7 Signs It's Time For a New Office Space

December 16, 2019 Don Catalano Don Catalano

Business changes rapidly. It's only reasonable to expect that some of your company's locations are not longer a fit for how you do business today and how you will operate tomorrow. Here are seven signs that you need to start looking for new office space.


1. Your Space is Too Small

When you can no longer hire because you are out of desks or your people are asking to work from home because they can't find a place to plug in, your office space is probably too small. If you can't solve the problem with reconfiguration, it's probably time to call your tenant representation broker and find a new space.


2. Your Space is Too Large

Conversely, if your space is filled with empty workstations that you don't see filling in the near future, it's probably time to move. While a little bit of expansion space can be positive, too much space burns money while also sapping the positive energy that can come from the buzz of a full-but-not-overstuffed office.


3. Your Employees Moved

According to Inc. Magazine, an extra 20 minutes of commute time can make your employees as unhappy as a 19 percent pay cut. If, over time, your office's location has become one where the majority of your people have to endure a long commute to reach, it's time to look into an office space that is closer to where your workforce lives. You could benefit from increased retention, better productivity, less absenteeism, and, maybe, better control over your compensation costs.


4. You're Spending Too Much

While the lease you signed for your office space was probably a good one when you signed it, the market might have shifted since then. At the same time, after living in your space, you might have found out that it is less efficient than you expected. In either case, sitting down with a local market expert can give you insight as to what else is out there and whether or not you can find a better deal.


5. The Amenities Are Wrong

Employees and tenants are demanding more than ever before from their office buildings when it comes to amenities. With the long hours that many people work, in building features like cafes, fitness centers and access to green spaces, are becoming requirements. If you do not have access to a full load of amenities, it might be time to look for a new office space in a better appointed building.


6. The Space Needs Reconfiguration

If your location is perfect, your rent is great and your building is perfect, but you need to move things around inside your space, you might want to look for a new office. While you could reinvest in your existing space, you might find that a new landlord will provide enough in tenant improvement and incentive money to make it cheaper to move than to stay. The only way to be sure is to look.


7. It Feels Wrong

Finally, sometimes spaces just need some shaking up. If your current office space works well and feels like home, you probably don't need to replace it.  When it feels tired, though, you might choose to look for a new location.


Here are some other articles to check out:

7 Commercial Leasing Due Diligence Tips

You Need a Tenant Rep Broker: Here’s Why


Subscribe to our blog for more CRE tips!!
Subscribe Now


Related Articles