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Posted November 06 2018

When Should You Start Searching for a New Office?

There are many reasons you may want a change of scenery, and we take a look into a few of those potential causes. As a general rule, you should give yourself plenty of time to find a new office – somewhere in the remit of two to three months, which should tie in with your notice period in the current space if you are already in an office environment. However, it isn’t unheard of or impossible to relocate into a new work-space with a matter of weeks or even days, it just limits options and adds an additional level of stress to the process!

 

At Cornerstone, we have experience in working for office providers as well as being an office search brokerage. Therefore, we have unequivocal knowledge regarding the timing for the office hunt. The industry isn’t seasonal as such, but there are definitely more deals to be done in ‘quieter’ times such as the end of the year, the end of the financial year and when a building is new and needing to fill up quickly. If you are looking for space in one of these times, you may be able to negotiate a better rate or payment plan, though it is entirely dependant on each provider.

 

If you are a freelancer or have a small team based from home, you may get to the stage of outgrowing that environment and require a more collaborative or less isolated solution. Again, flexible office space could be viable for you. The beauty of flexible space is that your office can adapt with your business needs, so it eliminates the concern that you will be signing up for something you outgrow, or even wish to reduce, as you can make short term commitments and discuss your preferences with the building team who will generally do what they can to accommodate you. We have seen – and in fact done this ourselves – plenty of companies make the leap from home office to co-working to private desks in an individual office; seeing companies grow is one of the most satisfying parts of this industry.

 

Another reason you may be looking at other work-spaces is location; often the biggest priority for office space hunting, the market is evolving continuously and your clients or target audience may have shifted. Just recently we discovered a new area of business focus in Dublin (see our blog post on the Dublin office scene here). Whilst your demand may not be as far away as Ireland, being in the ‘wrong’ area can have a detrimental impact on your lead flow, foot fall and being taken seriously in your specific industry. You’ll likely want to be easily accessible for your clients and close to competitors to gain full scope of your market, so an upgrade on location could be the next step.

 

If you are in a leased property and aren’t sure about taking on another long-term building contract, or have left the search a bit late, some flexible swing space may offer the breathing space you desire before going straight into another three to five-year term. Serviced offices can provide space from as little as one month and up to two years, though this is again dependant on the provider and space, but it is always worth enquiring for shorter periods of time. This frees you up to find the best long-term option without compromising your priorities, that you may otherwise be forced into due to time restraints.

 

If you still aren’t sure when the best time to start looking is, or would just prefer to leave it to someone else, that’s where a broker can help; we will get the information from you and take it to market as well as offering advice regarding the time frame you have selected. We also have knowledge of properties that are becoming available earlier than they are released to the open market and can get immediate tip offs from providers about spaces they are keen to promote which helps broaden the choices for you and the team. We are here to help, so if after reading this you still want some free, no-obligation advice then please get in touch.

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