“Location, location, location” is the most familiar phrase in the real estate industry, be it residential or commercial. It is the rule of thumb in establishing the office or place of operation for a business, whether it is just starting or in the process of expansion. For a business start-up, choosing the location of the office could be the most important business decision the owner can make, the office being the face and the personality of the business. Getting an office space in a run-down building where the rent is a lot cheaper can lead to the ultimate death of the start-up business. The reason is very simple: nobody would want to deal with a business being run from a decrepit place. The same is true for business expansion. You lease a bigger office for your expanded operation and the place should not only be bigger but it should be located in a much more prestigious place to show that the business has really accomplished much.
Importance of office location decisions
Making decision on where to locate the business is a very serious undertaking as it would take plenty of time and a lot of capital outlay to reverse it. And it might prove too late for a business to undo the decision as it might have already adversely affected business operations by being in the wrong location.
The decision on where to lease office space is a top management concern. Top management must consider the following concerns before they decide on where to lease office space:
1. Location and success of business
The success of a business is partly determined by the kind of corporate prestige that comes with the proper address. Imagine the prestige that a business automatically gets by leasing an office space in a building where a Fortune 500 company is also holding office. Compare that with what a business will get by leasing an office space in a building where tenants close shop one after the other.
2. Business exposure
The exposures provided by neighboring businesses and the kind of clientele they have are additional intangible benefits that a business owner will get by leasing an office space in a well-known address. Having high-end businesses as your neighbors is guaranteed to draw the same kind of crowd to your business.
3. Amenities and services
Leasing an office space in a building with full amenities and services is quick way of immediately recouping the capital outlay involved in the lease. The presence of on-site security can save the business a lot in terms of protective measure expenses. Adequate parking spaces and the presence of an on-site food service will enhance the value of the office location.
4. Suitability to target market
A business exists for a definite target market and the business must establish its office in a building where there is close proximity to the target market. A business that deals with agricultural machinery should not be leasing an office in an area that is dominated by completely different types of business.
5. Proximity to competitors
In deciding where to lease an office space, business owners and managers must not commit the mistake of isolating their business. It does not make business sense to be the only business type in an area. Customers usually do business in an area where they could make choices. You will notice that there are several insurance companies or several restaurants in the same stretch of a street.
6. Proximity to suppliers or manufacturing site
An office space must be located close to where the suppliers of the business are. It must also be close the company’s manufacturing site. Having the office located close to these two will facilitate the timely delivery of supplies and close supervision of the manufacturing process.
7. Proximity to shops and eateries
Entertaining guests and business associates is a normal part of business operation. The proximity of the office space to shops, eateries, and other places where guests could be entertained is an important factor to consider in deciding where to lease an office space.
8. Transport system
The office space to be leased by a business must be within the loop of an efficient transport system. This will make the office accessible to both the employees and business clients. The building must be close to a mass transport system or within close distance to major freeways or streets.
9. Affordability
While we have emphasized the importance of having a prestigious address for a business, it must not be attained by sacrificing so much of the operating expenses. Renting an office space in a high-end building might eat up a huge chunk of the budgetary outlay and the business might end up scrimping on other important business activities.
The Ideal Office Space Location
The ideal location for an office space is one that will bring about the expected results and at the same time enable the business to carry out its objectives and attain its goals. This is exactly where Kennedy Center can actually accommodate all these location must-haves. Kennedy Office Center is very accessible by private vehicles and public transport, there being numerous bus stops along the main road. It is within a short driving distance to the RTD light rail station. In addition, there are many restaurants and shops within a 5 mile radius of the Kennedy Office Center. The Kennedy Office Center has close proximity to DTC and Cherry Creek and has easy highway access to I225 and I25.
Business owners who will be leasing office spaces with Kennedy Office Center can avail of free temporary space while their custom suite is being built. Most of the suites are newly renovated with new carpets and newly painted walls. Kennedy Office Center has four office buildings, giving plenty of choice to business owners who plan to lease office spaces.