As a business owner or executive, your success hinges on your ability to meet the demands and desires of your target customers. The path to achieving this goal begins with your strategic selection of the ideal office location. Choosing the right location is particularly crucial if you frequently host customer meetings at your office or cater to a specific geographical element. Below are some factors to consider when choosing an office location and some key steps to follow to secure a winning office space.
Office Location as a Talent Acquisition Tool
Today's most talented job applicants are looking for employment that offers flexibility and promotes work-life balance. Millennials, who account for 35% of the labor force, are seeking career options that minimize commute time and enable them to spend more time experiencing the world.
"The shifting trends of the commute are happening because of millennials. Obviously for millennials, the less commute time the better." - Marcus Howard, Managing Partner of Engage Millennials, LLC
Choosing an office location that is easily accessible by car or public transportation will enable you to promote your company's commitment to helping them spend less time enduring traffic snarls and more time enjoying life outside the office.
Proximity to Strategic Partners
In addition to attracting a talented applicant pool, the location you choose should make it easier for you to collaborate with your strategic partners. Here are a few specific partnerships to consider as you narrow your options:
Manufacturing partners: If you depend on a particular manufacturer or parts supplier, then it is helpful to choose a nearby location.
Shipping companies and 3PL providers: Proximity to carriers should be a top consideration for manufacturers and e-commerce companies.
Universities and trade schools: Building relationships with universities and trade schools is a must, as they are superb talent pool feeders.
Consultants: A location close to marketing, accounting, and IT providers can help you save time and streamline operations.
Accessibility to Amenities
Offices that are close to banks, gyms, restaurants, and childcare facilities make it easy for customers to invest in your products and services. Not only are prospects more likely to see your business, but they will also be more apt to invest in your products compared to a competitor who is located in a more isolated area. An office location with nearby amenities can also help boost employee satisfaction by making it easier for them to enjoy lunch, run errands, and coordinate care for children and pets.
Proximity to Customers
If the majority of your customers reside in urban neighborhoods, then selecting a rural office location will have a detrimental impact on your business. Specifically, you will lose the valuable foot traffic and visibility that would come along with an urban location. Make sure you have a strong grasp on your target audience and where they reside before you finalize your space.
Traffic Counts and Patterns
"Knowing AADT (Average Annual Daily Traffic) is like knowing the number of residents in your market. You must be aware of this number to understand your maximum customer reach...You'll want to know the percentage of total residents in your target market that fit your expected demographic and are interested in purchasing what you have to sell." - Josh Winters, Head of Data Science at IdealSpot
A building on a busy street that features your logo can have a dramatic impact on your business. This is especially the case if many of the pedestrians and drivers who pass by the location have a need for your goods or services. In addition to driving sales from passers-by, you will increase local awareness of your brand.
Availability of Space That Meets Your Criteria
Once you have narrowed your list to those locations that are highly visible and within close proximity to your customers and strategic partners, you must closely examine each location's ability to meet your budgetary criteria and need for space. Here are a few factors to consider as you review options:
Budget: The best space in the world will not be a viable option for you if leasing costs are beyond your budget.
Employees: The location should be spacious enough for all of your current staff to work comfortably while also providing room for new hires.
Inventory: Carefully review the space you need for your inventory and choose a location with enough warehouse space to enable growth.
Vehicles: Choosing a space with sufficient parking for company vehicles and easy access for delivery trucks is important.
Current occupancy rates
While high occupancy rates are often associated with higher prices and competition for space, they may also indicate that the area has higher traffic counts and is more accessible to customers and amenities. Keeping this correlation in mind is especially critical if you are wowed by readily available spaces with prices that seem "too good to be true".
Demographic Profile of the Area
By the time you begin seeking office space, you should have a good idea of your ideal customer. For example, your target customer base might be small business owners between 30 and 50 years of age who are seeking the software solutions that you offer. In this case, you would gravitate toward locations that are home to many small businesses or an area where many middle-age people reside.
The key to securing the best office space for your business
As outlined above, there are many factors to consider when selecting a location for your office. However, the single best way to secure the best office space for your business is to seek the guidance of an expert in Pittsburgh's office space industry. An accomplished commercial real estate specialist will help you evaluate available office locations according to your criteria and select the location that best meets your needs.
As an accomplished office space management and development firm, Venture RE is here to help you navigate the complex sea of available office locations throughout Pittsburgh. In addition to guiding you through the selection process, we offer the following services to make your life as a business owner smoother:
Identification of available locations
Guidance throughout the entire leasing process
Evaluation and comparison of proposals
Lease negotiation
We invite you to sign up for our free 30-minute consultation today. During your complimentary consultation, we will answer any questions you may have regarding office space selection. We look forward to helping you choose an office location that will help you increase your sales, attract top talent, and maximize efficiency.