How do you choose the perfect location for your new office?

1 Assess your space requirements

Before you start looking for locations, you need to have a clear idea of how much space you need and how you want to use it. Consider your current and projected headcount, your preferred layout and design, your equipment and furniture needs, and your storage and security needs. You can use online tools or consult a professional to estimate your space requirements based on industry standards and best practices.

2 Identify your target market and customers

Another important factor to consider is the location of your target market and customers. You want to be close enough to reach them easily and effectively, but not too close to your competitors or other businesses that might create noise or traffic issues. You also want to consider the demographics, preferences, and trends of your potential customers, and how they might affect your brand image and value proposition. For example, if you are a creative agency, you might want to be in a trendy and vibrant neighborhood that reflects your style and culture.

3 Evaluate your accessibility and connectivity

Accessibility and connectivity are essential for any office location, as they affect your employees, customers, partners, and suppliers. You want to choose a location that is easy to access by public transportation, car, bike, or foot, and that has enough parking spaces, bike racks, or other facilities. You also want to check the availability and quality of internet, phone, and power services, and make sure they meet your standards and expectations. Additionally, you want to consider the proximity and convenience of other amenities, such as restaurants, cafes, shops, banks, gyms, and parks.

4 Compare your costs and budget

Cost is one of the most obvious and important factors to consider when choosing a location for your new office. You need to compare the rent or purchase price, the utilities and maintenance fees, the taxes and insurance costs, and the relocation and renovation costs of different options. You also need to factor in your budget and cash flow, and how they might change over time. You want to find a location that is affordable and sustainable, but also offers value and potential for growth.

5 Research your competition and opportunities

Another factor to consider is the level and nature of competition and opportunities in the area. You want to avoid locations that are saturated or dominated by similar or superior businesses, as they might reduce your market share and profitability. You also want to avoid locations that are isolated or stagnant, as they might limit your exposure and expansion. You want to find a location that has a healthy and balanced mix of competitors and collaborators, as well as a dynamic and growing market.

6 Seek expert advice and feedback

Finally, you want to seek expert advice and feedback from various sources before you make your final decision. You can consult a corporate real estate agent, a lawyer, an accountant, or a business consultant to help you with the legal, financial, and strategic aspects of choosing a location. You can also ask your employees, customers, partners, and suppliers for their opinions and suggestions, as they might have valuable insights and preferences. You want to gather as much information and perspective as possible, and weigh the pros and cons of each option carefully.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?