The typical CEO of a business, along with the members of their leadership and management teams, have many far more important and pressing matters to attend to than the question of what to do regarding new office space. It really isn’t on their agenda unless the business is undergoing significant growth or decline, in which case their office needs are changing and therefore require attention.
The only other time it is considered is prior to the expiry of their current lease. And when this happens, dealing with the problem is often delegated to an Executive Assistant, a junior member of the leadership team, or outsourced to an agent from one of the corporate real estate firms. The required outcome? “Let’s see if we can get a better deal (read: lower rental cost) if we move, or at least see if we can’t get a better negotiating position for ourselves with the current landlord.”
This represents a familiar call to action for many businesses confronted with an expiring lease. Without imminent changes to staff numbers, and safe in the knowledge that clients and industry collaborators know where to find them, there is no real desire to change location. To go through the hassle of moving, advising the market of their new address, reprinting letterhead and business cards and, above all else, then having to go to the trouble of finding a new car parking space or public transport route – this is almost too much to bear for most owners and managers.
However, the question of whether or not to move is a decision that is far more important to the ongoing performance of a business and the well-being of its staff than many realize.
Consider, for example, that the right choice of new office space for your business can not only improve business performance but also relieve many of the stresses associated with operating in an environment which comprises complex, technical building systems, landlords, maintenance contractors and a whole building full of other tenants. Above all else, it must be remembered that your office is central to one third of the lives of all staff in your workplace, not to mention yours!
It is now well understood by the majority of the corporate real estate industry that the correct choice of office can deliver a significant impact to a business’s bottom line through improvements in workplace productivity and operational efficiency. By examining new office space through the lens of what that might mean for clients, staff and the operations of the business itself, there is a very real possibility for businesses to dramatically improve their performance, in terms of top-line revenue and bottom-line profit.
How dramatic? Well, the book, “Don’t Worry About The Rent: Choosing new office space to boost business performance” suggests that workplace productivity improvements as little as 6-10% may be sufficient to completely offset office rental costs. The very real possibility of free office space sounds to me like an opportunity not to be missed.