deanna

By Deanna Mitchell
PS Executive Centers, Inc.

While going through your decision process of selecting an office, your number one priority is cost effectiveness and number two is likely LOCATION.
To determine the best fit for your office location you will want to give consideration to the following:

First, consider the location for your market or business.

• Located in a particular County of the State
• Convenient to Interstates and Highways
• Vicinity of your market or business needs (college campuses, government offices, retirement communities, corporate offices, etc.)
• Near an airport

Secondly, how convenient is the office located to your home or corporation

• Located within minutes from your home
• Costs of commuting

Third, give consideration to ease of access and parking

• Additional cost of parking fees
• Parking garages
• Guest parking
• Easily accessible by elderly or handicapped

DECISIONS…DECISIONS…DECISIONS…
Various tools are available to launch your office search.  One that is utilized often is the WEB Online Requests.  Based on the information you provide, office brokers will review your request and assist you in locating office facilities that will be the best fit.  These brokers have information readily available that include geographical locations and services provided.  Using the online requests is especially beneficial if you are relocating to a different State or Country.  They will then make recommendations to you and notify the office facility of your request.  Within minutes you will likely receive responses from these office facilities.  Do not become overwhelmed with these responses.  You will simply need to have your priorities and requirements readily available to help you evaluate the facilities.  If the facility has a website, visit their website to see actual photos and floorplans.  You may also want to do a map search to pinpoint their location.  Most facility websites have the option to do an online quote.

The quote will provide you with general pricing, but I highly recommend contacting the actual facility for a detailed proposal.  Many times the facility will have special pricing available, and will calculate a proposal specifically based on the services you need.  Also, once they know your budget they can make recommendations to meet it.

Choose your top 2 or 3 facilities and then schedule a time to tour the facility.  This allows you not only to see the physical appearance but also to determine your comfort level.  Is the support team professional, knowledgeable, ‘stuffy’ or friendly?  Does the manager seem sincere about your business needs?  Are you able to meet any of the existing clients?  After the tours are completed, you should have all of the data you need to make an educated decision for your office location.

Making your office decision is challenging, but there are many tools, services and people readily available to assist you.  Use ALL of them to make the best office selection for you and your business.

Various tools are available to launch your office search.  One that is utilized often is the WEB Online Requests.  Based on the information you provide, office brokers will review your request and assist you in locating office facilities that will be the best fit.  These brokers have information readily available that include geographical locations and services provided.  Using the online requests is especially beneficial if you are relocating to a different State or Country.  They will then make recommendations to you and notify the office facility of your request.  Within minutes you will likely receive responses from these office facilities.  Do not become overwhelmed with these responses.  You will simply need to have your priorities and requirements readily available to help you evaluate the facilities.  If the facility has a website, visit their website to see actual photos and floorplans.  You may also want to do a map search to pinpoint their location.  Most facility websites have the option to do an online quote.

The quote will provide you with general pricing, but I highly recommend contacting the actual facility for a detailed proposal.  Many times the facility will have special pricing available, and will calculate a proposal specifically based on the services you need.  Also, once they know your budget they can make recommendations to meet it.

Choose your top 2 or 3 facilities and then schedule a time to tour the facility.  This allows you not only to see the physical appearance but also to determine your comfort level.  Is the support team professional, knowledgeable, ‘stuffy’ or friendly?  Does the manager seem sincere about your business needs?  Are you able to meet any of the existing clients?  After the tours are completed, you should have all of the data you need to make an educated decision for your office location.

Making your office decision is challenging, but there are many tools, services and people readily available to assist you.  Use ALL of them to make the best office selection for you and your business.

During the past few years many corporations utilized the executive suite environment for their field or regional personnel. After factoring in the additional cost of a receptionist, administrative assistants, telephone systems, internet access, and furniture/equipment, they discovered that the monthly cost of traditional office space was substantially higher.

In an executive suite these necessities are shared with other clients. Another major consideration is flexibility. An executive suite offers shorter term lease agreements  and you are only charged for the services used. In addition, most executive suite clients agree that there is much to be said for going to work at a place where there are other like-minded individuals. Not only are executive suites the cost effective solution for corporations, but also for the entrepreneur.

Gary Tofil, Registered Principal/Owner, LPL Financial, has utilized an executive suite for 11 years. He comments “the most important conditions necessary for operating my independent securities practice are, professional image, technology, administrative services, and affordability.” He refers to the environment as “business in a box”, and appreciates the ala-carte basis. Gary remarks, “another bonus is having quality, live staff for my clients” which eliminates the headache and cost of having to manage staff and “payroll nightmares”. He closes with “the securities industry is regulated beyond redundancy, is fast moving, financially unforgiving, precise and multi-faceted, yet I can operate in my professional suites atmosphere legally, due to technology and the flexibility of my all inclusive suite/business box.”

Brett Ramsey, Owner, Novus Financial, stresses that an executive suite environment can be a valuable financial benefit to a business professional in the startup mode. He comments “it allows you to grow while in the ramp up mode.” He continues with, “flexibility is a key factor; the startup costs of critical operating expenses (phone systems, internet, operations and staffing) are eliminated. There is no need to hire that support person for more hours that what you will actually use their services for.”

Brett does still retain staff for particular functions, and commented “having the executive suite has allowed them the flexibility to perform their primary responsibilities and not be distracted with miscellaneous office support.” He states, “he recognized a 20% reduction in operating expenses during his first year in an executive suite.” Having experience working from a home office, Brett comments, “it not only provides a private office atmosphere, it also allows you to connect with a community of  professionals, sharing knowledge and experience.”

In comparing traditional office space to an executive suite you need to consider the cost of operating expenses, utilities, taxes and customizing the space to meet your requirements. Beware of the difference between ‘rentable’ and ‘usable’ rates. Many times the usable area is multiplied by a building factor to take in account elevator shafts, common hallways, restrooms, etc. Please refer to the BOTTOM LINE comparison example on this page.

I highly recommend visiting and taking a tour of an executive suite facility. My experience is that it helps to build a comfort level not only with the physical environment but also with the staff and services.