The process of downsizing your office space can be daunting, but it doesn’t have to be. A lot of companies right now have decided to downsize their office space for a variety of reasons. Maybe your company is doing better than expected and you’re running out of room, or maybe business has been slow and you’re trying to cut costs. Whatever the reason may be, there are a few key things to keep in mind that will help make the process go smoothly.
Do you actually need smaller commercial space or could you work out of a condo or apartment?
If you don’t necessarily need an office and can get by with working from home, then downsizing your space may not be necessary. However, if you feel that having a dedicated workspace is important for productivity and creativity, then downsizing to a smaller office may be the way to go.
Another option is to invest in a condo or apartment that you can use as an office space (a mortgage might end up being cheaper than monthly rent) and you get an asset that you can potentially sell in the future.
What kind of layout do you need?
Be sure to think about the layout of your new office space and how it will accommodate your needs. If you have a lot of meetings, you’ll want an open floor plan with plenty of seating. If you have a lot of individual work, then you might prefer private offices or cubicles.
A good way to determine the layout you need is to think about how your employees work on a day-to-day basis. Do they need to be in close proximity to each other or can they work independently?
What kind of amenities do you need?
When downsizing your office space, you’ll also want to consider the amenities that are important to you and your employees. For example, if you have a lot of clients coming in and out, then you’ll want a reception area where they can wait.
If your employees need to take breaks during the day, then you might want to include a kitchenette or break room. And if you have employees who work remotely, then you might want to consider investing in a coworking space.
How much can you afford to spend?
Of course, one of the most important considerations when downsizing your office space is how much you can afford to spend. Your budget will dictate a lot of the decisions you make, from the size of your new space to the location.
Be sure to compare rental prices in different areas and get a sense of how much you’re willing to spend on your new office. It’s also a good idea to factor in the cost of any renovations or furniture you might need for your new space.
Where do you want to be located?
The location of your office space is important for both you and your employees. If you have a lot of out-of-town clients, then you’ll want to be located near the airport. If your employees have young children, then being close to good schools might be a priority.
Be sure to consider the commute when choosing a location for your new office space. You don’t want to choose a location that’s so far out of the way that your employees won’t be able to get there easily.
What kind of lease do you need?
When you’re downsizing your office space, you’ll also need to think about the type of lease you want. A shorter lease may be a good idea if you’re not sure how long you’ll need the space.
A longer lease can be a good option if you want to lock in a lower rate for your rent. Be sure to talk to your landlord about your options and see what they recommend.
Do you want to lock yourself into a long-term contract that will be expensive to get out of or is flexibility better?
When downsizing, one of the major concerns is “what if I all of a sudden need to scale up again?” This could entail hiring more people and needing more space.
If you have the option, paying a bit more for a month-to-month or shorter lease with the ability to break it without penalty gives you much more flexibility in case you need to expand again quickly. In addition, many companies that offer flexible office space memberships will also give you access to conference rooms and other amenities on an as-needed basis, so you don’t have to pay for them full time if you don’t need them.
Downsizing your office space can be a great way to save money, but it’s important to keep a few things in mind before you make the move. Be sure to consider your budget, the location of your new space, and how you’ll furnish your new office. You should also think about the type of lease you want and how much time and energy you’re willing to put into the move. By keeping these things in mind, you can be sure that your downsizing experience is a positive one.