Getting an office space is one of the most imperative needs of any organization. Even as there are alternatives which are picking up steam among new-age business people, for example, a virtual office, there are times when anything not as much as a real office won't do. In spite of the fluctuating economy and current design trends, two elements remain constant when inhabitants select office space: price and location. Yet, in today's business sector, different variables likewise impact the decision-making procedure. From turnkey buildouts to shorter lease terms to versatile work space, office occupants need adaptability, functionality, and responsiveness.
Tenants additionally want quality. Because of the plenitude of office space in many markets and numerous organizations' merging of their workers into fewer square feet, most tenants these days are spending less for their space, says Barry Spizer, CCIM, principal of SRSA Commercial Real Estate located in Metairie, La. A special case is small tenants, who have less negotiating leverage, so their expenses can be somewhat higher, he says.
Tenants have a first-rate realization of landlords that deal with their leases and those who show a give-and-take attitude. Landlords with reputations of being inflexible customarily eliminate themselves from the competition. By considering the following factors, sellers can recognize what office tenants really want:
- Value: Price is presumably the most critical component to most organizations when they're picking another office. In the event that you spend too little, you'll either wind up with an office you're not content with, or you may discover yourself moving out after a couple of months. Spend excessively, and you may battle to pay the rent or need to relocate again to cut back. While numerous organizations look to the bottom line cost when choosing where to relocate, that's hardly ever their only consideration. A "cool" factor or particular advantage may be sufficient to influence the choice, all things being equal among various properties—yet they are rarely equal.
- Redundant Power: Tenants now demand more than one power source to ensure reliability because of the accelerated use of sophisticated technology. A standard solution is connecting each building to two separate grids: If one fails, the other provides a backup power source. In some office parks, distinctive zones are joined with different substations. The ideal one is a site served by more than one provider, says Jay Ballou, a senior VP at WorkPlaceUSA.
- Design: Many tenants want designs that permit for centralized support services akin to copying and faxing facilities, kitchens, and mail areas to encourage employees to get out of their offices, growing incidental contact and communication. Managers want to be in an open environment where they can see and be a part of the interaction; they view themselves as part of the workplace neighborhood, not apart from it.
- Infrastructure: This is a more vital feature for a few firms than others. These days on the other hand, very few businesses can work productively without a reliable internet connection. Some offices, particularly managed/serviced offices, include internet access as part of their rent. Infrastructure doesn't simply mean web, either. Shouldn't something be said about postal administrations or phone connections? With mobile phones so pervasive nowadays the latter may not be that vital to you, but rather postal administrations are still significant for signed documents or other physical things.
- Security: Experts have divided opinion on how much security matters to today's tenants. By and by, many tenants are more touchy about security issues. “In light of the heightened threats of Sept. 11, 2001, tenants need to know the way the owner is protecting the building,” Spizer says. No matter how you look at it, the security, as tenants can see is what truly matters.