“Location, Location, Location” Are NOT the Three Most Important Words In Commercial Real Estate. Here’s What Really Matters.
“Location, location, location.”
We have all heard that saying, but it is now considered the old adage in real estate. Is location really the single biggest factor in your commercial space decision?
In today’s work culture, the physical address of where you’re working is no longer the most important factor in your office space location. You don’t need a space in a particular location. As an entrepreneur or business owner, you need a space that increases collaboration, delivers culture-building amenities, and includes favorable leasing terms that support your growth.
That’s right. It’s time to replace “Location, location, location” with “Amenities, Functionality, Terms.” It may not roll off the tongue as easily, but it does so much more to maximize the investment you’re making in a physical location.
Amenities are more than just a workplace feature; they are differentiator that can attract high-level talent to your workforce. The right workplace amenities can boost employee morale, build community, drive client perceptions of your brand, and increase overall productivity.
What is really meant by amenities? These are features within the workplace that increase happiness. And they are different for every industry and dependent upon your specific business activities.
Consider these creative amenities:
- Free parking
- A cafe or patio
- Changing rooms and showers
- Creative brainstorming spaces
- Comfortable seating
- Gaming options
- Beer taps
- Proximity to local eats and bars
Your office does not have to be a hotel room, but your employees do need to feel comfortable in their space. Find a space with the right amenities to influence your employees’ collaboration, productivity, and morale.
Functionality is about how your workspace performs for you.
Does your space help improve the flow of ideas in among your team, or hinder it? Does it position you as a leader in your industry, or make you look like an average Joe? Does it integrate the infrastructure you need so that your team can perform at the highest level, or does it lack the technology to keep up with your industry?
For creative and tech companies – and for any business looking to provide a modern space for their employees – those foundational design elements may include:
- Space for collaborative hubs where employees can work together on the fly
- Dedicated “Think Tank” environments where employees can distance themselves from distractions to get some “head-down” work pushed through
- The appropriate wiring and wireless technology to support an open office dynamic
- Social gathering points where employees can freely congregate
- Unique architecture to support your brand identity – such as exposed ceiling beams, indoor brick walls, flooring components and garage doors opening to the outside, etc.
- The right “vibe” and space to host client happy hours that support your retention efforts and business development goals
- Room to accommodate the growth of your business – personnel and otherwise
The functionality of a space is supported by its design. We can work with any space to transform it into the type of space that helps accomplish your workspace goals.
You’ll also need to consider the financial impact of your space, and how your leasing terms will impact the growth of your business. Today’s business owner should look for the following in a lease:
- Favorable monthly rates
- Terms that include early opportunities to extend the lease
- Favorable negotiations to soften the price tag
- Options to make updates to the space, to tailor it to your company’s culture
- Parking to accommodate your workforce
- A trustworthy property management team
The last point in particular will make your space truly useful. A reliable property management team should be available to make repairs, deal with building upkeep, and be flexible enough for you to customize your space to your employees’ needs.
Say It Again: Amenities, Functionality and Terms
Is location important? Of course! But, is it the only concern? Absolutely not! The amenities your space offers, the ability of the space to function for the unique dynamics of your business, and favorable leasing terms that protect your investment and position you for long-term growth are far more important in today’s world.
Want to find the right space that performs for your business? We can help with that. Contact us today to see what’s possible.