Location of Vendors
The location of vendors and various third parties can be important in selecting the location of office space. Companies which have a strategic alliance with vendors or routinely access parts from vendors must consider the location of their vendors when selecting a location. Attorneys who routinely make appearances in civil court or criminal court often select a location close to the courthouse. Property tax consultants often select a location near the appraisal district office. Consider whether you need to be close to either vendors or other third parties when selecting your office space.
Additional Location Factors
Following are addition considerations that may be relevant for you when selecting the general location for office space:
- Is it near highways (to reduce travel time)?
- Is it near the airport?
- Is there abundant parking?
- Is parking free?
- Is the area safe?
- Will female employees feel comfortable walking to their cars and driving through the area after dark?
- Is traffic light or heavy?
Evaluate Location Factor
Determine which issues are most important for your firm. Consider using a weighted average ranking system to a value at which area works best for your firm. In this system, you assign each factor a relevance index from one to 10 (with 10 being most important). You then evaluate the quality ranking for each factor. For each factor, multiply the relevance factor times your quality rating for each of the general location sure considering. Then total the score for each location. The building with the highest score should be best suited for your business if the quality ranking and scorer were correct. Reflect upon the result and see if it is reasonable. Is this really the best location for your business?
Office Space Requirements
After selecting the general location or submarket for your office space, you need to consider prospective locations that fit your criteria. Make sure both you and your tenant rep broker understand your criteria. For example, if you are seeking the luxurious office space with an incredible view for less than $10 per square foot, it's not likely to happen. Following are some other criteria that need to be determined prior to identifying buildings that are options for your office space:
- Total amount of office space (square feet)
- Amount of contiguous office space
- Building quality
- Target rent per square foot
- Monthly budget for office space
- Conceptual layout
- Term of lease
- Ingress and egress
- Amount of parking
- Type of rental rate (gross, modified gross, NNN, etc)
In most cases, the amount of office space and the amount of contiguous office space will be the same. However, in some cases, the space requirement will exceed what is available in a contiguous block of space. In this scenario, you should select the amount of space which must be contiguous prior to identifying office space options.
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