Deciding whether to Move Office?
Is now the best time to Move Office?
Deciding whether or not to relocate your business can be a big decision. Perhaps you feel like you’ve outgrown your existing premises, need more space, feel the need to be closer to your clients, or maybe your lease has naturally come to an expiry and you are weighing up what options are available to you. We’ve put together a few hints to help you make an informed decision as to whether now is the best time for your company to move.
Whether you like it or not, moving office can be a costly endeavor. Even if you are downsizing and will be paying less in rent, you also need to consider the migration costs, dilapidations, legal fees and switching utilities can sometimes incur a cost.
To help you work out the total cost of your move and evaluate whether moving office will be a cost effective option, download this Moving Office Budget Template.
You need to know whether economically, an office move would be a beneficial option in terms of current market conditions. You’ll need a rough idea as to what rents are currently being achieved in your area so you can decide whether or not you can realistically afford a new lease. Compare these rates against what you are currently paying, as this may help you rethink your relocation strategy and dictate your decision.
Attracting & Retaining Staff
Your people are your most valued asset, so be sure to factor them into the equation too. If you are considering relocating to a different location, make sure that staff have viable transport routes or sufficient parking. You should also consider whether the new location will help you attract the right professional talent needed for your organisation. This all comes down to accessibility and whether the location is considered an attractive location for those who need to travel each day via public transport or their own cars.
If you decide to relocate too close to your lease expiration you may not have sufficient time to find the ideal office or negotiate the best lease terms. If this is the case, you could consider moving into temporary, serviced office space whilst you look for somewhere more permanent – allowing you enough time to make the right, informed decisions.
Don’t move office during a busy period for your business. Whilst there may never be an ideal time to move office, relocating can be a disruptive time and you’ll need to allow for this when planning your move. You should also consider arranging your office removals over a weekend where business operations can be minimised.
Download this Moving Office Checklist to ensure you consider how much an office move may disrupt your business.
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