How to find the right location for your office — and the right broker for the search
When searching for office space, the right location can be the difference between a thriving, productive environment and one that stifles growth. The site selection process isn’t just about finding a space that fits your budget — it’s about choosing a place that aligns with your company’s culture, meets operational needs, and provides room for future growth. With the right approach, your office can become a strategic asset that promotes your business’ success.
Choosing the right location for your office space is a critical decision that can significantly influence your company’s productivity and success. Whether you’re finding your first office, expanding to a new area, or relocating your existing headquarters, the site selection process for office space requires careful consideration and collaboration with a skilled CRE broker to meet your company’s needs.
If you’re looking for new office space, you probably already have a general location and budget in mind. But, just as importantly, the process of finding an office site is about securing a location that attracts and retains talent and reflects your brand’s image. Working with a qualified commercial real estate broker can be invaluable during the office site search, as they can provide the necessary market research and data to inform your decision.
Here are some key factors to consider when selecting an office site.
Accessibility: How easily can employees, clients, and partners reach the location? Consider proximity to major highways, traffic conditions, public transportation options, walk scores, and parking availability. The convenience of commuting can play a significant role in employee satisfaction and retention. If you’re recruiting from out of town or out of state, you might ask your broker to compare residential options in the area as well.
Amenities and services: Look for locations that offer or are near essential services and amenities: dining options, banks, gyms, and daycare centers. These can enhance the work-life balance for your team and make your office a more attractive place to work.
Space and layout: Consider your current and future space needs. The layout of your office space should accommodate your team comfortably, support your desired work environment (for example, open-plan vs. private offices), and allow room for growth as your company expands.
Cost and financial considerations: Beyond the rent or purchase price, factor in additional costs like utilities, maintenance, and renovations. A cost-effective space should not compromise on the essential needs of your business.
Branding and image: The location and appearance of your office contribute to your brand’s image. Ensure the building and neighborhood align with the image you want to project to clients, partners, and potential hires. A good broker will let you know the branding and signage availability at each property (billboard, pylon, and monument signage are common options).
A knowledgeable tenant representative broker is a crucial partner in the office site selection process. They bring access to comprehensive market data and insights that might not be publicly available, helping you navigate the complexities of the commercial real estate market.
One deliverable you should expect from a competent broker is a clear and informative market survey: an overview of available office spaces in your target area and within your projected budget. A survey will always include basic info like location, size, and asking rent or sale price.
A good broker will add all of the additional details relevant to your search to the surveys they create, and will be able to adjust surveys on the fly as the office search progresses. Additional details that a broker might provide include demographic reports (information about the local workforce or potential clientele for your business), traffic and accessibility studies, and tools to help determine how effectively you can use the available space to meet your operational needs.
Before starting your property search, outline your specific requirements, such as the desired square footage, layout, and special features you require. Your broker can then guide you through identifying potential areas that meet these criteria.
After reviewing market surveys and narrowing down your options, schedule tours of the most promising locations. During these visits, assess the condition of the properties, the surrounding businesses, and the overall atmosphere. Your broker will collect your feedback as you refine and triage the search down to one or two sites.
Once you’ve identified your preferred location, work with your broker to negotiate terms. This stage also involves conducting thorough due diligence, including property inspections and reviewing lease terms.
The office site selection process is a blend of data-driven decision-making and strategic foresight. By carefully considering accessibility, amenities, costs, and space needs, and by leveraging the expertise of a commercial real estate broker, you can secure a location that not only meets your current business requirements but also supports your long-term goals.
New to CRE? Check out LeaseUp’s commercial real estate glossary for tenant rep brokerage to familiarize yourself with the most common industry terms.
