DAN JORDAN: Associate vice-president, Colliers International
Finding the right office space for your business requires careful consideration of a multitude of factors beyond basics such as cost, square footage, lease terms and number of employees. Companies need to consider business drivers like brand alignment, cultural objectives, competitors and growth. Here are some quick tips:
Know what you need: We recommend starting the process by performing a thorough needs analysis. Have you asked yourself questions like: What are the biggest changes facing your industry and how are you addressing them? How important is branding, and does your office reflect and support your brand? What is your five-year growth strategy? Is your current office space an open plan layout, and does that need to change? These are just a few examples of the hundreds of questions that you need to ask to truly understand your office needs.
Employee engagement: In almost every industry, the real competition is for talent, and our clients tell us that people are their most valued asset. Consider surveying your staff. What amenities are important to them? Do they drive, walk or bike to work? What is/isn't working in your current premises?
Search parameters: Beyond the obvious need to have defined geographic search parameters, strong consideration needs to be given to the quality/age of a building, quality/type of mechanical systems, efficiency of space and design elements. Hiring a design consultant can help you assess a building's capabilities.
Considering a new office is an undertaking that needs to be carefully navigated, and using qualified professionals can ease the process and help you make decisions with confidence.
ROB DESBRISAY: Managing partner, NAI Commercial
Recently, someone complained to me about having to drive around looking for new office space. With almost everything online, driving seems an archaic way to hunt for space. Is there a better way?
The answer is yes and no. Your job will be easier if you first envision and write down the features of your ideal space. There are four simple steps:
1. What location? How important is prestige in your business? Who will be working there, and how easy do you want to make their commute? For prestige, you need space close to downtown. For easy commuting, you need ample, affordable parking and proximity to main public transit routes.
2. How much space? You should allow about 250 square feet per employee. For a company of 10, that's 2,500 square feet – enough for two or three executive offices, six-by-eight workspaces for the rest, reception, meetings, equipment, supplies and furniture. If you promote green commuting, then you also want secure, dry storage for bicycles.
3. What's your budget? Too many people fall in love with a space, then pay far more than they should.
4. Buy, lease or sublease? Opportunities to buy space are limited, especially for small and medium enterprises, so let's confine this discussion to leasing. Long leases, beyond five years, may give you better rates – but they lock in your liability. Try for the best deal you can, while staying in your budget.
Online, check out www.spacelist.ca. It's free and does not restrict results. If there are just one or two of you, try vancouver.en.craigslist.ca.
And you can always seek help from a commercial leasing agent who works in your preferred area.
GLENN GARDNER: Principal, Avison Young
There are several key factors that your company needs to consider when selecting an office that will best meet its business needs. With an abundance of information available online and a number of variables to evaluate, it is easy to get overwhelmed when choosing that ideal space.
One critical consideration is timing. Whether working with an existing lease expiry date or another internal business deadline, it is important to give your company enough time to move through each step of the process. In addition to selecting that final space, other aspects such as design, construction permits and moving also may play a role in acquiring the ideal location for your business. The timeframe required for your company's office space search should account for these factors.
The second and arguably the most critical next step in your search is to define the parameters and requirements of your business. Understanding the short-, medium- and long-term growth objectives of your business is an essential step because the most suitable office will be one that can grow with your business and continue to meet its needs throughout the term of your lease.
Though financial considerations are important to understand early in the process, the non-financial parameters such as geographic location, building type, proximity to transit and amenities are just as essential. If both are clearly defined prior to your evaluation process, your search criteria will become more tailored to your business needs.
Lastly, it is key to keep an open mind as you evaluate new office spaces. Be receptive to exploring new ideas, design concepts and even "up and coming" neighbourhoods. You may just discover that your ideal office is not what you had originally thought it would look like.
