What factors should a company consider when searching for the ideal office location?
Selecting the right site for the office location of your business is a decision that is not typically made lightly or quickly. Office lease terms can range from a minimum of five years to 15 years, and therefore the right selection can be instrumental or, in some cases, detrimental, to your business’s success.
Finding an environment that matches your business needs is key. What factors are important to your business? Is it critical for your office to be located in close proximity to suppliers or perhaps close to other businesses that you work with on a frequent basis? Should the office be easily accessible to customers with an abundance of parking space and reasonable traffic levels to ease their convenience? Is there a need for a well decorated, high-end space that will leave a lasting impression on visitors and be consistent with your business’s brand and image? What kind of space can the business afford in order to remain profitable?
Although cost may be the first thought that comes to mind for many business owners when considering office locations, it should never be the only consideration. An additional, yet crucial factor that has gained popularity in recent years and has made its way to the top of the search criteria is talent attraction and retention. Can a particular office location have a positive impact on productivity? Can it boost employee morale? And perhaps most importantly, does it really help attract and retain the best employees with the right skill sets?
If your business is dependent on employing young, innovative professionals with unique skills and expertise, consideration should be given as to the type of office location that would attract these candidates. Evolving in recent years, today’s recruits look for a work environment where they can work, live and play all within a walkable environment which also provides opportunities for professional growth, colleague interaction and occasions to socialize. This is quite characteristic of millennials who are currently the largest generation in the U.S. labor force and who are looking for something very different: the energy of a downtown location.
The greater Hampton Roads area has much to offer when it comes to selecting the ideal location for your business, ranging from suburban office parks to downtown urban areas to scenic waterfront options. The key is finding the right fit for your business needs—and those of your employees.
About the Expert
[author] [author_image timthumb=’on’]https://www.covabizmag.com/wp-content/uploads/2016/08/shelly-hampton.png[/author_image] [author_info]Shelly Hampton serves as president of asset management at Armada Hoffler Properties. She oversees the management, leasing and operations of the company’s portfolio which consists of office, retail and multifamily properties. Learn more at ArmadaHoffler.com/Asset-Management[/author_info] [/author]