Boston – With an active sublet market and reasonable rents available, this is an opportune time to make real estate decisions in the Boston commercial market. Some pointers on what to look for – and who can help you – as you make this decision to find (or keep) the right commercial space:
Understand your company’s space needs. It is very useful to hire a local architect to create fit plans of each building that you consider. This will help you to evaluate properties based on their suitability to your company’s needs. Having the same architect study all of your prospective buildings ensures that you will be able to compare “apples to apples,” allowing you to make the most informed choice possible.
Building features and configurations work differently for each company, and architects can provide guidance on the spatial attributes that fit your company’s needs. For example, it is important to understand the significance of the building’s “floor plate.” A professional services firm requiring a large number of windowed offices would make best use of a linear-shaped building with a high ratio of perimeter to interior space. This would help prevent them from leasing more space than really necessary, just to have the right number of windows. A different type of company, with a high volume of open office space, would fit better in a deeper, squarer floor plate, in order to get the most efficient workstation layout with shared window views for all.
Stay or Go? When looking for new office space, don’t forget your old one. While other buildings may look attractive for their new appeal, their locations, amenities, and readiness may not work with your needs and time-frame. While weighing options for a move, don’t rule out staying and renovating.
Sometimes, small renovations can make a huge difference in the function and aesthetics of your work place. An important thing to consider here is whether or not there is “swing space” available to you, to allow your company’s work to proceed out of the way of construction.
A large financial services company recently weighed the logistical, financial, and emotional aspects of staying or going, and ultimately decided to stay and renovate. Once the decision was made, the hard work began of co-existing with the inconvenience of construction while operating the company. The build-out was planned in three phases, and it helped immensely that the landlord was able to to provide temporary office space elsewhere in the building. Everyone had to move at least once to accommodate the phased schedule. Noisy construction activities had to be performed during nights and weekends to reduce disturbance to the business as well as to neighbors in the building. The renovation was accomplished without any disruption to the business or its clients, and no one was significantly inconvenienced.
Spend wisely
Whether you take on new space or decide to stay in an existing location, remember that making “cosmetic” changes can be a very cost effective route. Modifying lighting, as an example, can have a very dramatic impact on design and employee productivity, while also reducing utility costs.
After looking at new office space in Boston, a software company decided to stay at its current location. The 22,000sf office was substantially re-designed and renovated, with upgrades including new workstations, furniture, finishes, and lighting, as well as the addition of videoconferencing capabilities. Before the renovation, the office had high-walled workstations that blocked the view to the windows and the rest of the space. Replacing them with low-walled workstations significantly improved the visibility and openness of the space and helped to promote greater collaboration between employees.
Whether you ultimately decide to stay and renovate or relocate for better amenities, be sure to conduct due diligence on all potential sites and weigh the pros and cons of each.