Interest Rates Low for Q3 in Vancouver, BC
commercial real estate blog vancouver bc, commercial real estate vancouver bc
6 Reasons It’s Time to Find a New Office
Tags:
(Posted on Oct 26, 2016 at 01:00PM by Michelle Bogle)
Deciding to move your office doesn’t always come down to expanding or downsizing – it’s so much bigger than that.Choosing an office location is as much a part of your overall business strategy as is setting your yearly goals and objectives – it’s a process that must fit your company’s fiscal, human resources, brand and cultural objectives. Simply put, it’s an important factor in the overall success of your venture.
Â
Having said that, here are six reasons why it might be time to find a new office:
Â
Your operations have outgrown your current space
Whether you have five employees or 500, your office must comfortably accommodate all of your workforce. And, if you’ve been fortunate to experience growth throughout your operations, then you likely need more space – and fast.Â
Â
As a general rule of thumb, most industries allocate approximately 175 of rentable square feet (RSF) per employee or perhaps even more. If you have 50 employees, you should designate at least a minimum of 8750 RSF for your new office space.
Â
Your office space is too large
On the flip side, you may find that you have too much office space, which can put a strain on your bottom line, as well as your employees’ productivity and morale. If you find yourself in this situation and have no plans of expanding your operations in the near future, it might time to consider a downsize.Â
Â
You’re having issues with building management
Just like with a residential rental property, a bad landlord or building manager can really hurt your overall experience. If you find that your current office is in disrepair, neglected or constantly having issues, like with the HVAC system, washrooms and elevators, it might be time to move on to greener pastures. After all, if you and your employees are frustrated with these issues, you clients are likely picking up on them too.Â
Â
Your office is stuck in another era
Thanks to a change in work styles, mobile technology and the growing presence of Millennials in the workplace, offices are changing – and for the better. Closed off layouts are now a thing of the past with open floor plans and collaborative areas springing up in their place.Â
Â
And, prospective employees are on the look-out for these types of office spaces – which is why it might be time to consider an office move, so you can create a vibrant workplace environment and culture that attracts and retains talent and clients too.Â
Â
Your location is poor
Choosing the location of your office is likely more difficult than selecting a neighbourhood to live in because you have more people to factor into the equation – like your management team, employees, vendors, clients and maybe even your competition. And, perhaps, when you first selected your site location, it made sense for you and your business. But, what if your business objectives have changed? If your current location is hindering these goals and objectives, it may be time to consider a move to a better location.
Â
You are tired of paying monthly office rental expenditures
In terms of investment potential, rental office spaces offer businesses zero gains – the only players that benefit are the landlord or asset owner. If you are tired of paying monthly office rental costs, it might be time to consider another option: strata office.Â
Â
This asset class is becoming increasingly popular with smaller professional services firms or self-employed entrepreneurs who are seeking an alternative from rental spaces that offer zero gains. Low interest rates, strong price-per-square-foot growth, increasing lease rates and opportunities to build equity are all key perks of strata office.
Â
If you can relate to the six reasons listed above, then perhaps it’s time you get serious about planning your next office relocation. And, at Marcus & Millichap Vancouver, we can help.Â
Â
We have several highly skilled office and industrial asset specialists on our team who can help you understand your space requirements and find you an office location that suits your needs and your bottom line.Â
Â
To learn more, please contact us here or visit our Property Search portal for active commercial real estate listings across British Columbia.
Powered by Webstager