What Does Your Office Say About Your Business?

Research is vital when seeking suitable commercial office space. You need to have clear goals and a strong sense of where your business is headed. Follow this guide to find the best commercial office space in Sydney…

Your office is more than just space. It’s a big part of what shapes your business’ identity. Finding the right home for your business isn’t just about how many desks it will accommodate. There are many factors to consider. For example:

• What image would you like your commercial office to project?
• How important is that perception to your clients?
• What matters to employees (both existing and prospective)?
• Do you anticipate imminent growth?

Our guide to finding the best space for your business

All of these questions – as well as your budget (obviously) – will determine whether you’re in the market for traditional, co-working (shared), serviced, open-plan or warehouse space. Creative agencies, for example, should be seeking space that’s conducive to inspiration and workshop ideas. Cubicles in a rigid high-rise office won’t do the trick.

The bottom line is that narrowing your parameters will speed up your search and give you a better chance of finding an office everyone loves.

Before you start your search you first need to define what you are looking for.

What are your business goals?

First off, your commercial office space needs to work for your business. You cannot choose any old space and hope your business will adapt.

Start by revisiting your business goals and what fuels your success – whether that’s measured by growth (of your revenue, client base or workforce), maintaining your results, work-life balance, talent retention, or a combination of all of these.

What do you primarily use your workspace for?

• Meetings (internal / external)
• Quiet desk-based work
• Collaboration
• Design

If on-site meetings are important, make sure there’s space to conduct them. Are the rooms capable of housing screens, projectors and speakers to optimise those meetings? Are they always available and is there a booking system?

Sort your ‘must haves’ from your ‘nice-to-haves’

Your ideal commercial office (you know, the one you daydream about) probably has tons of bells and whistles. Massage chairs, meditation pods, a printer that actually cooperates – fanciful things like that. It may even look something like these 20 of the best offices we’ve ever seen.

While it is important to keep on top of trends, beware of favouring luxuries over necessities. It’s important not to get sidetracked by flourishes that force you to compromise on the things you really need. Keep a short list of your top priorities and try not to stray from them – take any emotion out of it.

If you’re a tenant, remember that you’ll also likely be expected to ‘make good‘ at the end of your lease. And this can be a significant cost, especially if it has not been budgeted for.

Location, location, location

In terms of location, you want to find a happy middle ground that minimises travel time, fits the size of your workforce (with room for growth) and projects the right image.

For businesses with corporate clients, a location in or near the CBD is probably most convenient. This will minimise costs and time in transit moving to and from meetings.

If your space also acts as a storefront, you need to know that the area has sufficient demand and you have the right visibility and foot traffic.

Keep your employees front of mind

It’s also necessary to consider the commute and work-life balance of your employees.

Hiring and retaining talent is a key challenge that can make or break your business. So, choose a commercial office with convenient transport links. And, if possible, find something that fosters a healthy work-life balance with nearby amenities like cafes, bars and gyms.

The importance of wellbeing is still a huge trend in workplace design in 2019. As a minimum, modern workplaces should have plenty of natural light, a good mixture of quiet spaces available, in addition to good air quality and filtered drinking water.

The importance of technology

Another aspect that helps attract and retain talent today is the use of technology. So make sure the office you choose is up-to-date and able to handle modern tech, is in an area that has great networking and broadband systems in place with fast speeds, and the ability to adapt to the future changes.

Public perception may seem superficial, but when you’re in the business of attracting new clients (not to mention highly-skilled employees), it helps to project an image as an industry leader. That might mean having a killer view, or the universal symbol of a welcoming workspace: the ping pong table.

Having an office that you can show-off might just be the thing that tips business in your favour.

Which commercial office type are you?

Traditional office space

There are two types of traditional office spaces.

1. Partitioned/Closed offices

Closed offices are spaces that are divided into a number of individual offices. They are typically favoured by businesses that carry out private/confidential work, like accountants and lawyers.

Over the past decade, office partitioning (particularly glass partitioning) has become a popular way of sectioning off an office with semi-permanent walls. This is because partitioning is:

• Cost-effective – Office partitioning is much cheaper than dividing up an office using solid, permanent walls, particularly when it comes to making good.
• Flexible – Partitioning gives you the flexibility to change your office layout easily if your business changes. They can be quickly installed and removed or relocated whenever you want, with minimal mess. This prevents you from being limited by your current space and the way the office has been arranged.
• Private: Partitioning gives businesses the ability to section off more private spaces, even in a relatively open office. This provides staff with areas they can use to conduct private meetings or carry out “quiet” or confidential work.
• Design: Partitioning can actually add to the design of an office space and can be stamped with your brand’s identity (e.g. logos or colours).
• Natural light: Glass partitioning or partitioning with glass/glazed panels integrated into the design, can allow much more light to pass through.

