How to Choose Office Space Correctly – Current and Future Business Needs

You and your company will face the time that you cannot bear working in the same office space or home office anymore for many reasons such as:

•     Your office space no longer meets your company’s needs.
•     You don’t want to renew your current lease.
•     Choosing the right space for your business; Law office space vary from Logistics office and also Tech company office.

There are so many factors to consider when creating an office selection checklist.

Let’s say you have assessed your company needs from office space properly knowing how much space the company needs in preferred lease period, if not you can contact tenant representative of Phalkun Commercial to help. 

No matter what type of office space you want, consider the following factors when narrowing down your options before making a decision to sign the lease:

1.Time

Time is always a big challenge for company owners because they often have not prepared on relocation or expansion until things get tough. The time need varies by sizes of business and its nature. It requires between 

• 12 months to 18 months for big company to plan for relocation. 
• 6 months to 12 months for medium size.
• 3 months to 6 months for small businesses. 

If you need to change office space between 1 week – 5 week under particular issue, you certainly need to seek support from tenant representative.

2.Budget

This is one of the challenging factors for most small businesses. Your budget may exclude certain locations from your potential list.

Think beyond the lease and rent – consider relocation costs, fit out expenses, etc. How much are you willing to pay and it doesn’t hurt your operation expenses? It is important to think about all costs involved as factors to consider when choosing office space. Some big firms need to pay extra on apartment rental for their key company’s executives.

3.Lease Term

Short-term leases are often more attractive for small but growing companies who may need more space in a few years and relocating is however costly. Consider lease term with the type of space you lease such as provided amenities from the building.

4.Area and Location

Aside from the physical location of your office itself, you will also want to consider the neighborhood and what’s nearby. This includes public transportation options and parking and how easy it is to walk or bike around the area. Remember that environment of the location and surrounding area will also impact your company performance. Obviously, look at your own business nature when selecting the right office location.

5.Building Amenities

Now that you get a priority list of location, finding an office space with an existing fit out will save your company a lot of money. Average costs of a new fit out could range from $80-200$ per square meter. Coworking spaces often come with built-in amenities like free coffee and snacks, meeting room, printing, outdoor common spaces and community activities. Some large commercial buildings are now extending similar perks to their private office tenants. 

If you look for office buildings with coworking space in Phnom Penh city, Phalkun Commercial is the only commercial real estate agency with vast networks and experiences in coworking spaces in the real estate industry.

6.Other Tenants

We recommended finding out more about the community of tenants within your potential space to see how well you might get along with them and have the brand leverage because you are the neighbor with big brands.

7.Evaluating Your Options

Once you have a short list of potential office spaces, visit each location and see how you feel in the space as well as a taste of property management service. This is where you’re going to live Monday to Friday, 8-to-5 for the next 3 to 5 years, so make sure you and majority of your workforce like it. You should also distinguish your must-haves from your nice-to-haves, because according to Phalkun Commercial tenant representative team, there’s no such thing as a “perfect” office space. Having a professional tenant presentative like Phalkun Commercial will help your company choose the right office space for your present and future business needs.