What to Look for When Deciding Office Location?
If you are looking around to set up an office, deciding on the location would be an important factor. Indeed, for many businesses, their profitability depends on the kind of location they choose. This is especially true when one has a local business. In case of a business that does not depend on local supplies or customers, the factors for deciding on the office location would be different.
For local businesses
If you have a business that depends on local suppliers and customers, the office set up would depend on certain factors.
- Proximity to suppliers for your business would reduce logistics costs. However, this needs to be countered with the cost of getting your products or service to your target customer segment. If you need to reach local marketplaces, the costs of logistics would also come into play here. The frequency of supplies and marketing costs would come into consideration here.
- Once you have shortlisted ideal locations, seek out rental quotes. You might also consider the costs and benefits of leasing as compared to the purchase of an office space. It would depend on the nature of your business and intended longevity of the same. Initial setups would be ideal in rental spaces.
For businesses, non dependent on local market conditions
If you run an online business or need an office space for a business not depend on local market conditions, it is an easier decision to make.
- You could look at new eCommerce centers that offer incentives to businesses to start operations. New business parks and complexes have all requisite infrastructures in place. For that reason, you need not spend additionally in setting up infrastructure for your business.
- Many modern offices to rent come with office fit out in London. That includes workstations, rental equipment on hire, pantry areas, adequate lighting, heating and cooling systems in place. With such setup, it is easy to start off business operations with minimal time lost in setting up workstations and allocating employees their respective work stations and offices.
Rent versus purchase of office spaces
Nowadays, most businesses operate with minimal costs and in a competitive market environment. For that reason, most companies seek rental spaces for their offices. On the other hand, rental offices are expenditures while a purchased office space could be considered an asset. For that reason, it is best to consult a professional real estate firm. There are many services that specialize in commercial office spaces. Such firms have local know how, can help clients identify properties that would be ideal for them as well as provide information on current market rental and purchase rates. In order to take such decisions, business longevity, budget and market conditions are important considerations. Much business, legal firms can provide requisite research information on a certain commercial real estate market. Based on such information a business can arrive at a decision on renting or purchase of office space.
It is possible to seek out relevant market information through online directories.