2. Open-plan office space

Open-plan offices have become very common, but it’s not a one-size-fits-all system. While there’s a productivity argument (that staff will always be motivated to work because they’re always in view), it doesn’t work for everyone.

That said, open plan layouts are flexible and allow for reconfiguration as your business grows.

One example was the Salvation Army-owned property at 140 Elizabeth Street. The building was offered as a ‘core and shell’ space across six storeys. Companies were encouraged to create their own identity within the space. This meant that tenants were able to select colours, fittings, carpet and whether concrete ceilings were exposed or not. Floor plans were malleable and the landlord even offered to chip in to assist tenants with their proposed fit-outs.

Co-working (shared) office space

Co-working spaces are increasingly being sought by many businesses. They’re great for small businesses, start-ups and the growing number of independent contractors. Even larger organisations are jumping on the coworking bandwagon as a means of staying flexible and on top of the competition in terms of innovative new products and ideas.

A recent survey on Coworking office space in Australia expects the sector to triple by 2030. Approximately 12% of all Australia’s commercial office stock will be classified as ‘flexible’ by the end of the next decade.

It’s easy to see why. Co-working spaces help dilute costs and also provide businesses with the opportunity to collaborate with neighbouring enterprises. If you do opt for a shared commercial office, it’s best to move in among businesses that are likely to complement your own.

Read about how commercial strata owners must stay aware and respond to coworking as a competitive threat.

Serviced office space

Serviced offices can be overlooked simply because the monthly fees are higher in direct comparison with basic leased space. However, what you pay in rent is what you save in hassle. Things like furniture, cleaning, reception and security are all taken care of. You also gain flexibility with the option of short-term leases.

In contrast, traditional office space usually locks you into a fixed lease for at least two-to-five years. Weigh up the cost versus the headache of having to arrange everything yourself.

Warehouse office space

Warehouses are often utilised as creative offices due to their spacious interiors. Again, the layout is critical, as well as how you wrangle the acoustics. Spaces such as these have basically become an exercise in town planning.

Different roles – not to mention personality types – call for spaces tailored to various tasks. The biggest mistake you can make is a half-hearted attempt at pleasing everyone, achieving nothing.

For example, you don’t want to stick quiet workers next to salespeople who are constantly making calls and having loud discussions which disrupt focus. Avoiding that situation makes sense, but it’s amazing how often it happens.

Something as simple as equipping staff with laptops might enable you to better utilise space, giving everyone the freedom to shift around as needed.

Despite predictions that the fixed, physical office is nearing extinction, we believe it will survive thanks to the need for face-to-face interactions and collective productivity. Few things help us focus more than a room full of people working hard and relying on others to do the same.

There are a number of office design trends that can impact on how staff interact with a commercial office space. For example, when it comes to unconventional (yet practical) workspaces, the right layout can foster staff productivity, collaboration, innovation and well-being.

It’s also up to business owners to create the right kind of atmosphere. You need to eliminate distractions – or at least facilitate the right kind of distractions – to get the best out of your staff and ensure your business is attractive and sustainable.

How to find your perfect office space

Once you have identified the type of space you need, it’s time to start the search. There are a number of ways you can conduct a commercial property search. Either by doing the legwork yourself using real estate agents, online portals and agreeing and negotiating all the details yourself. Alternatively, you can also enlist the help of professionals such as commercial letting experts to make life much easier.

After you have found a space you are interested in it is important to make sure you ask questions before agreeing on anything.

Questions to ask before renting a commercial property

To understand what’s involved before you sign a commercial tenancy agreement be sure to ask some of these key questions.

• How much is the rent?
• How much are the business rates?
• When and how will the rent be reviewed?
• Are there any rent-free periods?
• How long is the lease?
• When and how will bills be paid?
• Are there any maintenance costs?
• What other service costs do I need to pay?
• Are there any break clauses?
• Will I be able to renew the lease?
• What are my key responsibilities as a tenant?
• What property services are included?
• Can I assign or sublet the property if I need to?
• What are the parking facilities and restrictions?
• Are there delivery facilities and any restrictions?

Securing the best office in competitive markets

The vacancy rates in Australia’s CBDs have been on a downward trend due to the growing demand for commercial office space. At present, Sydney’s office vacancy rate is at a decade-low – according to a Property Council Australian Office Market Report in February 2019

Sydney had dipped to a 4.1% vacancy rate, meaning there is more competition for less available space. To be able to move quickly, it is important to have all your business accounts, paperwork and deposits in place so ready to act once you’ve made a decision on a commercial space.

Get in touch with TGC today!

TGC has access to a variety of commercial office spaces for lease and sale in Sydney and an experienced team of commercial property experts who would be more than happy to answer any questions you may have. Contact us or call on 1300 458 800.