The location and use of commercial real estate can make or break a business’ success, something that we’re sure is not a surprise to hear. That is why it is so imperative to do proper planning and due diligence before you even begin searching for commercial space, let alone sign any sort of legal agreement for sale or lease.
Our philosophy is to start from the outside in, and while location is always the most important factor in choosing CRE, determining space size is a close second. Intelligent space planning means higher operational efficiency, reduced costs, and less moving. Hallelujah.
[bctt tweet=”Moving? Fit your needs AND budget. Determine exactly how much #CRE space your require to see success. “]
How Much Commercial Space Do You Need?
Below we help you determine how much commercial space you actually need for your business to thrive.
Number of Employees
This is the basic starting point of determining space needs for your business. The industry accepted rule of thumb used to be 200 to 250 SF per employee in your office, but with new building trends and less people actually working in physical offices, that figure has changed. The new accepted space needs for workers is:
- Economy: 100 SF/Employee
- Average: 125 SF/Employee
- Spacious: 150 SF/Employee
Need vs. Want
Although we sound like our mother, it is very important to be real with yourself and determine wants versus needs when space planning.
- Do you really need a 400 SF board room, or will a 200 SF meeting room suffice?
- Is a 180 SF copy room necessary?
- What about the kitchen, does it have to be stand-alone or can it be combined with the break room?
Getting real with the actual requirements for your business will save you lots of tears later when you have to turn in that monthly rent payment.
Once you have determined what is most important for your business space needs it’s time list all the rooms (conference room, copy room, executive office, workstations, etc.) and add it up! Each room in the space varies from economy to spacious (just like for employees) so play around with the figures and see what makes sense for your needs and budget.
Here is a great place to calculate your total square footage: commercial real estate space calculator.
Commercial Real Estate Design Trends
Something to keep top-of-mind when searching for office space is current commercial real estate design trends. It’s important to focus not only on current space functionality, but how it will grow with you to meet the future needs of your business.
The new commercial office features open, shared space that breed teamwork and socialization. We are seeing office space that contains just 17% of closed/private space, which means lower construction and tenant improvement costs. Click here to read our blog post that delves more into commercial real estate design trends.
The Space to Fit Your Needs
Bottom line, not all commercial spaces are created equal. It takes a bit of forethought and planning to ensure that the CRE you buy or lease is the best fit for your needs. Talk to your business partners, your employees and a licensed commercial real estate broker to help you make the best decision.
A little math also helps. This office space calculator is a great jumping off point to help give you a general idea of how much square feet your business requires. Once you figure that out, next steps are to contact a CRE professional (wink, wink) and start searching for that perfect space! Happy hunting!
About Us – The team at SVN | Graham, Langlois & Legendre has over 99-years of combined experience helping clients across the Baton Rouge area get the most value out of their CRE investment. Contact one of them today with any questions you may have and start seeing the returns in a market that will make sure to give today, tomorrow and for the extended future. To reach us, you can call us at 225.367.1515 or you can send us a message on our website. You can also follow us on Twitter at @svngll or on Facebook.