When most startups rent a commercial space, there’s almost always a sense of permanence associated with it. Some entrepreneurs may even feel a slight sense of attachment to the space, even when their business begins to flourish. As businesses grow, most business owners find themselves considering the prospect of moving to a new office.
However, relocating your office can be a tedious and expensive task. It will put your business on hold for the duration of the move, and various resources and equipment need to be transported and reinstalled, and the new office may need a redesign. This means that relocating your office is a decision that shouldn’t be taken lightly. Here are some signs that indicate that you might need to relocate soon.
The market is dynamic, and there are always price changes caused by key factors. This means that great deals pop up on the market every now and then. You may also want to check if you’re currently paying for amenities that you don’t use. However, just because you find a good deal, doesn’t mean that you should relocate right away.
Location Limitations Are Hindering Your Business
It’s also important to consider that the location of the new office is significantly more conducive to your business than the space you currently rent. You have to consider whether the new location is more accessible to your clients, employees, and candidates. You’d also have to consider traffic conditions, the crime rate, and whether your industry performs well in the new location.
You don’t want to move your tech startup into an area that caters to a different industry. Avoid moving to locations where there are a lot of competing companies as you’d have difficulty securing skilled team members.
You No Longer Have Enough Space
Physical space is more important than it would seem. If your current office feels cramped, and if you anticipate continued growth (as is the case when you fast hire employees) you’re going to have to find a bigger space. Sometimes, all you really need is to reorganize your office by digitizing your files, clearing out filing cabinets, and disposing of any non-essential equipment. If you’ve exhausted these small remedies and you still find your office cramped, then it’s definitely a good time to search for a new office.
You Need a Fresh Look
If your office looks outdated, it could be hindering your business because it’s difficult to bring in clients if you aren’t proud of your office space. The appearance of your office says a lot about your company. Most times, a simple remodel and redesign will do, but if your lease restricts you from altering its appearance, you may need to move to a different space. Neighboring buildings and roads also have an impact on the perception toward your office.
If you’ve finally decided that it’s time to relocate your office, it’s always best to work with professionals like the Jeff Tabor Group to help you secure the best possible lease terms for your new office. Negotiating rental rates is not an easy task, and it requires a lot of skill and experience to pull off.