It can be difficult to honestly answer the question “Is it time for a new office space?” if you can’t see the signs. Maybe it’s the fear of change, the headache of moving your operations to a new office, or maybe you’ve just gotten too comfortable “making it work” in the space you’re currently in. Whatever your hesitation, the consequences of not moving into a better-functioning space can be far worse than the temporary inconvenience of relocating.
Take a look at these five signs that you might need new office space and think about how they relate to your own work environment.
You’re Struggling to Retain or Attract Talent
Is your turnover rate increasing? Are potential hires turning down your job offers? While many other factors can also contribute to these issues, don’t underestimate how your office space may be playing into your struggle to find and retain talent. People want to work in a fun, energizing, and inspiring environment. If your office space is crowded, disorganized, dirty, and in desperate need of repairs – it’s time to look for an upgrade. Otherwise, you risk top talents walking right out your door.
There’s a Lack of Privacy
While it may seem fun and hip to have your employees work in one big, open space together, keep in mind that people need privacy just as much as they need community. If your office space lacks a private, quiet area for holding meetings or making important phone calls – or even just a space where employees can work in silence for a few hours to focus on priority tasks – it’s time to look for a space that provides a little more privacy.
It Doesn’t Reflect Your Brand or Company Culture
Are you an innovative tech startup, but you’re working in a space that looks like it belongs to a law firm in the 1950’s? When your work environment contrasts sharply with your brand and culture, it can have a negative impact on every aspect of your business. It’s important to work in a space that complements the brand image you’re working to create. This is a subconscious reminder to your employees of the business’s core values that you want to represent in everything you do.
There’s No Room for Growth
If you’re a business with plans to grow your operations and add to your number of employees, yet you don’t have space for one more filing cabinet (yet alone a whole desk!), it’s time to start looking for a new building. Don’t wait until you’re desperate, or you may make a decision that isn’t in your best interest. Start looking for a new space preemptively, and work with a qualified broker who can help you negotiate the best deal possible, in order to ensure you’re making the smart choice for your business.
You’re Paying Too Much
Finally, if you’re dumping too much of your profits into your office lease, it’s time to look for a more financially responsible work space. Sure, a pricey loft with incredible views is great for your ego, but it’s terrible for the sustainability of your business. This is a red flag that you need tenant representation who can show you a wide variety of options that are attractive while staying within your budget.
Can you relate to one or more of these signs? If so, it’s time for your operations to move into a new workspace.
Contact our tenant representatives to get started today on the process of finding the perfect fit.
This article was originally published on the Omni Realty Group website by Mike Kushner, CCIM. Omni was an exclusive buyer agent/tenant rep commercial real estate firm owned by Mr. Kushner prior to his joining the Capstone Commercial team. It has been adapted and reposted with permission. See the original article here.
