5 Clues That It Might Be Time for New Office Space
It can be difficult to recognize the signs that your business needs a new office space. Maybe it’s the fear of change or the discomfort of moving all files, equipment, and employees to a new location. Whatever the hesitation, the consequences of not moving to a better functioning space can be far worse than the temporary inconvenience of relocating.
Take a look at these five clues that you might need new office space and think about how they relate to your own work environment.
1) You’re struggling to retain/attract talent
Is your turnover rate increasing? Are potential hires turning down your job offers? While many other factors contribute to these issues, don’t underestimate how your office space may be a part of the struggle to find and retain talent. People want to work in an energizing, fun, and inspiring environment. If your office space is crowded, disorganized, and in desperate need of repairs, it’s time to look for an upgrade or risk having talent walk right out your door.
2) There’s a lack of privacy
While it may seem trendy to have your employees work in one large, open space together, keep in mind that people need privacy, just as much as they need community, to get work done. If your office space lacks a private area for holding meetings or making phone calls – or simply a space where employees can go to work in silence for a few hours, it’s time to look for an office that provides a little more privacy.
3) It doesn’t reflect your brand or company culture
Are you an innovative tech startup, but working in an office space that looks like it belongs to a 1950’s law firm? When your work environment contrasts with your brand and company culture, it can have a negative impact on your employees. It’s important to work in a space that complements the brand you’re working to create. This is a subconscious reminder to employees of the business’s core values you want them to represent in everything they do.
4) There’s no room for growth
If you’re a business that has plans to grow your operations and add to your number of employees, yet you don’t have room for one more desk, let alone a filing cabinet, it’s time to start looking for new office space! Don’t wait until you are desperate to move, or you may make a desperate decision that isn’t in your best interest. Start looking for more space preemptively and work with a qualified commercial real estate broker who can help you negotiate the best deal possible.
5) You’re paying too much
Finally, if you’re dumping too much of your profits into your office lease, it’s time to look for a more financially responsible work space. A pricy class A building with views of the Inner Harbor is great for your ego, but it’s terrible for the sustainability of your business. This is a red flag that it’s time to work with a tenant representative who can show you a wide variety of attractive options while staying within your budget.