I’m pretty sure that “The Clash” wasn’t thinking about their office space when belting this out 30 years ago. But, the question remains for businesses today. As companies near twelve months from the end of their current lease, the decision of renewing or relocating can sometimes be perplexing. Many times, companies are comfortable in their current location and are confident it will accommodate them for years to come. An office move is not for everyone, and no company should feel pressured to go through the disruption it causes.
For other companies, a move is inevitable. Here are some symptoms a move is on the horizon:
- Your space doesn’t match your pace (too large/small)
- Your area of town isn’t in a match for your clients
- Your employees have a killer commute
- You have a significant change in ratio of warehouse/office needs
- Your location no longer presents the right image for your company
Here are three tips: 1) Avoid being so captivated by staying put or moving that you fail to evaluate your options. 2) Always compare both options prior to deciding the right answer for your company. And, 3) have a commercial real estate professional help you track both options on a parallel course.
Since 1993, we have seen many renewals done without representation where companies miss the best possible value. Renewal time can be a critical juncture in the life of your company. Evaluate your options to find the best value for the future of your company. We’d be honored if you let us help you find the best place to do business.