Choosing the Right Space for Your Business: a Streamlined Decision Making Checklist 

Selecting the perfect office or industrial space for your business is a critical decision that can significantly impact your operations, brand and costs. We’ve built a checklist for end-users of commercial property to make the right property choices that align with their business objectives.

Location 

A key consideration, especially when looking for office space, is accessibility of the location. Ensure that the space is close to major transportation hubs to enable employees to commute easily. A good, accessible location also ensures proximity to clients and suppliers, making arranging meetings and other operational considerations easier to arrange. 

The location of your space also communicates your position in the market to the customer. You should understand demographics of the local area and their target market, and use that to align the location with their customer base. 

Similarly to the importance of physical proximity or alignment with brand to your customer base, you should identify the challenges and opportunities presented by neighbouring businesses. 

Space Requirements 

Ensuring you have adequate space to house your team and operations is non-negotiable. It is also important to consider future needs of your business; is the space flexible to accommodate potential expansion or downsizing? Consider the potential for business expansion – this will ensure the space allows for scalability without disruptions to your operations. It will also reduce the need for a new site selection process down the line and provide longevity for the current space. 

Layout out is also a key consideration, ensuring you are able to manipulate it for optimal workflow for your business. Flexible configurations allow for variations in departments and changes to operations. 

Amenities and Facilities

Assess the availability of essential facilities in the building, including common spaces, meeting rooms, kitchen and storage for your business to operate effectively. Also ensure that your space is accessible to everyone, you don’t want to miss out on employing top talent because they are unable to physically get into the office! Look for wide corridors, accessible transportation hubs nearby, functioning lifts and other facilities to accommodate everyone who needs to use the space. 

Likewise it is important to look at facilities in the area surrounding the property. Access to places such as restaurants, retail space and wellness centers will provide great options when you need to meet clients in your neighbourhood and attract top talent by having an office in a desirable area. 

Budgetary Considerations

Review your lease terms with an expert by your side who can negotiate on your behalf. These negotiations can include a deep-dive into additional charges, lease duration and renewal options. 

Make sure you understand the upfront costs and budget accordingly. These costs include security deposits and any costs for renovation of the space to fit your business requirements. 

A tenant representative will also help you identify and navigate through hidden costs such as Common Area Maintenance charges and their impact on your budget. They will also help you factor in the cost of maintenance, utilities and other expenses associated with leasing the space. 

Security and infrastructure

In an internet and data reliant society, a business needs to ensure access to reliable infrastructure and technology, such as high-speed internet. 

Security measures are another key consideration and you should evaluate any need for additional security measures that will be required with choosing the location and property for your space.