When searching for a new office for your business, there are several factors that influence your decision. The size of the office, rent, and location are all things considered during the process. It’s a good idea to work out your office space requirements before you even begin to look for real estate.
Having the right size office will tremendously help in running your business efficiently. Too large of a space is a misuse of capital that could be used for something else. Not having enough room may cause you to outgrow the office before the lease is up, resulting in a waste of money and time.
Business Growth Strategy and Lease
One thing you need to consider is your business growth strategy, which can be determined by looking at anticipated growth throughout the term in terms of employees, and the length of the lease you’re signing. A lease of three years or shorter will be easier to judge because it’s hard to predict where your business will be after that. Your business needs may be very different three years from now than what they currently are. Anticipated industry growth and the economic client, also need to be considered. This gives you the growth density ratio, which typically rangers from up to 175 useable square feet per person for dense, larger offices, and up to 325 square feet per person for smaller, private offices.
Required Meeting Rooms
The number and size of required meeting rooms largely contribute to the space needed. These things can be determined by the total number of employees, how many meetings you have at a given time, as well any technical requirements, such as tools necessary for video conferencing.
Determining how much space you need in your new office will help you narrow down your choices and point you in the right direction for office leases. Be sure to determine what your space requirements are before you start your search to avoid problems in the future and get the best office for your business.