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Hannah Whittenly
Hannah Whittenly has written 29 articles for SB Informer.
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Six Things to Look For When Purchasing a New Office Space

Hannah Whittenly

September 25, 2013


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Whether the business is expanding or starting up, purchasing a new office space is an exciting opportunity. However, before eagerly purchasing the first office space seen, one needs to consider very important variables and attributes related to an office space. Here are six things to look for when purchasing a new office space.

1. Size

Size seems like a self-explanatory need to consider. After all, purchasing too big or too small of an office might make moving in difficult. However, there are more considerations to make. Is there an expectation the company will grow? If so, a larger office may be desired. Is the space filled with zoning restrictions? If so, the company will be limited with how much it can expand. Will there be a chance that the company has to share the space with another company? This may be in the fine print of the lease.

2. Occupational Health

This refers to how much the new office space will satisfy worker safety laws. The office needs to meet the safety requirements of OSHA and also be compliant with the American Disabilities Act. The office also needs a good airability HVAC system so workers can be comfortable. If the office is in a cold climate, like in Indiana, make sure there is heating and AC system. If not, call a heating and AC Indianapolis contractor to figure out how much it would cost to install such a system.

3. Worker and Client Attitude

Workers need to find the office space inviting. Will the office feel to alienating for them because of its size, lighting, or layout? Are there enough parking spots so parking is not a hassle for the workers? How close is it to most worker's homes? Will many workers need to travel far to get to the office and is public transit available for the workers as well? In addition, companies need to be in a space that gives an aura of friendliness to clients. When clients have to travel far or getting to the company is a hassle, the client may have a negative feeling toward the business.

4. What Are Financial Limitations or Benefits?

Getting the best office is an obvious incentive for the workers and clients, but investing too much of the existing company capital and revenue in a new space can be costly. Buying or renting a very expensive office can be fiscally unsound when deals like sharing an office with another company or choosing a cheaper neighborhood to be located in is available. In addition, many businesses do not take advantage of tax-code incentives or loans to purchase business property. For example, the Small Business Administration helps provide certain loans to qualifying businesses to purchase property.

5. Amenities

Although this can sound like a laundry list, business owners need to be cognizant of very basic utilities and features found in the office. For example, does the office have staple features like conference rooms or common areas for lunch and socialization? How is the electrical system in the office? Can it handle multiple pieces of equipment being on at the same time? Is the phone and internet network up-to-date? Not being updated with these basic services could mean the office is not right for the company.

6. What Is the Resale Value/Lease Responsibilities?

If the company bought the office space, how well will the space resell for? This might seem hard to calculate, but if the office space is located in a high demand area or a rationally considered good spot for major firms to be located, then the resale value might be good. Also, depending on the health of markets at the time, will the value of selling the office make sense at that specific moment? If the company is leasing the space, but they want to move, how much liability will the company have when they move?


                   



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