Finding the Right Office Space for Your Business

by Mr. Edgar  March 31, 2014

Mr. Edgar is a graduate of Eulogio “Amang” Rodriguez Institution Science and Technology (EARIST). Even at an early age, he had shown great interest in dealing with people, which has been manifested in his career. He became an executive for Customer Service last 2009, until he decided to join the real estate industry. He was a recipient of meritorious awards such as Top Seller (2011), Top Accounts Manager (2010), and Top Property Consultant (2012). At present, he is the Sales Head of PRIME Corporation and a passer of Real Estate Broker's Board Examination last March 16, 2014. As the sales head, he is in charge with overseeing the operation of the sales team, guiding his account's managers from negotiation up to closings and ensuring that their targets are met.

Engaging in a business is a gamble, one must invest first; invest in terms of money, time and effort. It means taking risks since there are no assurances that it will yield rewarding results. In every business, planning plays a vital role, it means looking ahead, getting ready and prepared for unforeseen events. Success is not achieved in just a blink of an eye, since there are lots of things to do and factors that must be taken into consideration. It requires knowing your competitors, the current market trends and effective business strategies. Otherwise, if you do not play it well, you stand the chance of losing all your investment, hard work and effort.

If you are planning to have your own business, then start finding your own office space. Having one makes you branded and more professional as compared to virtual offices or those who have their busi-ness online. While office spaces nowadays are omnipresent, the fact remains that it is still difficult to find one that will suit your business needs and requirements or whether it will entail great probability of business success. Such requirements delve on location, accessibility, affordability, and suitability to the type of business you are engaged in, among others.

If you are in a rush and aiming for a perfect office space, try to think of the following:

1. Need versus Want

You must isolate your individual desires, maybe what you want will not be beneficial to your business or in simple parlance, the actual space you want may not be the actual space you need. Try to be objec-tive, what are the things that you have to provide? Will it be beneficial for the smooth operation of the business? Is it imperative for the daily conduct of employees’ duties? What are the things that just add up to the expenses and are not really necessary? Do you prefer a bare type unit or a fully fitted one?

While it is not wrong to introduce some personal touches and buy those things you merely want, first take into consideration meeting all the basic needs of your business. Know the number of employees and the size of office space that will suffice for your employees and business needs. If you are engaged in corporate business, then your office must accentuate it, or must be in conformity with the type of business you are running.

2. Location

Your office space must be accessible to your employees and clients. Having an ideal location is an ad-vantage and will put you in a vantage point to tap your target market easily.

 

Things to consider:

  • • Is it accessible to public transportation?
  • • Is it located in a safe vicinity?
  • • Are there restaurants nearby for the employees and clients?
  • • Is the office close to suppliers / dealers?

3. The Building Amenities

Your office must be presentable and situated in a building that offers complete amenities. It must be one of your paramount considerations as it manifests the type of service you are offering. Always give your clients the first impression, trust and confidence that you are offering quality service with high class amenities.

  • • Are there ample parking spaces for clients and guests?
  • • Is it well maintained?
  • • Is there an entrance that is well-lit and easily accessible at night?
  • • Does the building provide adequate security personnel as well as security cameras?
  • • Are the common restrooms well maintained?
  • • Does it provide full back-up power?
  • • Is there a cafeteria within the building?

4. To Lease or To Purchase?

There are lots of things to consider in leasing or buying, such as your capacity to pay, prospective length of stay, purpose or use, urgency for occupancy, among others.

Move-in Time

In leasing there is fast move-in upon payment of required security deposit and advance rental. In buy-ing, move-in is allowed only upon payment of the required down payment which is quite costly as compared to lease.

Length of Stay

In deciding whether to lease or buy, try to consider your desired length of stay. Buying signifies stabil-ity while lease offers flexibility.

Ownership

Buying the office space adds up to the investment of the company, while in lease there is no investment since there is no conveyance of ownership, just the right to enjoy and possess the property for a speci-fied period of time.

Improvements

Buying gives you more freedom in terms of renovation and improvements while leasing requires prior approval of the lessor before renovation.

Budget

Lastly, consider your company's capacity to pay. Try to consider whether the company can afford the expenses of the sale and other after sales expenses incidental to the ownership of the property, or just settle with leasing it. The workplace greatly affects employees performance, business operations and client's impression. In dealing with clients, especially top management, it is best that your workplace must be presentable and in line with the concept of your business. If you are having difficulty finding your ideal space, seek an expert advice from a real estate broker/agency. They will be the one tasked to conduct market studies and determine the right space for you given the business requirements. Alongside, these brokers and agencies will be the one to do all the negotiation for you. Just sit back, relax and imagine yourself oc-cupying your perfect office space.

That’s all for now. Hope you’ve learned valuable insights. For any questions or concerns, we would be glad to hear from you. You may reach us through our mobile number (+63)917-555-8-222, or direct line (02)442-6362, or email us at inquiry@primephilippines.com.

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