When it comes to running a business or enterprise of any size, one of the key factors you need to take into consideration is location. The area in which you choose to establish your business matters for a number of different reasons. But how can you be sure if you’re choosing the right office space location for your business? That’s a tough nut to crack because it really depends on the nature of your business, your target audience, and your professional finances. Certain locations definitely have a lot more real estate value and appeal than others.
The best way to know for sure if you’re getting the best bang for your buck is to thoroughly identify your specific business needs and goals and align those with your budget. If you need help choosing an office location for your business, here are some important factors to consider.
Location Safety and Crime Rates
The safety of the area you choose should be one of your top priorities. After all, you and your employees have to feel comfortable going to and from work every single day. Plus, you want to make sure that the experience of working with your business is also enjoyable and comfortable for your clients. Take the time to research a few different areas and look into the crime rates surrounding the building you’re considering. Keep in mind that some customers might be reluctant to venture into areas with high crime rates and this could hurt your bottom line while also causing your insurance premiums to skyrocket.
Transportation and Accessibility
Transportation and easy accessibility are also important deciding factors when looking for an office space for lease or rent in Ottawa or Mississauga. Ideally, your office space should be close to various modes of public transit including subways, buses, light rail (LRT), or streetcars so that you and your employees can get to work easily. Other options to look for are major intersections so that your business is easy to find on Google Maps. You get bonus points if the entrance to the parking lot provides access to a main road.
Potential to Expand Your Business
Whether your business is still in its infancy or you’ve already established yourself as a midlevel organization with excellent profit margins and growth potential, you need to consider the size and infrastructure accommodations of your rental office space. If you project that business will be booming in the next few months, then you may need to hire more employees to account for that success. More bodies means that you’ll need more space for them to work in. If you can’t get more space at your brick-and-mortar location, then consider renting a virtual office that allows some or all of your employees to work from home.
You’ll still have access to a lot of the same amenities as a physical office space like mailbox rental services, a business address, professional phone number, IT support, web hosting, administrative team, receptionist, and more. Plus, you can book a meeting room, training room, or boardroom whenever you need to use them. The only difference is that all of your day-to-day operations will be handled remotely, giving you and your employees more freedom to work from anywhere around the world and grow your brand.
Look into Surrounding Areas as Well
What are the surrounding areas like? Are they busy? Do a lot of your customers and employees live nearby? Proximity is an important consideration when choosing an office space to rent in Ottawa or Mississauga because you want to make sure that the location is convenient and easy to get to for yourself, your employees, and your clients.
On that note, you should also make it a point to check out the amenities in the surrounding areas. It’s important to choose an office space rental venue that’s surrounded by lots of amenities and restaurants so that your employees have dining options and things to do during their breaks.
Research Local Demographics
Consider the demographics that your business is trying to cater to and target. Choosing an office location that consists largely of your target demographic makes it easier for you to reach your sales and business goals.
With that said, however, try to be open-minded when it comes to expanding your target audience and customer outreach so that you don’t hold yourself back from untapped markets that also hold great potential.
Local Foot Traffic
What’s the foot traffic like in each location? Is the location walkable for a lot of people? In today’s environmentally and health conscious world, many people prefer to drive less and walk or bike more to get to work or business meetings, especially if the weather is nice. Try to pick a central location with a high walkability score on real estate websites so that you can help reduce your organization’s carbon footprint.
Building Codes, Ordinances, and Building Restrictions
Even though you’re just renting an office space and not purchasing one, it’s always a good idea to look into local building codes, ordinances, and restrictions regarding the rental location. Doing your homework thoroughly educates you of your legal rights as a tenant and helps you guarantee that you’re getting a fair rental deal.
Other Businesses in the Area
It’s also a good idea to scope out the other businesses in the area. In addition to helping you identify your direct competition, if there is any, it also gives you a good idea of how busy the location gets during certain times of the day or week. Being close to other businesses—regardless of whether they’re your competition—makes it easier for you to gain more visibility. Whether you have a doctor’s office, a dentist, or a retail store next to you, people will notice your business as they go about their business.
Looking to rent or lease an office space in Ottawa or Mississauga?
Innovative Professional Offices is one of the leading office rental companies in Ontario. We offer premium office space rental packages with a variety of amenities included at an affordable rate. You can choose to rent by the hour, day, week, or month depending on the needs of your business. Book a free tour of our Ottawa or Mississauga locations today!
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