Should you stay put or relocate to a new office?
Expanding and relocating offices can be a bit of a double-edged sword for some… You may be deciding between making the most of your current workplace or moving to somewhere that better suits your growing business needs.
Relocating offices requires a lot of time, planning and commitment, which leaves many business owners questioning if moving office is worth all the hassle and expense?
To help you make the right decision for your business and people, we have listed our top ‘stay vs leave’ considerations you should think about before making any decisions:
Considerations for staying…
Productivity is high
Your team is inspired and communication between departments is smooth. You may have seen another company move into a new office that you have dreamt of, but is it right for you? Try to encourage and celebrate your team when things are running efficiently. Take note of why and try to nurture your company culture in the current space that you’re in.
You’re growing too quickly and running out of room
Maybe consider upgrading your current space instead? Can you find more space in your current building? It may be to your surprise that a redecoration and re-fit-out could cost less and cause less overall disruption than moving into a new office. This option may suit you best if you are content with your office in all other respects, location, size and so on. This can be challenging for those on a lease, but it’s not impossible. Some buildings aren’t maxed out at full capacity all year round, so it can be cheaper and more convenient for the landlord to offer a current tenant some extra space than to find a new tenant.
Your geographical focus has changed
Have you thought about hiring rooms in your desired location? It may end up being more affordable to choose function suites at hotels or bespoke providers for one-off meeting rooms, and help you test the water before you make a bigger commitment to the new area.If you’ve had these thoughts, perhaps consider staying put for now. Yet, if you really do need to move, more reasons will appear, and you’ll reach a tipping point where it makes sense to start looking for a new home for your business.
Considerations for relocating…
Your lease is about to expire
This is a great opportunity for you to think about what your next step could be. There’s no harm in asking if you can extend your lease. If the lease on your commercial space expires in a couple of months, it’s most likely too late to start the moving process. Most office moves usually take 1-2 years to plan, so it would benefit you and your business the most if you give yourself 18-24 months before your lease expires to find a new office. Check out our office relocation checklist to help you throughout this process. You might still have a couple of years left on your 10-year commercial lease but can’t wait it out until your lease expires, so you may be able to negotiate your way out of the remainder of your term. However, if you are in a fully managed flexible office, you’re in luck!
Your current space can’t keep up with your needs
If you are finding it difficult to free up more space in your office because your office provider won’t allow it or there is limited scope to improve what you have, then this may be a sign that it’s time to move! A different office can meet your company’s needs more appropriately and offer more customisation and flexibility. Plus, if most of your business activities are taking place elsewhere, you probably need to move sooner rather than later.
You need to cut costs
Most businesses face huge space and headcount costs, so it’s easy to see why moving office to save money is the solution for many. Leaving your office space does mean parting with some money, but it can ultimately be more cost-effective to move, particularly if you’re planning for the long term. Just the practice of reviewing your needs can be extremely helpful in terms of finding shortfalls, increasing issues or inefficiencies in your current space that might negate the need for a move altogether – making renovation the preferable choice.
Once you have reflected on the various outcomes for both options, you can then weigh up the pros and cons for your business and people. Either way, it’s important to involve your team in the process and consult with them openly. Know what their dealbreakers are in terms of getting to the office and the facilities they require for their day to day responsibilities. A new office may well turn out to be the thing that matters most for your organisation, but it’s good to know you’ve explored all the alternatives before you take the plunge.
If you need more advise and guidance finding the best solution for your business and people, get in touch with our commercial real estate partners at DeVono.