A Physical Office Space: Can you do Without?
It’s no secret our work landscape and office space are evolving faster than ever before. This constant change forces businesses of every demographic to face a crucial decision: Should they invest in a physical office or embrace the virtual work environment?
A while back, we put out a short article on the benefits of virtual offices, but now it’s time to play devil’s advocate and highlight the benefits of physical offices too. As such, we’ll briefly compare the two. Then, we’ll take a deep dive into the difficulties, and the payoffs, of finding the right physical space for you and your company.
If you’re on the fence about whether your business needs a physical space, that’s okay. Above all else, you must do what’s right for your company. So, as we read, consider these four points:
- Physical spaces offer benefits like a more professional brand image.
- Virtual spaces offer other benefits like cost-efficiency.
- Finding the right physical space can be difficult.
- However, that doesn’t mean it’s impossible.
So, let’s see if this is for you and go from there.
First, the Benefits of a Physical Office Space
A physical office offers several advantages over a virtual one. Once upon a time, these advantages would’ve sounded obvious or second nature. However, after the world-changing implications of COVID-19 sent us all home, they became seemingly distant and obsolete.
Yet as things continue returning to normal, understanding these advantages becomes more and more a crucial aspect of successfully running your business. They are:
- Professional Image: A physical office conveys two very impactful messages: Professionalism and permanence. Combined, they instill trust in clients and partners.
- Face-to-Face Collaboration: Physical spaces facilitate face-to-face interactions. In turn, these interactions foster both teamwork and innovation in most employees.
- Established Work Environment: It provides a dedicated workspace. Dedicated workspaces typically reduce distractions and improve productivity.
These three advantages serve as the main pillars of why physical offices will always endure in a business landscape that continues to evolve. However, it’s worth noting that virtual offices have their own set of advantages as well.
Virtual Office: The Alternative
Virtual offices possess their own set of advantages that will forever make them endure as well. The key is understanding whether your business can do without them. In most cases, it can. However, the advantages are still worth knowing. They are:
- Reduced Overhead: There’s no need for utilities, maintenance, or security costs. Everything that would literally be over employees’ heads are factors you’d never have to consider.
- Cost-Efficiency: Money saved extends beyond reduced overhead. Other costs you can cut are the expenses associated with leasing and maintaining a physical office space.
- Flexibility: Finances aside for a moment, employees can work from anywhere. In most cases, this has been proven to enhance work-life balance.
But are these things worth it? Can one truly consider them as advantages when they might not be exclusive to virtual offices?
For instance, reduced overhead and cost-efficiency can also be achieved, albeit at a lower rate, by finding the right physical location. Although most modern employees associate flexibility with a virtual office, true flexibility boils down to company culture.
So, how do you find a space that checks all the boxes?
Finding the Right Office Space
Selecting the right space for your physical office is pivotal for your business’s success. As mentioned in the previous section, it’s also integral in saving money and boosting morale. So, when you’re looking for the right space, consider the following:
- Location, Size, and Layout: Is it accessible to your employees, clients, and suppliers? Does it accommodate your team and operations both efficiently and comfortably?
- Budget: Can you afford the rent and other expenses? If not, consider looking elsewhere, and don’t stop until you find a suitable location.
- Amenities: Often overlooked or never considered, what facilities and services are available? These amenities especially can play into overall employee satisfaction.
Unfortunately, there’s a lot more to finding the right location than those three considerations. On top of that, you must overcome additional hurdles. These hurdles can make the process a lot harder and longer than it needs to be.
Even more reason to keep them at the forefront of your mind. After we highlight them, we’ll discuss an easy way of overcoming them.
The Challenges of Finding the Perfect Space
Finding the ideal location for a physical office is easier said than done. You should prepare yourself to encounter various challenges. Simply recognizing that a physical office space would be better for your company than a virtual one is the first step. The rest will be more difficult to take.
As such, prepare yourself for these challenges:
- High Demand: You’re not the only one considering this. Some companies never went virtual. Consequently, competitive areas can have limited available spaces.
- Budget Constraints: On a similar note, finding an affordable space can be challenging, especially in prime locations. This constraint will force you to make some tough decisions.
- Negotiating Leases: And let’s just say you find the perfect location. Negotiating lease terms and conditions can be intimidating, especially while you’re still trying to run your business.
So, what can you do? If the modern trend is returning to physical offices over staying in virtual ones but the difficulty in doing so proves too great, how do you move forward? How do you bypass the hurdles and challenges and still reap the rewards?
Easy: Find someone whose job it is to find a physical office for you. Find someone who knows how to navigate high demand, work within budget constraints, and negotiate leases with ease.
A Commercial Broker can Find Your new Office Space
A commercial broker is a professional just like you, except their expertise is a little different. They help individuals and businesses buy, sell, or lease commercial properties. These commercial properties can be things like retail spaces, warehouses, industrial facilities, or most of all offices. They act as intermediaries, connecting property buyers and sellers. Often, they have expertise in the local real estate market, helping clients make informed decisions about their commercial real estate transactions.
Typically, commercial brokers earn commissions based on the sale or lease of these properties. So, they only win when you win. As such, they play a crucial role in facilitating real estate deals in the commercial sector. These are just a few of the benefits they bring to the picture:
- Market Expertise: Commercial brokers possess in-depth knowledge of the local real estate market. You’re an expert in your field; they’re an expert in theirs.
- Access to Listings: As such, they have access to a wide range of available spaces, including off-market properties. This means access to properties your competition won’t know about.
- Negotiation Skills: Brokers excel in negotiating favorable lease terms on your behalf. Their goal isn’t a quick buck. Their goal is to find you the best office space possible.
And finding a good commercial broker isn’t hard either. It’s not another hurdle or challenge you must get past. It’s as simple as taking that first step to contact us.
You’re not Alone
In this digital age, the debate between physical and virtual office spaces continues. Both have their merits, but a physical office remains a robust choice for businesses looking to establish a strong presence, encourage collaboration, and provide a dedicated workspace. However, finding the right office space can be a challenging endeavor.
Since our inception in 1932, The Blau & Berg Company has held a leading position in the New Jersey and Tri-State commercial real estate market. We’re headquartered in Short Hills, New Jersey, and are an independent, full-service commercial real estate brokerage firm. Our goal isn’t a quick buck. Our goal is to provide you with the best services in industrial, retail and office spaces.
Considering the benefits of a physical office space, it’s time to act. Together, we can evaluate your needs, visit potential spaces, and negotiate wisely. Together, we can commit to growth.
We look forward to working with you.