HOW MUCH SPACE DO YOU NEED? U NEED?
The size of your prospective building should match the size of your staff and any growth you can see yourself having in the next few years. A general rule is that each employee should have about 70 square feet of space. If you’re planning on expanding or even just hiring a couple of new employees (or see it as a possibility in the years to come), you should get more space than you currently need. It’s tough to know your long-term outlook and predict the exact size of your company. You’ll also need enough meeting rooms and common areas. Here are some questions to help guide your search. Will everyone have at least 70 square feet of room? Do I have staffing growth projections? When will I have these projections? (They are important for your search.) Will my space accommodate those projections, when I have them? Will there be ample space for meeting clients? Do the employees approve of the common-area plans? If you think it could be worth it, having extra space and putting in an effort to lease it can make a profit. Of course, that entails being their landlord. For a company with unknown growth in their future, it is a smart way to make sure you will have eventual space. It is worth going over this with your broker and seeing if they can’t find a secondary tenant in a pinch. Downsizing is even harder to predict than company growth since it can seemingly come from out of nowhere, after being born of necessity. Follow the general rule of getting enough or more space than you need, instead of getting less space then you need.
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