As you look over your company's offices, here are six warning signs that indicate that it's probably a good time to move.
1. You're Overfull
While it's true that office densities have been gradually increasing, there is a line between using space efficiently and packing your employees in like sardines. When you make hiring decisions based on empty desks, shift people to telecommute status to alleviate overcrowding or do just about anything else where you allow your real estate situation to make business decisions, you might be overfull. If you don't have ways to reconfigure your space and squeeze more people in, it's probably time to look for new office space that is bigger, better configured or both.
2. You've Got Too Many Vacant Office Spaces
On the other hand, if your office space looks more like a piece of Swiss cheese than a workplace because you have so many vacant workstations, moving is probably in the cards. After all, unless you are holding vacant space for a strategic reason, you're just incurring unnecessary costs every month. A new office space that is more appropriately sized to your company's needs can save money and help support a healthy buzz from people working in close (but not too close!) proximity.
3. The Office Doesn't Reflect Your Culture
If you have a collaborative and open culture, and your office is a closed up donut with limited sight lines and few opportunities for impromptu conversation, it could be a detriment to the office that you're trying to build. A utilitarian Class C space doesn't support the message that you are building an aspirational brand. While you might be able to fix cultural challenges by reconfiguring your space, if the building is part of the challenge, new office space is probably the best solution.
4. Workers Are Quitting to Work Somewhere Cooler
In a competitive labor market, your office is a crucial tool for both recruiting and retention. Workers don't just want great office space. They also want building amenities like workout facilities and restaurants and a neighborhood with opportunities to eat and blow off steam. Employees will also quit for a better commute, so a building without a convenient location, reasonable parking, access to public transit or bikeways, or some combination of all three, could end up pushing talent out your door. If this is happening../. Move!
5. The Office Can't Meet Your Technology Needs
Your connected workforce needs to be connected to work. This means a fast Internet connection, excellent wi-fi and cellular reception in the office and ample power so that everyone can keep their devices topped off. In 2020, if a building doesn't already offer these necessities, it's likely that there is a deeper issue that makes it impossible. If you're in that situation, new office space in a better-connected building will solve it.
6. There Are Deals to Be Had...
While this isn't a warning sign, it's still a good reason to look for new office space. In many parts of the country, landlords are extremely motivated to fill spaces with new tenants. When you factor in tenant improvement allowances, free rent, and potential discounts just to get you in the door, you might find out that it's cheaper to move to new office space than to stay. If you're stuck on staying, having a few competitive offers might also make your landlord more willing to work with you on a favorable renewal.
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