The lucrative business atmosphere in the Philippines has brought forth a multitude of foreign companies and investors to the country. As such, competition for the best possible office venue has consistently been mounting.
How then can you be able to find an office space that matches your requirements that is a conducive and accessible working environment? Easily find your ideal office space with these seven simple steps.
1. Identify the nature of your business and what it entails.
Understanding what your business does is key to narrowing down the features that your office will need.
For instance, companies engaged in IT, Web development, Business Process Outsourcing (BPO), and offshore gaming all require a fast and steady internet connection. This is due to their apparent need for remote management and fast-paced processes. These companies often look for buildings that are fiber-optic ready and have 100% backup power. PEZA or LEED accreditation are often critical game changers of this office space search as these types of buildings embody specifications that suit these companies’ needs well.
However, if your company does not call for such, simpler ones will do. That’s one example of how your understanding of your business must match your office space needs. Your business may not necessarily require the technical requirements mentioned earlier.What is important is to have a thorough assessment of your business processes and identify the needs of your operations and employees. From there, match them with the suitable office spaces available in the market.
2. Seek the services of leading real estate consultancy firms.
Locating a space that is a perfect fit is a critical task any businessman must consider. It is always recommended to seek a professional real estate expert's help which most people tend to overlook.
By reaching out to a real estate consultant, you can ensure that the daunting task of finding the right office space become a lot easier and less riskier. These real estate professionals help you look for a space, officiate viewings, and oversee negotiations in order to ensure your security throughout the entire process. An added bonus is that it even makes the entire process more time and cost efficient.
Professional real estate consultants do not just show you whichever properties are available at the moment. Instead, it is their goal to make sure that the properties they recommend are ones that best fit your needs.
Not only are you getting the service for free but you also have the benefit of having their well-backed guidance and time-tested expertise.
Acquire the services of only quality real estate consultancy firms and ones with high customer satisfaction rates.
With their knowhow and connections to numerous land and property owners, you are sure to locate the best possible office with the least risk possible.
3. Pinpoint the size of your company.
How many employees does your company have? Are you still actively searching for additional manpower for your growing business?
Selecting an office with the correct size that matches your headcount is key to having a productive workplace.
Office spaces that are relatively larger than the right size for your company operations and employees is not only costly but also a waste of space. On the other hand, getting a space that is too small may create a cramped and uncomfortable atmosphere that can lessen productivity in the workplace.
To know the ideal size for your company, it is important to know the property’s density ratio.
The density ratio is the measure of how many headcounts are ideal for a given space. The recommended ratio is one employee is to five square meters. If you are 20 employees in the company, then 100 square meters is a good starting size to consider.
Discuss your company’s ideal set up and the number of employees you currently have with your assigned real estate agent who can advise you with the most compatible buildings.
4. Look for PEZA accredited buildings
Regulated by the Philippine Economic Zone Authority (PEZA), registered buildings certainly posses well-built and premium features.
These buildings are generally designed to be fiber optic ready, have 100% backup power, and be built according to the workable office density ratios.
Aside from that, PEZA accredited companies who station themselves in equally accredited buildings gain several fiscal and non-fiscal incentives, those of which can be found in their website.
An example of this would be gaining tax holidays and having the ability to issue special non-immigrant VISAs to certain company officials.
5. Narrow down your list of desired locations.
Location is one of the most important features of any business.
An office must be strategically located in a highly accessible area to its clients and employees.
Ideally, an office building must be within the vicinity of transportation hubs such as jeepney terminals, bus terminals, LRT stations, or MRT stations.
Proximity to various food and retail establishments can also be an asset as it gives clients and employees multiple options for go-to places during breaks and after meetings.
Strategic locations are also those that are located in the progressive and business-rich areas of the country, central business districts (CBDs) to be exact. CBDs are the commercial and business centers of a city.
Take Quezon City as an example. As the most populous, yet still spacious, CBD in the Philippines, Quezon City is quickly becoming one of the most sought after business hubs in the nation.
