As the lease of your office space comes closer to expiring, you’ll be faced with the important decision: Should i renew the office lease or relocate operations when the lease expires? 閉路電視安裝 The answer just isn’t that simple. In today’s market, there’s a myriad of factors to consider when deciding to renew or relocate. The collision of commercial real estate market conditions, economic changes, generational shifts in the workforce and increased technology are causing businesses to rethink their options and consider alternatives that may not have been quite so attractive in the past.
Many regions of the country are currently facing a vast surplus of office space creating a highly favorable buyers market for those considering an office move. For others, the substantial financial investment put into their current space, poor timing or the sheer hassle of moving may lean them more toward staying put and opting instead to renovate. Either way, there are a few factors you may want to consider and, more importantly, a few land mines you’ll want to sidestep along the way.
Assess your present and Future Needs:
For starters, begin with a solid strategic plan to determine where you anticipate your company will be within five to ten years. In essence, companies should conduct a total assessment of their current and future needs. A few questions you need to ask yourself are: Does your office space effectively support your operation? What is the expected growth of your organization? What deliverables might you produce in the future that will affect your need for space? Does the space support your company’s infrastructure technologically and how expensive and/or disruptive would it be to upgrade the technology to meet your company’s needs? Will more employees be working remotely in the future? What does your current space say about your organization’s image – is this the image you want to convey? These questions, among others, will help guide your decision. After all, your business is on a continual path of evolution – it’s the only true certainty and harnessing those changes to achieve enhanced results is what will drive success.
Take advantage of Today’s Real estate market:
Negotiation leverage between landlords and tenants has shifted tremendously throughout the last several decades; however, it is now a highly favorable market for businesses considering relocation. A surplus of office vacancies has paved the way for tenants to secure great lease terms and let’s face it, due to the fierce competition in the marketplace, some landlords are offering financial incentives that are just plain hard to pass up. It’s now possible for companies to get into a higher-grade office building in a better location at the same rental rate, or in some cases, an even a lower rate than their current building. However, change is in the air.