Choosing the right property for your business

Finding the right property for your company can be a daunting task when your business is looking to relocate. The implications of the office premises that you choose go much further than simply aligning the company size with the correct square meterage. Whether you have undertaken a business relocation or fitout previously or not, there are several steps where having a partner with experience and knowledge can be invaluable. Our relationships with leasing agents and tenant representatives will mean that you that you will have access to building tours of the best properties on the market.

An ECI or ‘Early Contractor Involvement’ arrangement with Growth guarantees that you can assess each property fully and practically from the outset. By working together to refine your brief, specific requirements and business forecast, each building can be assessed for feasibility to ensure the alignment between the practical requirements, design vision and budget. Each property will have a number of features that will affect the design solution and although it is easy to think simply in aesthetic terms, there are many other factors to consider.

Lease Incentives

Just like buying a house that has been on the market for a while, landlords may be open to negotiation if the space you are viewing has been empty or if the market is slow. Growth Australia can assist you to work with a tenant representative to discuss a landlord contribution towards the fitout, a negotiated lower rent or even a rent-free or reduced period while the fitout is completed.

Lease

You must consider your business projections when signing a lease. Most lease options run from 3 years up to 10 years. Consider whether this space will work for your team as you expand or contract. In addition to this, a key factor in selecting a space is the time factor. Does your timeline fit with the availability of the new property and does this leave enough time to make upgrades and amendments to the space?

Operating Costs

While a recently updated or newer building may initially be more expensive per sqm, this is likely to come with benefits of positive environmental and sustainability factors. Service upgrades can provide substantial economic benefits for tenants and include features such as smart lighting, as well as environmental and sustainability elements such as energy efficiency, water efficiency, effective waste disposal and recycling facilities, air quality and efficient air-conditioning.

Services & Infrastructure

Does it have the sufficient services already to avoid unexpected costs during the fitout? Reviewing the air-conditioning, the IT infrastructure and electrical points are simple things which can make a huge difference to your end-budget. Changes you wish to make will be affected by elements such as whether the property has raised floors or concrete floors which make it difficult and expensive to make changes to cabling and services.

Space Planning

Once you have a rough layout from a space planner, you must ensure that it caters for business growth and flexibility over the course of the lease. Accommodating your current staff number is only the beginning; you must examine your business vision over the coming years and allow your design and fitout team to provide you with options for furniture, build environment and fixtures that allow for flexibility and adaptation. The creation of an open, collaborative and progressive workspace will support the wellbeing and productivity of your team and provide the ability to work together with other teams in a variety of work settings. When considering the number of meeting rooms you require, think about how many meetings realistically require closed-door privacy. Many catch ups can now be undertaken in breakout or casual zones which can often instigate brainstorming and teamwork. If your business must consolidate in the future for any reason, the flexibility of your space can be invaluable to being able to sub-divide and sub-lease if necessary.

Location

Hiring and retaining the best staff is a real consideration and can be competitive in some industries. Choosing a property in a central location will be a positive for many who use public transport to commute to work. Access to public transport as well as local amenities such as restaurants, cafes and gyms will add to the attraction of joining your business. Beyond the internal team, ensure that your new premises are accessible for the majority of your clients. Modern and progressive workspaces have started to cross the boundaries between work and home style, the buildings have more facilities, amenities and break-out spaces, and these benefits have become an expectation for many choosing a business to work for.