Changing office spaces can be challenging. When you change your location, it will involve moving expenses, expenses to configure the new space, interruptions to your business as you readjust, and more. But on the other hand, having to stay in the wrong space can also be detrimental to your workforce and business. If any of these things are negatively affecting your business, it is probably a great time to look for a new office space. Keep reading for more reasons that can tell you it’s time to look for a new office space.
The Rent is Too High
The office market has gone through many highs and lows in the 21st century. If you had signed your lease at a time that was favourable for tenants, you most likely have pretty favourable terms.
Your Office Has Too Much Space
If you ended up with an office that has too much room, or you needed to downsize a bit, then every square foot that is unused is going to cost you. If you have 6,000 sq ft but only end up using 4,000 of it, then your occupancy costs will be too high. Your rent reflects the square footage of any property you are in, it would be cheaper to rent out a 4,000 sq ft office. If your office space is too big for your needs, you will save a lot of money by simply relocating to a smaller unit.
Your Office Has Too Little Space
If you are looking to expand your business or wish there was more room to expand your operations, then it’s time to leave your office for something bigger and better. For example, say you want to grow your marketing department but you can’t because you don’t have enough room, or you want to add in engineers to develop new products but you can’t because there isn’t enough room, etc. The money you are saving on renting a smaller unit is most likely to have a bigger impact on your top line by reducing the potential revenue you could enjoy if you were able to complete the upgrades to your company that you want to complete.
Your Space Doesn’t Fit You The Way You Thought It Would
You could have the most perfectly sized office, but that still might not mean it’s the right fit for you. You might have designed an open floor plan but come to discover that your office needed a bit more privacy. Maybe space doesn’t fit the type of clients you are trying to land. Or maybe the amenities you thought you needed just aren’t enough. Either way, there can be many more reasons that you would want to look for a new office space.