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Oct 10, 2014
If you hire a specialist in the respective area who knows all specifics of the market, you will save money and time and you can do your job instead.

CBRE

Companies underestimate searching for office space, it can take up to a year to find new premises

  • Begin your search for new office premises at least one year in advance.
  • Both location and related services are very important.
  • Possibility of expansion for growing companies.
  • Attractive environment for your staff and future employees.

Companies searching for offices for their business activities often do not know what to focus on to select the best option for their purpose. It would seem to be relatively easy to find suitable offices in the extensive portfolio offered by real estate specialists. However, the reality is very different. Specialists at CBRE, a global real estate advisor, have prepared a simple yet key decalogue intended to assist companies searching for suitable office space.

“Often, companies realise what they expect and require from their new office space during the search process itself. Our goal is to advise companies of the best solution in advance of the search process. Our aim is to show them not only how to find premium office space but also how to save money thanks to the introduction of new office space concepts or how to optimize total costs relating to office space leasing. In addition, the issue of the working environment for employees is beginning to play a key role in the selection of employer” says Katarina Wojtusiak, Head of Office Agency, CBRE. 

  1. Give yourself enough time
    The process of the selection of suitable offices and their preparation depends on the size of the company. If your lease agreement expires in one or one and a half years, it is the right time to start looking for new premises. Companies demanding hundreds of square metres should definitely start one year in advance and companies interested in thousands of square metres should start looking for their new spaces several years in advance.

  2. Location is a question of image
    The city centre or its outskirts? You must take into account the image of your company. If you really need to be seen, select prestigious locations. Compare the office space location with your competitors and collect information of your employees' preferences as well. Ask yourself the following questions - Will our clients come to us if our address is less available? Will they be discouraged by the fact if we are no longer in the city centre? Would employees leave us due to a change in location?

  3. Availability and services are important.
    The availability of local public transport, railway connections or airports can be of key importance. A sufficient number of parking spaces for both cars and bicycles is among the priorities that companies should take into account. Public transport and parking are not the only things that matter. Are there nurseries, schoo, post office, or shopping centres in the location? Is a drycleaner's available there? How many cafes are within walking distance? The more services available in the location, the better.

  4. Options for employees
    Offer options to your employees. The availability of quality restaurants and cafes, giving your employees a choice, contributes to their satisfaction. Depending on the number of employees, consider whether a company canteen could be a good solution. In outer city locations in particular a canteen can be very important.

  5. Remember that your company may grow in the future
    Consider the potential growth of your company and the potential need for additional space before leasing. Office leases usually last over a period of years. If you expect that your company will grow in the future, you should proceed very carefully. Shall we move the company as a whole? Alternatively, shall we extend the existing spaces? Choose spaces which allow for expansion in the future, as often the expansion of existing premises is a good solution.

  6. Try to find an interesting working environment – an attractive location is very important for employees
    One of the ways to win the loyalty of your existing employees a attract new ones is to offer them an interesting working environment. An important role is played by new concepts including the quality of the atmosphere, the design and layout and features such as break out areas, an internal cafe or a common canteen.

  7. Consider your budget early
    Your budget, meaning the total cost you need to take into account in relation to any office leasing, must be clear from the start of the process. Remember, the total costs include not only rent and service charges but also costs relating to equipment, furniture, IT, moving, etc.“Costs vary depending on the needs of our clients but in general our experience and knowledge of the market we are able to save up to 15 % of the costs for our client. Everything depends on the client's size, their financial standing, term of the lease agreement and last but not least, the situation on the market,” says Katarina Wojtusiak, Head of Office Agency, CBRE.

  8. Find a specialist for you
    If you hire a specialist in the respective area who knows all specifics of the market, you will save money and time and you can do your job instead.

  9. Transparent costs relating to facility management
    Choose office space with transparent costs. Find information on the way the landlord manages the building. Choose premises where the landlord manages the building diligently and where occupancy costs are in line with the market.

  10. Office or other space (warehouses, showroom)?
    Do you or will you need storage space or a showroom accommodation? In such cases consider locations and projects which provide mixed use properties. “The interest in spaces combining office space with retail and warehouse premises has been growing and continues to grow. In Prague, for example, the newly built Letňany Business Park offers such premises,” says Michal Bezděka, Senior Industrial Agent, CBRE.