Is it time for new office space?

IS IT TIME FOR NEW OFFICE SPACE? Market Insight APRIL 2018

Businesses develop over time, and as they do, their spa- tial requirements change. If your current lease is set to expire, it’s a good idea to take the time to carefully evalu- ate your office to determine whether you should seek out a new space or renew your current lease. Here are some of the signs that you should seek new space: You are not using your square footage to the fullest If you have many unused offices, extra conference rooms that sit empty or cavernous open spaces that are vacant, you’re wasting money on unnecessary square footage. Downsizing to a smaller unit will save you money and can improve productivity. Just make sure that you leave a little room to grow in your new unit. You are paying more for your rent than your neighbors Do some market research and find out what the aver- age rental rate is in your area. If you’re in a highly sought after building, you are located in a green building or you have exclusive amenities, your rent may be a little higher than the norm; however, if you are paying a much higher amount than the going rental rate, it’s time to move or try to renegotiate at renewal. Your turnover rate is high Poor employee retention can have a number of causes, but office space in an out-of-the-way location or with uncomfortable conditions can contribute to the problem. Conduct an anonymous survey to ask your existing team their honest opinions about their location. You can inquire about the ease of commute, accessibility to services and stores, climate control, lighting and other topics. You may discover that your current office space is a drag on morale. You are using every inch of space While you don’t want to pay for empty square footage, having employees packed in from wall to wall is just as problematic. Ideally, you should have enough available work space to comfortably fit additional employees as your company grows.

Your space conflicts with your brand Try this experiment--leave your office building and then walk in, imagining you are your ideal customer. Think about what types of messages the lobby, elevators, hall- ways and your office space send. Now, think about your brand image. Are there inconsistencies? Your office space should accurately reflect the identity of your company. If you prize your rich heritage, a spot in a historic building might be ideal, but would it send the right message if you are a cutting-edge tech company that emphasizes looking to the future? Your employees do not have the right work spaces Think about how well your available space suits the way your employees work. Are collaborative teams located near each other in adjacent offices or an open work space or are they spread throughout a choppy floor plan? Do employees that need to concentrate or deal with sensitive or confidential information have private places to work? Ideally, an office space should have both open and private working areas. You’ll need to carefully evaluate how much of each type of work space your team requires and whether or not your current office is able to provide it.

Glenn Cox Commercial Advisor gcox@naimartens.com 316 655 5755

435 S. Broadway, Wichita, KS 67202 www.naimartens.com

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