Right-sizing commercial real estate space is essential for tenants to optimize their operational efficiency and cost-effectiveness. Here are some steps and considerations to help determine the right-sized space for your needs:
1. Assess Current and Future Needs:
- Begin by evaluating your current and future business requirements, taking into account factors like the size of your team, expected growth, and the nature of your operations.
2. Define Space Requirements:
- Identify the specific functions and spaces required for your business. This may include workstations, offices, meeting rooms, storage areas, break rooms, and any specialized facilities.
3. Analyze Workspace Utilization:
- Evaluate how efficiently your current space is being used. Are there underutilized areas or spaces that could be shared? Look for opportunities to consolidate and optimize space usage.
4. Consider Growth Plans:
- If your business is expected to expand in the near future, ensure the new space can accommodate projected growth without the need for constant relocation.
5. Budget Constraints:
- Determine your budget for commercial space. Consider not only rent but also utilities, maintenance, and any associated costs. Be realistic about what you can afford.
6. Location and Accessibility:
- Choose a location that suits your business needs, offers convenience for employees and customers, and is accessible by public transportation and major roadways.
7. Work with a Real Estate Professional:
- Jon and Scott of Metro East CRE are available to provide market insights, help you find suitable properties, and negotiate lease terms on your behalf.
8. Flexible Lease Terms:
- Explore flexible lease options, such as short-term leases or shared office spaces. These can help you adjust your space as needed without long-term commitments.
9. Conduct a Space Audit:
- Measure your current space and compare it to your requirements. This can help you determine the size of space you actually need.
10. Utilize Technology:
- Utilize workplace management software and tools to monitor space utilization, track occupancy, and make informed decisions about resizing your space.
11. Employee Input:
- Involve your employees in the process to understand their workspace preferences, as it can impact productivity and job satisfaction.
12. Environmental and Health Considerations:
- Consider the impact of COVID-19 and the need for safe, socially distanced workspaces. Also, assess the sustainability and environmental aspects of the space.
13. Plan for Amenities:
- Think about amenities like parking, fitness facilities, cafes, and communal areas. Providing a comfortable and attractive workspace can enhance employee satisfaction and retention.
14. Renovation and Space Optimization:
- If your current space can be reconfigured or renovated to better suit your needs, consider this option before seeking a new space.
15. Negotiate Lease Terms:
- During Lease negotiations, make sure you have the flexibility to adjust your space as needed. We at Metro East can help with this negotiation process.
16. Regularly Review and Adjust:
- Periodically assess your space needs to ensure that you're continually right-sizing your commercial real estate space according to your evolving business requirements.
Remember that finding the right-sized commercial space is a dynamic process, and it may require some time and effort. Being thorough in your evaluation and planning can lead to cost savings and improved business operations in the long run. The Metro East team is here to assist in the right-size process, and any Real Estate needs you may have.