Office Space Advice
The new office suite advantage
Published November 19th, 2008 by Mike Sullivan
Over the past several years, the office suite industry has been seeing tremendous growth. Many of the bellweather companies have seen high single digit to double digit percentage growth in new locations. This not only brings more credibility and awareness to the industry, but also confers great benefits to the seeker of office space.
- Location - I hate to use cliches, but location is the key factor in deciding on office space. And it’s location as it relates not only to convenience, but image (think toney Buckhead versus industrial Norcross in Atlanta). What growth in the industry will bring to the seeker of office space is simply more options for places to work. For example, I live in a relatively small town with only one class A executive suite that’s about 40 minutes from my house. Luckily, another suite is opening in early 2009 15 minutes from my house. It gives me the option of using a serviced office if I choose.
- New suite lease rate advantage - Ability to negotiate great pricing is probably the number 1 benefit for the startup or small company. A new suite typically needs to fill up quickly in order to generate necessary revenue to pay their own monthly lease or they risk losing significant money in the first 12-18 months. This provides leverage to the seeker of office space, and aBetterOffice highly recommends talking to at least one new location during search for office space.
- Latest and greatest technology and amenities - Like new homes and other types of real estate, new suites are usually outfitted with the latest in technology and amenities trends. You may find that “mature” suites sometimes do not offer wireless internet, whereas new locations always have wireless internet. New locations trends also include access to workout facilities and improved commons areas.
There are several drawbacks to new suites, but I will cover those in another post in the coming weeks. In the meantime, if you’re searching for office space, always have at least one new suite in your short list of locations. It will benefit you greatly in you negotiations.
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Marcus Hester November 21st, 2008 at 4:36 pm
The serviced office industry is definitely garnering more credibility. While we still need to see more market education around the executive office rental model, there is no doubt that the pioneers are starting to see significant traction and the newcomers are riding on the back of that success with brand new facilities. The new suites may have an advantage in many ways that you’ve outlined. I’ll be looking for the other side of the new serviced office story.