What's driving decisions on selecting a new office space?

What’s driving decisions on workspace selection?

I have decided to run through some of the key factors which are driving decision making for businesses when they are selecting a new office for their team. Drivers for making decision on office space have changed significantly over the years, so here are some of the contemporary key themes which businesses are keen to know before they make a move…

Amenity, Amenity, Amenity!

Firms are now aware of what they can get from wider aspects of their building which is driving their decision making - they want more than an office. They want to know what else they can get from their building. Options out there now include; Gym’s, café’s, content studios, additional meeting rooms, collaboration spaces, yoga spaces, cinema rooms, event spaces, bike racks, shower rooms and more. People are desired back in the office and senior management feel the right office environment is a fundamental factor to encouraging their teams back. Teams need the flexibility to work in the way they want to and it’s important that the building they choose facilitates this.

Digital connectivity

The performance of the large majority of businesses is reliant on the digital connectivity performance within the building, therefore it’s an essential part of the decision-making process when considering a new workspace.

You’d be surprised about the amount of times I have seen businesses in disputes with landlords of the connectivity strength within the building. This a key part of due diligence when searching for office space. Prop-tech business Wired Score rates buildings from Platinum through to Bronze on their digital connectivity resilience giving you comfort when it comes to business-critical decision making.

Diverse & Inclusive spaces

The property sector is making positive changes however there is still a long way to go! Businesses are hiring more inclusively and buildings are being exposed for not being inclusive enough to cater for all. However there are a select few landlords and flex operators who have their finger on the pulse and are beginning to invest in more inclusive spaces. Businesses may have a range of requirements including; disabled access, quiet spaces, neuro-diverse lighting, prayer rooms, range of food selection, amongst other areas.

Landlords & Flex operator partnerships

Are the landlords/operators client facing? Personable? What is their track record with customers? There are a number of landlords and flexible workspace operators who are really getting it right at the moment. They are providing a notion of ‘more than workspace’. It’s evident to see in their ethos they care about the businesses within their portfolio. When tenants are looking for a new office they want to know more detail about the landlord, their wider service offering and how they can impact their business performance – NOT just provide a space.

Growth capacity

There are a large number of scaling firms currently looking for space to accommodate their growing teams and the right workspace decision is key so they do not frustrate their growth plans. Tech businesses for example, will go through multiple fund raises (Seed, series A,B,C etc.) subsequently boosting their people numbers and will require a landlord with a proven track record of partnering with tenants on their growth – this is fundamental for fast growth businesses when making decisions on workspace. Landlords must understand how to structure deals commercially that appeal to fast growth tech businesses and deliver a plan of accommodating their growth plans.

Sustainability & Wellness

Businesses are making value-based property decisions that align with their ethos. Value led businesses are highly conscious of their decision-making process when it comes to their next property to make sure their workspace is representative of their values. Therefore a number of firms look at a range of factors including; the sustainability of buildings, health & wellbeing initiatives and building amenity.

The property sector is looking to move to address this with a variety of certifications to assess building performance. WELL certifications from the International WELL Building Institute (IWBI) encompasses a range of factors including; Indoor air quality, water quality management, lighting measurements, thermal conditions, acoustic performance, environmental monitoring and occupant experience.

Further to this, the BREEAM method (Building Research Establishment Environmental Assessment Method) establishes which buildings are eco-friendly. These certifications assure businesses that they are choosing the right spaces for their people and is reflective of their values. This is coming increasingly important when businesses are choosing to make a move. ?

Additionally, businesses are now looking very closely at energy consumption due to the rising prices and want to know details on costs per KW/H to of their workspace before making a decision.?