Securing the perfect office space for your firm can be difficult to achieve, especially when your wallet is involved. Renting office space can be a costly proposition which is why many firms are exploring shared, or co-working, office spaces as a more cost-effective solution. If your firm is considering this option, there are four factors you should keep in mind:
- Location, location, location. This real estate mantra is key since where you choose to locate your office will have a direct impact on your firm’s overall success. It is important that your firm’s location is in a safe neighborhood that is easily accessible for co-workers and clients to travel to and presents the image that you need to attract your ideal clients. Do you work with start-ups and tech companies? An incubator space may be in order. Looking to attract high net worth estate planning clients? This might not be a good idea.
- Privacy is key. It would be wise to scope out and understand how much space (private and shared) is available within the office. Client confidentiality makes it essential for you to have access to private space within the office where phone calls, meetings and other privileged communications can take place in order to avoid ethical issues. You also want to figure out how common spaces, such as conference rooms, will be reserved. Nothing looks worse to a client than scrounging around for space for a scheduled appointment.
- Love thy Neighbors? It wouldn’t hurt to do research on the other tenants that will be sharing your office space. If there have been issues or complaints from past tenants, you should be aware. A positive work culture is important to maximize business success.
- What Would Google Say? Search engine rankings are a valuable resource for driving traffic to your firm’s website and generating new leads. If your firm values high local search engine rankings, you may want to consider the consequences of sharing the same business location with multiple companies. Google may have less confidence displaying your business’ local profile if other companies are registered with the same address, particularly if you use a common receptionist number.
While sharing an office space is a practical solution for firms that wish to save on monthly expenses, there are many other concerns to weigh out when it comes to the success of your practice. As the adage goes, sometimes you get what you pay for.