The workplace real estate checklist: Finding the right location
We know the famous real estate mantra: it’s all about location, location, location! Yes, this applies to your forever home, but it also applies to the workplace that will house your growing business. The location of your future workplace and the surrounding neighborhood is just as important as the building itself. Do you know the right things to look for when exploring a new office site?
Keep reading to learn what Flash Coughlin, Envoy’s Head of Workplace, looks for when vetting a new space. We compiled all his expert knowledge into the Workplace Real Estate Checklist. Here’s a sneak peek of the checklist focusing on finding the perfect location:
You need to take into account the public transportation options available near your future office. Big cities, or areas that are growing rapidly, make driving to work tough, leaving many people to rely on the bus, train, subway, or ferry. Some prefer a more active route, getting to work on their bike, scooter, or skateboard, which requires bike lines and the appropriate safety considerations. Make sure your office is accessible via all the various ways people use to get to work.
The last thing you want is to pick a building that people have a tough time getting to. But, if you do end up finding a space you love that isn’t easily accessible, consider offering company shuttles or rideshare credits.
To continue with the concept of physical accessibility, take the time to calculate the workplace’s Walk Score—a number between 0 and 100 that measures the walkability of any address. Type your building address into Walk Score to see how you rank! Flash suggests a score of 90 or higher to ensure your new spot has everything people need within walking distance of the office.
Take a good look at the neighborhood offerings surrounding the spot you’re investigating. Are there quality shops, gyms, drug stores, supermarkets, cafes, and restaurants? If your office doesn’t have any good breakfast or lunch options nearby, are you prepared to provide meals for your employees?
These may not feel relevant to your bottom line, but they are very important to the people who work for your company. They are also big perks for attracting (and keeping) top talent.
You want to surround yourself with relevant companies in your industry. If you’re a big bank you may want to land in the Financial District of a major city. If you’re a tech company you may want to be in downtown San Francisco. A neighborhood that is friendly towards your industry makes it easier for your employees to network and make connections in your field. It’s also good for your business’ reputation, giving you the option to host events or attend conferences with like-minded professionals.
Last, but not least, you need to scope out the parking options available nearby or within the building itself. Is there a parking garage, lot, or designated outdoor spaces? Are there enough spaces for every employee who drives to work, or will you need to implement a lottery system to guarantee spots to your staff fairly? If you don’t have enough parking (or any) offered to you, you’ll need to go back to point number one in this post and evaluate public transportation options.
Now that we know how important the location of your next office is, have you thought about fiber networks, HVAC systems, elevator availability, security, and emergency systems?
Download the checklist to receive an interactive version of the Workplace Real Estate Checklist that you can check off yourself and track your progress. We’ll even send you a PDF version to print out and take with you to your next walkthrough. Happy office hunting.
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