One of the in-demand offices in Quezon City is Triumph Square, a newly built 16-storey mixed-use building. It is located in a highly commercialized area, next to various dining and retail establishments, that is accessible via various forms of transportation. Also, it is designed to maximize space without compromising the building’s breathability and visual design that together sets the development as one of the top office buildings in the area.
Other booming business areas include Ortigas, Makati, Taguig, Cebu, Clark, Davao, and Sta. Rosa, Laguna to name a few.
These locations are ideal for web development companies, BPOs, IT firms, offshore gaming offices, and other corporate offices.
6. Find out the handover condition of the space.
Before all else, assess your firm’s needs in terms of the layout of the office space.
If your company needs to be set up with a specific layout in mind, you might need to invest in the office fit-out and thus need to lease a bare unit.
On the other hand, you might be in a rush. If so, it would be more convenient to have an already pre-designed space. A space that’s ready-to-go and is one where you can simply plug your laptop in and start working.
Bare shell, warm shell, fitted, and service, are some of the words that you need to familiarize yourself as they pertain to the handover condition of a property. These form the base terms that are most often used to describe a space.
A bare office comes as it says, bare. Traditionally preferred by companies who need a specific layout in mind, bare offices offer the lessee the benefit of being able to design the layout that they want, as allowed by the landlord.
A warm shell office is a space that comes with primed walls, finished acoustic ceilings and floors that are ready to be carpeted or tiled. For some, air conditioning units already come pre-installed. This is ideal for companies who would like to freely customize their space while lessening their fit-out costs.
A fitted space on the other hand, comes with pre-fitted flooring, ceiling and for some, pre-installed partitioning.
Lastly, a serviced or a plug and play office is one that already comes fully furnished with minimal setting up needed from the lessee. This cuts your move-in time to an almost immediate period although its convenience comes with a higher price.
7. Negotiate and discuss matters with your potential landlord.
Discussing lease terms and rates with the landlord is one of the last steps of the leasing process.
Having employed the services of a professional broker at the start of your office space scouting journey can greatly help you during the negotiation process. They are able to officiate and streamline the discussion between you and the landlord.
Do not be afraid to voice out your questions and concerns to your agent beforehand. In these situations, brokers advise you on how to lay down your terms and demands as well as prepare you for the entire process.
Brokers act as the mediators between you and the landlord. They oversee negotiations to make sure that both you and the owner meet a fair agreement.
Go through the contract prior to the date of signing in order to read through all the fine print.
Make sure to fully understand the contract before signing it. Having the help of a professional broker who is privy to the standard requirements of such contracts will make the process easier.
Lease terms typically last for a minimum of three years so it is important for you to fully understand the terms of your contract before formally binding yourself to it.
After reaching an agreement, you will then have successfully secured yourself a fitting office space.
Jumpstart your hunt for the ideal office space with PRIME Philippines, the leading commercial real estate consultancy firm in the nation. For more information, check out our website https://www.primephilippines.com.
Activities Eligible for PEZA Registration and Incentives. (2018, January 19). Retrieved from http://www.peza.gov.ph/index.php/eligible-activities-incentives
Icamen, E. (2014, October 3). A Close Up On the Closing Process of Real Estate. Retrieved January 19, 2018, from https://blogs.primephilippines.com/real-estate-insight/31/a-close-up-on-the-closing-process-of-real-estate
Maglaya, K. (2016, October 7). Quezon City: The Land of Opportunity for the Masses and Investments. Retrieved January 19, 2018, from https://blogs.primephilippines.com/real-estate-insight/6/quezon-city-the-land-of-opportunity-for-the-masses-and-investments
Padernilla, A. G. (2015, June 16). Philippines: The Next International Business Hub. Retrieved January 19, 2018, from https://blogs.primephilippines.com/real-estate-insight/24/philippines-the-next-international-business-hub
Wikipedia. Central business district. Retrieved January 19, 2018, from https://ipfs.io/ipfs/QmXoypizjW3WknFiJnKLwHCnL72vedxjQkDDP1mXWo6uco/wiki/Central_business_district.html