Finding the Best Triangle Area Office Space
In the last year, Apple, Amazon, and the U. S. Army began looking to the Triangle as a viable site for new North American headquarters. Even without taking into account the abundance of affordable office space in the area, the Triangle is home to three world-class universities while serving as a strategic midpoint between DC and Atlanta. The announcement that these organizations were keen on the Triangle was met with speculation about the region’s ability to service the three organizations’ needs. Even when a region, city, or neighborhood seems perfect for a business, choosing an office space involves considering many complex and interwoven factors. Below are a few of those critical determinants one should consider when choosing a new office space.
Things to Consider When Choosing A New Office Space
While the cost of a new space is very important, there are some things to consider beyond the sticker price alone. Hidden costs, such as the cost of utilities, moving expenses, and deposits can seemingly add up out of nowhere. Accredited commercial real estate brokers can help navigate the costs associated with buying, renting, and building office spaces. A good broker can also clarify the language of rental agreements by helping businesses negotiate for rate-increase caps and beneficial renewal terms. Additionally, it’s best to conduct due diligence on how one space’s price compares to similar ones in the area to ensure the best deal is had. For office space in the Triangle, searching for and cross-referencing property in Wake County can be done with commercial real estate search engines like Loopnet.
Beyond just the cost of an office, the importance of maximizing its overall accessibility cannot be overstated. Moving into affordable rural real estate, for example, could come at the price of losing clients downtown who value your proximity to them. Likewise, moving operations from the suburbs into a skyscraper might deter key employees who don't want to commute into a busy area. There is also the presence of amenities to consider. Locating near restaurants, grocery stores, and government buildings, for example, add value by affording employees extra convenience during their workday. If these features aren't already local to an area, consider choosing an office with room to include these services in the office. SAS' headquarters in Cary, NC is regarded as one of the best corporate campuses in the world due to its gourmet cafeteria, gym, daycare center, and its overall abundance of on-site facilities. Accommodating the level of parking available and accounting for its associated costs is also a must. If parking is limited, then consider what one of the best places to work in Raleigh (Citrix) does: offer reduced employee rates and validate customer tickets. These practices yield a positive impression from staff and clientele by making them feel that their time is valued by not forcing them to fight for spots on the street.
Taking Your Companies Culture into Account
An office space is also best when it matches the culture of the company that occupies it. While cost and accessibility are undoubtedly essential decision points, the style of an office is just as significant. Businesses should seek to locate in spaces that offer the ability to customize and brand their office at little to no cost. Businesses should also locate in buildings that help project the company’s vision. A green-energy startup could try to find an office space that is energy efficient, an industrial design firm could find strengthened character by settling in a repurposed building, and a midsize accounting firm might want to locate between other financial services in a skyscraper. In this way, office spaces can further hone a company’s identity.
The Growth of Shared Space
Although it might be hard to believe, companies don’t have to reside in a private and centrally located facility with free parking to be successful. The Triangle has witnessed an explosion of entrepreneurship in the last decade. A rising enthusiasm for collaborative spaces has followed that surge in innovation. Co-Founders Lab in Cary incubates seed-stage software startups while The Mothership in Durham houses creative businesses and freelancers. While sacrificing a private office might seem unappealing at first, there are multiple benefits to shared spaces. Businesses here can rent proportionately to their needs concerning both space and time while also benefiting from shared amenities like kitchens, conference rooms, and even gyms. This is not to mention the collaboration afforded by this setup. By being in such intimate proximity with other professionals, employees gain new connections as well as fresh perspectives on business practices.
Whether a business is choosing its first, fifth, or fiftieth office location, the process involved is complicated and time-consuming. With this in mind, having a clear idea of the costs involved and foreseeable impact on both personnel and clientele will prove priceless to companies of all shapes and sizes. If you’re in the market for a new office or commercial space for your growing business, entrust Fuller Land and Development to find or build the ideal setting for your future success!
Lauren Matas joined Fuller Land & Development in 2014 as a Project Coordinator. Her responsibilities include obtaining municipal permits and entitlements as well as managing the day to day activities for development and investment projects.Visit Bio Page