Six common mistakes to avoid when choosing a new office space
No matter what line of business you’re in, choosing the suitable office space can directly impact business success.
There are many touchpoints to consider… Employees, visitors, and partners are all impacted by choice of office space.
This is where the expertise and flexibility of a single managed property can be a significant advantage.
The experienced team at Central Park Towers DIFC understand the lifecycle of the office space and its impact on stakeholders.
Here are the five common mistakes to avoid when planning of moving to a new office space:
1. Not having a complete understanding of your requirements
It may be a no-brainer to many, although there is much to consider when moving your business into a new office space.
Accurate preparation is key to avoiding the most common mistakes.
Here are some questions to ask yourself when you start your search:
What do you need to achieve in your space?
How many people need to use the office?
Are you likely to be hiring people in the near future?
What breakout and social spaces are required?
What services and amenities do you need?
What is the right location? What’s the benefit of being in that location? Think business and convenience…
What are your budget constraints?
Lastly, although crucial, consider reviewing the strategy of your future working space. Is it agile enough to expand with business growth? Is it flexible enough to deal with change? Flexibility and adaptability are your best friends in uncertain times.
2. Not considering contingencies in the case of change
If recent events have taught us anything, it’s that the future can be very unpredictable.
Although the lesson that businesses had to learn quickly regarding office space is that flexibility and adaptability are enormous assets in times of uncertainty.
Do I have the flexibility in my agreement to downgrade or upgrade my office space? Am I dealing with one or multiple landlords?
This can be tricky and often overlooked; although a single landlord can save you countless hours and frustration.
3. Not considering the complexities of finding the ideal office space
Finding a suitable office space is challenging and can steer you away from your core business responsibilities. Everything from defining your requirements, considering all the available options, layouts, searches, viewings… and the list goes on.
Having a professional contact that understands the needs of your business and what space would be right for you can be an invaluable asset.
Our highly trained leasing team at Central Park Towers DIFC are an extended arm to your search, easing the complexities of finding the ideal office space that’s right for you.
4. Not considering all your options
The days of the traditional set-in-stone office spaces are long gone. With the evolution of business, generations and the uncertain environment, office leasing and spaces are more flexible than ever before.
Start with the office type: Shell & Core, fitted, furnished – Understanding what each of the categories delivers in terms of your objectives, investment and customisation, is the first step to selecting your ideal office set-up that aligns with your business requirements.
5. Taking accessibility for granted
Location is a determining factor when selecting a new office space. It can play a huge role in attracting and retaining the best employees.
In many cases, with the location being at the forefront of the decision, accessibility to the office can sometimes take a back seat. Yet, it plays a crucial role.
When considering location, consider the accessibility to the office building, traffic conditions, ease of visitors to the office, parking facilities.
These may seem secondary in the decision process, although they can easily become a sore thumb quickly.
6. Not considering all leasing costs
When calculating leasing costs, it’s easy to focus your consideration on your office space’s rental fee, although there are a few variables that can easily slip through the cracks.
Consider your monthly utility costs, for instance; Are these fixed costs by your landlord or are they metered based on usage. And although having fixed costs for this may sound convenient, this can eventually become a dent in your monthly expenses.
Other expenses that you may need to factor into the overall monthly costing: Service charge, additional parking charges, fit-out costs.
These are just a handful of considerations when searching for the ideal office space for your business.
There are many other factors that you should consider that may not seem the most important during the process, although they will become a challenge within themselves.
Our experienced team at Central Park Towers DIFC understand the challenges of selecting new office space and the requirements for each entity.
We understand that in this case, one size does not fit all.
As part of the process, our team is here to guide you in making the right decision that aligns with your requirements and the future plans of your business.
If you’re considering new office space and would like additional support in ensuring you make the right decision for your business, feel free to get in touch with us on the details below:
Head of Leasing – Central Park Towers, DIFC
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