Questions to Guide Your Search for the Perfect Office Location
There are a million factors to consider when starting your own business, expanding, or relocating an existing one. Answering these questions can help guide your search:
What’s Your Budget?
Real estate is all about location, location, location. By deciding upfront how much you’re willing to spend each month, you’ll be able to quickly narrow the field of options. A downtown location will typically run higher than one in the outskirts of town. Real estate taxes also vary based on location.
Where are Your Clients?
If your business targets families with young children, that downtown location you’ve been dreaming about might not actually be the best fit. Conversely, luxury services may find the suburbs a poor fit. As you shop around for your ideal office location, put yourself in the shoes of your client. Will your new location fit into their lifestyle?
Where is the Competition?
While it might seem counterintuitive, being close to your competitors can actually be good for business. It’s why so many mattress stores crop up near each other. When customers have conveniently located options to choose from, they’re more likely to comparison shop. Even if you decide not to move into the same neighborhood, it can be helpful to look at why they chose their location. Understanding why they chose their spot can give you the guidance you need to find your ideal office location.
What Do Your Employees Want?
The way people work has changed dramatically over the last few years. If you’re eager to entice people back to the office, consider what they want in a work space. Prioritizing wellbeing and safety can ease the transition back to the office. Location matters a lot for employees, too. If moving to the next county over is better for your clients but will double commute times for your employees, the decision could seriously impact retention.
Where Do You Want to Be in 10 Years?
In your search for the ideal office location, don’t forget to plan for growth. While it’s impossible to know what the next decade has in store, you’ll want an office that’s in line with your goals for the future. Every business wants to be in the next up and coming neighborhood. Consider how you can get in before popularity peaks.
Are you on the hunt for the perfect office location? Allow the Insight Property Group team to be your guide. Contact our professionals now.