New Year, New Office
If the new year means finding new business premises as a result of your lease ending or changing business requirements - then read on as we will discuss how to find a property that meets all your needs in 2020.
1. Ideal location
The location you choose needs to be relatively close to most of the people that make your business a success such as your suppliers, customers and employees. In this way, your business saves on fuel and travel time, and your employees will get to work in good time - which ultimately means that productivity is boosted. You also need to ensure that the location suits your budget requirements, without compromising on important elements such as safety and security, close proximity to main roads, and local amenities such as shopping malls for your employees to easily access.
2. Suitable size
Finding the right size office means taking into account your business's expansion over the next few years. For this, you will need to be as precise as possible. If you choose an office bigger than you need, this will result in wasting part of your rent on vacant space. While, a space that is too small and doesn't accommodate growth, may result in you having to move before your lease is up.
Tip: If you have a small business yet you forecast growth, you should look for offices with additional units that you could rent when or if the need arises.
Additionally, when deciding on the size, you will need to consider health and safety regulations that require employees to have enough space at work. Things like furniture, equipment and stock need to be taken into account so that your employees can move freely without strain or injury, and can also evacuate the office quickly in case of an emergency.
3. Set a budget
When drawing up a budget on the rental price you can afford, you need to determine the rate per square metre that will best suit your pocket, while also considering once-off and operational costs such as moving costs, security costs, parking costs, and water and electricity. These calculations need to be precise and agreed upon before you sign the lease agreement. If not, you may end up paying for a space that is too costly and quickly eats into your capital.
Tip: To save big on water and electricity costs, consider renting in "green buildings" as these incorporate energy-efficient practices that save tenants thousands of rands each year by using resources smartly.
4. Never skip market research
Market research is another important step before signing the lease agreement. Even if the rental price is within budget, you need to make sure that you are paying a market-related price and no higher. When you start your property search, ensure that you find out the average rate per square metre for a similar property in the same location. For this, you will need to do online research, speak to a professional commercial real estate agent, and shop around and compare prices before you choose your office space.
5. Security is a priority
A secure environment is vital for business success, therefore, it is always recommended that you choose an office space in a building with 24/7 security guards, perimeter fencing, access control and CCTV cameras. The office you choose needs to have all the security you need to conduct your daily activities securely and where employees and visiting clients feel safe.
6. Back-up for power and water cuts
Power and water cuts severely affect productivity and businesses usually have to shut-down for the day when this happens. And in the process, this delays work and loses money. To avoid this, consider choosing an office with back-up systems for electricity and water such as a back-up generator and rainwater tanks. In this way, your business can continue operating when the lights go off or water stops flowing.
Although finding new office space can be daunting, remember, you're not alone. Commercial real estate agents at 3CUBE Property Solutions are in the business of helping everyday businesses find their ideal offices using knowledge, experience and know-how. In 2020, make the process easier - speak to us today to find out more.
Author: 3CUBE Property Group