At Bespoke, we know how overwhelming the commercial real estate search can be. We ease this burden by working with clients to identify specific needs; before our search begins, we identify your requirements for size, location, flexibility, aesthetic and price.
Because a space has a significant impact on your team’s productivity and success, the site selection process should be detailed and efficiently carried out. Here are the top three reasons why site selection matters and steps to take to ensure the right real estate fit.
1. Site selection is part of your overall business plan.
The space you choose should align with your company’s goals and culture. A space that is easily accessible to employees and clients is key. Your space should also accommodate day-to-day tasks and offer collaborative areas for team and partner meetings.
First, we ensure a new lease will align with your long-term strategy by understanding your priorities, culture, image, and forecasts and how they impact your property requirements. By asking detailed questions, we work to understand current and future needs. Once we’ve answered top questions, we’re able to evaluate requirements such as space size, utilization, flexibility to accommodate growth, image of building, timing, and location. This step in the process leads us to the insights we need to develop customized real estate solutions that uniquely work for you.
For example, if you run a growing digital marketing agency, and want to hire top talent and work with big brands, choosing a space that’s not near to any train lines and is a 45-minute drive—with no traffic—from downtown is problematic. While you’d save in monthly rent, you’d sacrifice in other critical areas. If the majority of your employees live in the city, then they would have a long commute every day. Your remote location could cause clients to perceive your firm as isolated and unconnected to today’s trends, deterring clients from working with you.
2. Site selection has a big impact on your bottom line.
To ensure clients find the right fit within budget, Bespoke assists clients in a true comparison of locations. We analyze different properties, accounting for any hidden expenses that might affect occupancy costs. We also compare lease vs. purchase options, and assist in making the best possible decision based on financial restrictions.
Your office space is a major operating expense, so signing a lease or purchasing a property has long-term financial effects. It’s risky to commit to a space that’s much bigger (and more expensive) than you need right now. But it’s also costly to choose a site that has no room to grow, and will require you to move again in six months. Because of this, it is critical to find the right balance, as your site should accommodate current and future needs.
3. Site selection has long-term repercussions.
Selecting an office space is one of the most important business decisions you can make. While you might be tempted to take the easy route rather than review every detail of a commercial real estate search, critical mistakes can lead to unforeseen risk factors, higher and hidden costs, and unfavorable operating conditions.
The ideal site reflects your company’s mission and values, and accommodates growth without taking on too much financial risk. The wrong site sets your business up for tough obstacles, such as high rent, inadequate workspace, or inconvenient location for employees and clients.
Bespoke’s customized real estate solutions ensure your space plays an efficient role in your business development strategy, not hinder it.
Click here to learn how Bespoke can assist in your commercial real estate site selection search.