As an entrepreneur or small business, the initial process of looking for office space can be exciting, inspirational and fun. Moving out of your home office or local coffee shop often is a more than symbolic sign that your business is “moving on up.” Therefore, the prospect of looking at available office spaces and designing it just the way you want it can be quite exhilarating.

Tip: Hold your horses.

Searching for an office space without first determining both your long and short term business and real estate priorities is a recipe for disaster. Below are some important business and real estate issues to consider BEFORE beginning your search for office space.

Business
From a business standpoint it is important to consider the following:

Corporate Image- Will your customers/clients visit your office on a regular basis? The quality of your office space can make a strong statement about your company’s brand.

Examples: You’re a small boutique architectural firm and expect to regularly meet with clients in person. An inviting reception area, nice furnishings and a clean bathroom will say a lot about your company’s professionalism and eye for detail.

You’re online t-shirt company consists of yourself and two employees. Rarely if ever do your customers visit your office. A fresh coat of paint, three computers and desks might just do the trick while allowing you to preserve capital…a clean bathroom would not hurt in this case either.

You’re a freelance web designer and occasionally meet with new and existing clients to discuss their projects. A coworking or executive suite space with a nice amenity package might serve as an inexpensive option to hold occasional meetings with clients while making a strong statement about your company and increasing your network.

Organization- How quickly and/or large is your company projected to grow? Do you envision adding new employees of perhaps downsizing your current staff? Are you merging with a new company ?

Example:
Three months after you move into your space, your company lands a major contract which requires you to hire an additional 4 employees. Is your space big enough to handle the additional workstations? Is there an available adjoining space in the building that would allow you to expand?

A well-planned work environment can help improve the morale of your employees and lead to a more productive work environment.

Leasing too much or too little office space can result in a cramped environment or a desolate one. See Mistake #7 Either way, the morale of your employees will potentially suffer.

Technology- Does your company require a unique technology that is only available in select locations?

Competition- Where is your competition located? Will it affect your company to be situated in a close proximity to them ?

Budget- Clearly, it is a waste of everyone’s time if you are looking at spaces that are beyond what you can afford. A well written business plan will help dictate the amount your company can afford to spend for an office space. It is important that you are aware of all the costs involved with securing and maintaining an office space. See Mistake #5

Real Estate
An accurate projection of your current and long term business priorities will have a direct impact on your real estate needs.

From a real estate standpoint it is important to consider the following:
- Space Requirements (How much actual space does your company require? Do you know the difference between rentable and usable space? See Mistake #7

Space Estimation Calculator
- Required amenities (parking, conference room, cafeteria, private entrance, security desk, video conferencing, AV equipment, mailbox, furnished, fitness center)
- Business services (secretarial, administrative)
- IT/Communications Infrastructure
- Hours of building access (are the HVAC systems accessible 24/7?)
- Conference room availability
- When do you want/need to move into your new office space?
- Parking (How many spaces are actually allotted for your company? Is free public parking available nearby? Will you need to subsidize the parking expenses of your employees?)
- Mass transportation
- Signage
- Environmental considerations
- Local dining and coffee shops
- Daycare

Use Our Real Estate Profile Checklist to help organize your company’s long and short term business and real estate priorities.