. But make sure you are fully aware of any hidden costs such as utilities or after-hours air conditioning that may not immediately come to mind before finalizing your real estate budget.

How easily accessible will your space need to be?

How do your employees commute – drive, bike, or public transportation? How important is street visibility to your business? Just remember – accessibility and visibility often influence price.

Are there projected changes that will impact your real estate needs?

Your assessment should consider not only your needs for today but should forecast how you envision your company changing over the course of five years.

Does it make more financial sense to lease or purchase?

Don’t go it alone. Have a real estate advisor run the numbers and provide you with a lease vs. purchase analysis to validate your decision.

Are you about to look for new space? Contact us for a free real estate consultation.