The second largest expense for any organization, after labor, is office space. This financial burden becomes even more challenging when faced with limited options when seeking the best office.
In order to overcome such a challenge, especially if you’re in search of the best Pasadena office space for rent, you’ll need to use a bit of creativity…
Dealing With Limited Office-Space Options
One challenge you may encounter is the limited options from which to select an ideal office space (it always seems that the best spaces are already taken). To overcome such a challenge, you can take advantage of these useful tips:
– Plan to maximize efficiency of the office space
This would be the perfect strategy if you do find the right location with the best amenities, but the only drawback being that it’s not as spacious as you would desire.
Take note that most office spaces only have maximum utilization rates. Hence, planning for greater efficiency in the use of your office space is a very practical plan, which will also help you in picking out one of the limited office-space options.
– Re-organize your company
You might still find that, even with efficient space utilization, your organization still won’t fit in the office space you had in mind. It’s an ideal office that offers every amenity you need, but only presents the challenge of limited space.
To avoid losing that ideal location, you can take even more radical steps by setting out to re-organize certain business processes. It may be possible to consolidate various business operations, including data centers, client briefing centers, call centers and accounting operations. This way, you would still have the chance of occupying a class A office, rather than going out in search of a more spacious but less prestigious class B or C location.
You might even find that some business processes would be better off outsourced, meaning that you’ll end up with less staff. The remaining staff, dealing in your core business, can then be accommodated in less spacious offices.
Dealing With Limited Funds
If limited funds is your main challenge in finding the best office, you’ll be glad to know that it’s possible for organizations to achieve reduced occupancy costs to approximately $7,000 per full-time employee, according to a study by CBRE Group, Inc. In fact, some organizations seek to drive such costs down to as little as $5,500.
You too can achieve this by applying these creative concepts:
– Match your business operations with the right office space
A class A space often looks appealing, since it can portray your business in good light to prospective clients and in-demand personnel. Such spaces usually consist of spacious layouts, conference rooms and large lobbies. However, such a location wouldn’t be suited for back office operations. A class B or C space would be more ideal for this kind of operation.
– Understand the growth prospects of your industry
In some instances, business owners may be too optimistic about the growth prospects of their enterprises, which might lead them to rent out large office spaces to accommodate future growth. However, you need to be more realistic about the growth prospects of your particular industry, especially since certain industries typically experience much slower growth than others.