To move, or not to move – that is the question. Whether it is most fitting for a company to engage in a search for new office space and relocate or to negotiate the terms, renew the lease and renovate . . .
Does the thought of Hamlet expounding profound concepts and complex philosophical ideas make you think of commercial real estate? Maybe not. But as companies cautiously consider their expansionary plans and experience the competitive market resulting from low vacancy rates and limited new deliverables, the adaptation of Shakespeare’s opening lines to his most famous soliloquy lend themselves to intriguingly pique your interest around a topic that is among the least favorite subjects companies face – relocation.
Companies tackle the dialog surrounding relocation in their due diligence as they seek to attract and retain talent, navigate organizational change, strive for innovation, encounter technological disruptions and increase their competitive edge.
They take the plunge to emerge as leaders adopting WELL building standards, incorporating green initiatives and promoting sustainability strategies to maximize health and wellness improvements of the employees and minimize environmental impacts on the next generations.
Lease expiration may be a catalyst for the initial conversation, but there are many factors weighing in on the pros and cons of relocation versus renovation. Let’s consider the five B’s – Building, Budget, Brand, Behaviors and Beauty – and items to include in the vetting process.
We have compiled some questions you should ask yourself before engaging with a commercial architecture and interior design firm.