Questions to ask before you even consider Relocating Offices
Is a Business Relocation the Right Decision?
Moving or expanding your business can seem like a good idea from many angles. But it's all too easy to overlook some potentially crucial issues that may affect the success of you business.
Making impulsive decisions at the wrong time can be disastrous for your company, so make sure you ask yourself these important questions before deciding whether or not a business relocation is the right choice.
Lease Considerations
Have you considered what the terms are on your existing lease to see whether giving notice on is even an option? You may be out of time to give sufficient notice, or a breaking the lease before it expires may not be possible. Be sure to dig out your existing lease when considering office relocation.
Market Conditions
Is now a good time for tenants to be looking for new space? This not only includes how much availability is currently on the market, but also what rents are being achieved at the moment of similar specification to what you are looking for.
This information can be collected from your tenant rep broker who will provide you with a market analysis report to support your decision.
Financial Considerations
Moving office can be a costly endeavor so you need to have a good understanding of the likely costs and review your financial situation to find out whether you can meet them. Use the moving office budget template to identify all the likely costs associated with an office move.
Timing
Many companies underestimate what is involved in an office relocation and don't allow enough time from the initial planning and securing the right space, right through to the move day itself.
We recommend companies should plan anywhere from 9 - 18 months in advance to make sure that you have enough time to make the right choices and avoid the move causing too much disruption for your business.
Location Considerations
A business relocation may require a change in location. This will depend on what properties are available within your existing location, and whether you can afford them. If you are considering moving to a different location, you need to consider how the location might support the needs of your target market, as well as your staff.
Once you have decided that an office relocation is definitely the right move for your business, use this Office Space Checklist to help you secure the ideal space.
Planning an office move? Go the office relocation planning resource center
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