When Is It Time To Move Office?

Office space is an important asset to any business and once you’ve found the right space for you, it can be daunting to think about relocating again. However, moving office may become a necessity as your workforce grows and your business expands. Plus, as the working landscape continues to evolve and more employees are being asked to return to the office, the office needs to offer more as a functional, purposeful destination that help attract people back in.

E. ON held a survey which found that relocating to new office premises is the second most nerve-shredding undertaking business owners and operators face. The same survey also found that 78% of companies stall or postpone their plans to move, preferring to endure sub-optimal office space, with all the leaks and creaks and costs of ageing infrastructure, rather than go through the pain of relocation.

An office move is so much more than a physical experience – it’s a major opportunity for change and can be a catalyst for business transformation. It’s a chance to realign your corporate premises with strategic priorities, with the benefits far outweighing any short-term hassle or upheaval. There are some signs that it’s time for a company to relocate, or at least refurbish their office, but each project has its own requirements. This means that looking at examples of other companies can offer inspiration but doesn’t provide a short cut to the answers.

According to the CBRE’s Prime Rent and Yield Monitor, UK office prime rents rose 1.6% in Q2 2022, with the largest increases seen in the East Midlands (6.0%) and Fringe London (3.7%). These rental price hikes, combined with the current energy crisis and other inflationary pressures, may force businesses to consider moves to less expensive/more efficient premises.

Conversely, your current workspace may be constraining your growth ambitions and profit potential. A strategic move to a new office that’s better equipped to support your commercial objectives could help to unlock future value for your business.

Your building may also no longer be fit for purpose – unable to support the tech infrastructure or collaborative spaces you need to drive your business forward. Tech retrofits and refurbishments can be a major undertaking, not to mention cost. In these instances, relocation may be the easier and more logical solution. Or you may simply be outgrowing the space around you. Cramped workstations and overcrowded meeting rooms are a sure sign you need to consider pastures new.

Should you stay or should you go?

There are of course strong arguments in favour of staying put and refurbishing existing office space – for example, avoiding the instability and inconvenience that may accompany a change in location. But overall, the benefits of an office move are compelling: improved employee morale, recruitment and retention; reduced staff turnover; a lower carbon footprint; increased exposure to customers; and enhanced motivation and productivity – all of which will eclipse any stresses and complications along the way.

But whichever path you choose, the key thing is to consult your employees. As Martin Reeves, Development Director at Oktra suggests, major workplace change should be “something that happens with your employees, not to them”. The workspace user experience is paramount, and it should be this that shapes your final decision.

Remember, there is no right or wrong answer – only the option you feel is best for your business and your people.