Finding the right office building for your company is not a simple task. You need to consider many factors, such as location, size, layout, amenities, sustainability, and cost. How can you ensure that your new office building meets your company's needs and supports your business goals? Here are some tips to help you plan and execute a successful real estate project.
Before you start looking for a new office building, you need to have a clear vision of what you want and need from your workspace. You should evaluate your current situation and identify the gaps and opportunities for improvement, as well as anticipate any future growth and expansion plans and how they will affect your space requirements. When considering these factors, ask yourself questions such as: how many employees do you have now and in the future; what are the functions of your employees; what are the technical and operational needs of your business; what are the cultural and environmental values of your company; and what are the financial and legal constraints of your budget and lease terms? Answering these questions can help ensure that you choose an office space that meets all of your needs.
Create a working group to involve all the stakeholders, how will the space be used, now and in the future, who will use it and when, how will visitors/clients interface with the booking systems, how much will IEQ effect the ongoing space usage, will a Master Systems Integrator add more value in the overall space usage experience and lower carbon footprint whilst increasing sustainability and ESG Scope scoring.
Once you have a clear idea of your needs, you can start researching the market and looking for potential office buildings that match your criteria. Compare different locations, sizes, layouts, amenities, sustainability features, and costs of the available properties. Additionally, consider the accessibility, convenience, safety, and attractiveness of the surrounding area and how it affects your employees, customers, and partners. Sources of information and guidance include online platforms and databases that list commercial real estate properties, professional brokers and consultants that can help you find and negotiate the best deals, site visits and inspections to give you a firsthand impression of the physical conditions and potential issues of the properties, as well as feedback and reviews from other tenants and owners that can provide insights into the quality and reputation of the properties.
A corporate real estate strategy is the critical starting point without which there can be wasted time, missed opportunities and loss of credibility in the marketplace. The real estate group's strategy must focus on meeting long term business needs including planned and unexpected changes; meeting long term financial, operating and qualitative goals. A strategy should provide for flexibility to address changes with an exit strategy such as sublease and assignment rights and, if possible, early termination rights. Engaging an exclusive broker assures focus on delivering corporate goals. An experienced exclusive broker affords protection against disputes by unauthorized brokers making unworthy claims.
When choosing a new office building, it is important to involve and consult with various stakeholders and experts that can provide valuable perspectives and advice. You should communicate and coordinate with these people throughout the project to ensure a satisfactory transition. This includes your employees and managers, who can share their opinions on the workspace design and functionality; your customers and partners, who can provide feedback on the location and accessibility of your office; your legal and financial advisors, who can review the contract and budget details; your architects and contractors, who can plan and execute the construction and renovation works; and your IT and security specialists, who can install and maintain the infrastructure and equipment.
Choosing a new office building is a major and complex decision that requires careful planning and execution. To ensure that it meets your expectations and objectives, you should monitor and evaluate the project. Track its progress and performance, identify any issues or risks, and measure the outcomes and impacts of the project. To do this, you can use project management software and tools, key performance indicators (KPIs) and metrics, surveys and interviews, as well as audits and reports to document and review the project achievements and challenges. This will help you collect feedback from employees, customers, partners, and assess the project results and benefits. With these tips in mind, you can make sure your new office building meets your company's needs and supports your business success.