Decisions around lease renewals or relocations require a deep dive into your company’s long-term goals, financial health, and operational efficiency. As a business leader, you already know there are many factors to consider in the “renew or relocate” question!
Business Goals: How does your location support your current business objectives? Future objectives? Do you have major growth plans that will require a larger space? Do you need to be near your clients’ market, or should you move closer to your talent pool?
Financial Impact: Conduct a budget-focused analysis, considering rental costs and potential moving or renovation expenses. A quality design, build and fitout partner should be able to provide you with test-fit plans and budgets to help you assess the financial implications of staying or moving!
Market Viability: What are the trends in your current geographical market? How does the local real estate market affect your renew or relocate decision?
Space Efficiency:Evaluate your current space usage for operational requirements. Are you in a space you’ve actually outgrown? Or could you downsize for increased efficiencies?
Employee Impact: Communicate with employees to understand the potential impact on job satisfaction. Renewing your lease could be the chance to update your space to attract or retain top talent!
Flexible Lease Terms: Seek flexibility in lease agreements to adapt to changing business needs. Brainstorm with stakeholders and analyze for potential scenarios based on business plans and market conditions.
Legal Compliance: Ensure adherence to local regulations and zoning laws.
Professional Help: Surround yourself with experts to support your decision-making. Working with a broker is a good place to start, to help you know what your options are.
Deciding whether to renew a lease or relocate is a multifaceted process that requires an in-depth look at your business. The key is to approach the decision-making process with a strategic mindset, to come to a conclusion that supports the overall growth and sustainability of the business.
Are you at the crossroads? Looking to explore your options for improving your existing space, or customizing a new space?
As a strategic partner, Aquest Design can help you through this process, including providing space plans, budgeting, and networking with brokers.
Reach out to Aquest Design today to find out how we can support you, whether you decide to renew or relocate!