Look into your existing space and determine future needs.

Last month, I announced the Five Steps in my Lease Tactics Blueprint and how following these steps while analyzing your lease will save you money.  This month I will focus on the 1st step, which is “Look into your existing space and determine future needs”. 

Before starting your search, it is critical to analyze your existing space and consider current trends and how your business has changed since you signed the last lease 5, 7 or 10 years ago.  

Space needs have changed dramatically in recent years:

  • Technology has enabled individual workspaces to get smaller
  • There is an increased need for collaboration areas
  • More employees are working virtually from outside a traditional office, but still need desk space when they come into the office

Right now while the economy is slow, a lot of companies have excess space, and are unsure of their future needs.  I’ve put together the following list of 10 questions to help you look into your crystal ball and determine your growth needs.

  • Do you have the correct type of space? Multi-story, single-story, or flex type space
  • Does the space support your business goals?  Some companies have switched from a hierarchical structure to more collaborative
  • Does your space speak to your brand and encourage employee recruitment?
  • How are you currently working?  In offices, open area with workstations, or virtually?
  • How do you want your staff to work in the years to come?
  • What are your environmental needs?  Is your space too hot or too cold?  Do you control your own HVAC? Need more natural light?
  • Do you have sufficient amenities and restroom capacity?
  • Is there deferred maintenance the Landlord needs to address?
  • Is your location in the right area?  Near clients, vendors, convenient to employees homes
  • What do your employees think about the space and/or location?  Take the time to analyze employee concerns

Understanding the answers to these questions will help you to determine the framework to help you and your broker analyze your needs before moving to the next step.

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