There is never a perfect time to move for a business. Finding new office space takes time. It’s natural to want to stay in your current location for as long as possible. However, ignoring signs that it’s time for a change could be bad for business and long-term sustainability.
Below are 8 indicators it’s time to start looking for new office space. If any of these sound familiar, a move should be seriously considered.
1. Cramped Office Conditions & Lack of Privacy
Are meeting rooms overbooked? Is all the desk space occupied? Are employees shifted around with each new hire? And nowhere to make a confidential phone call? If these are problems you are facing, new office space might the solution or at least consider an office redesign.
2. Too Much Unused Space
Now that telecommuting has gained popularity, many businesses find that they need less office space. Consider moving to a smaller office to save on square footage costs. Telecommuting employees can use shared work areas when in the office to conserve space and reduce overhead.
3. Employee Turnover Is High
Is employee turnover rate mystifyingly high? Add questions about office space, location and amenities to exit interviews to determine if an out-of-date office, lack of amenities and lack of access to public transportation are lowering morale and employee retention. Offices lacking modern technology, desired amenities and public transit cannot compete with the modern employment pool today, especially the millennials.
4. Difficulty Recruiting Top Talent
Having trouble recruiting new personnel? Many companies now build their company culture around their real estate location and offered amenities to recruit and retain top talent. When you want and need the best talent, you’re going to face competition. Moving to a new office space can become your advantage with a great location and top amenities to entice candidates.
5. Wi-Fi & Cellular Service Is Unreliable
Being able to access Wi-Fi and cellular service throughout an entire office is a true necessity today that significantly impacts day-to-day operational efficiency. If dropped calls and poor connectivity are interfering with your team’s ability to work, it is time for new office space. Many buildings now offer superior digital connectivity as part of a buildings infrastructure. The Internet is among the top three most important factors in searching for office space, along with cost and location.
6. Paying More Than Your Neighbours
Do some research to find out what the average rental rate is in the area. If you’re paying more than others around you, it’s time to renegotiate your lease or move. A commercial real estate broker who specializes in your region can give you insight into what your neighbours are paying.
7. Punctuality Is A Widespread Problem
Does it seem like the majority of your employees are late every morning? Evaluate whether the location of the office is to blame for their lack of punctuality. Is your location difficult to access due to traffic, crowded parking lots or distance from public transportation? Are elevators slow or not the right size for the number of people in the building? All these factors contribute to employee punctuality and can be remedied with an office move.
8. Your Brand Identity Has Evolved
Over time, the company’s brand image has changed. What was ‘on brand’ years ago is now out-of-date. Think about the message the current office and location conveys to the team, customers and the general public. There is no bigger reboot to company culture than an office move.
When moving to new space never ignore all those unwanted patterns of behaviour the current space created. Allow yourself enough time to build a well thought out office plan to ensure enough meeting rooms, ample work areas and quality digital connectivity for all employees to avoid lost productivity.
When done right, moving to new office space is a move in the right direction for productivity, culture and employee morale. Always work with a qualified commercial real estate broker who will take the time to fully understand your needs and timelines. A good broker will conduct a market analysis and present multiple options. They will analyze the economics of each new location and negotiate the best deal possible for your business.
Contact Chris and Adam to get started today.
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