Location is arguably the most important factor to consider if you’re leasing commercial office space. It affects every aspect of your business: daily operations, accessibility, employee retention and transportation. Finding the ideal location can lay the foundation for your success and make a good impression.

Attract and Retain Talent

The local economy governs workforce availability, so it’s essential to evaluate the job market before moving into an office. If a location is influenced by a single industry, you may struggle to find talent if you don’t operate in that sphere or face scarcity during an economic downturn.

Location also determines how easily your staff get to and from work. Consider the following questions:

  • How close is the space to public transportation?
  • Is the building easy to locate from the street?
  • How far is it from other metropolitan areas?
  • Is the neighborhood clean and safe?

Budget and Affordability

Are you starting a small business or running a larger outfit? The size of your business will determine your space requirements and the cost of leasing.

Research comparable properties and historical rent data within the vicinity of your location. Doing so will help you gauge the market value of the site and conduct informed negotiations with the owner.

Aside from rent, leasing a commercial office may also include the following expenses:

  • Security deposit
  • Utilities
  • Maintenance fees
  • Property taxes
  • Insurance
  • Parking fees
  • Furniture and fixtures
  • IT equipment
  • Tenant improvements

Renovations

Depending on availability, you may need to lease commercial office space that requires alterations. Even the right location might not be move-in ready, so you must consider your operational needs when assessing if the property is a good fit.

That includes reviewing your current and future business needs. Will the site accommodate growth? Do you have the option to scale down if necessary? Renovations allow you to design the environment you want and can save you time and money in the long run once you start expanding.

You may also need to complete renovations if a space is outdated to ensure it meets local zoning laws, building codes and fire safety regulations. Talk with the owner to determine which renovations you’d be responsible for or if they’ll cover the costs.

Business Performance in a Commercial Space

Evaluate a city’s rate of progress when selecting an office building to lease, as that information reveals potential growth opportunities. Look at the surrounding neighborhood’s evolution. A reputable neighborhood is more likely to attract staff and clients. Your location influences the perceptions of your company and how you do business, too. A modern office on well-maintained grounds will leave a significantly different impression than a space in an outdated strip or hard-to-find standalone building.

Consider these questions when evaluating a location:

  • What businesses are present in the area?
  • What types of businesses have occupied the space previously?
  • How long has the space been vacant?
  • Are there infrastructure or city development plans in place?
  • How close are your competitors?

Accessibility

Having access to highways, trains, subways and airports may sway your selection. Consider pedestrian and vehicle movement, as street infrastructure affects how visitors come and go. Confusing traffic patterns and poor road conditions could make it difficult to get to your office.

Whether you’re looking at an individual building or a suite in a complex, your office must comply with the Americans with Disabilities Act. Those regulations include guidelines for entrances, parking, hallways, elevators, restrooms and emergency systems. You might be responsible for updating your layout if it doesn’t meet those standards.

Proximity to community amenities such as shops, restaurants and entertainment is another factor to think about. Having access to those attractions can increase your appeal in the eyes of staff and customers.

Office Space for Rent in Columbus, Ohio

Working with local commercial real estate experts can simplify your search for the perfect office space. Our expert team is well-versed in various Columbus industries, so they’ll help you find the right space to suit your needs. Learn more about our services and contact our team to schedule a consultation.

 

Until next time,

Jaimine L Johnson SM CIRCLE

Sarah Campbell
Director of Commercial Real Estate

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