When running a company, you will inevitably have to move or rent a new building. The process of moving is a big issue in itself. However, some problems lie during a time before proceeding. It’s during the process of looking for an office space. Considering that the pandemic increased the office vacancy rate in the US by 15% in 2020, you might be thinking that it’s easy to look for an economical building that could support your business. But remember, moving to a new office is a big leap for your company. It’s an essential factor in growing and sustaining your business in the long run. So here are some things you should look out for when moving into a new building.
Certifications
Certifications are essential for every building in the US. Certifications can help you identify if the building is following state regulations and if the building is operating safely. Additionally, if you choose to build your own space, having these certifications can increase your office’s marketability.
There are some certifications for buildings in a commercial space in the US. Some may vary depending on where your business is located.
But generally, you want to rent or create an office space that has an electrical certification. An Electrical Installation Condition Report (EICR) is something that an inspector will give you once your building has passed inspection. In some situations, particularly when you’re building your own office space, you have to get an inspector to inspect your building for an EICR certificate.
EICR certificates help you with the safety of your office space and help you identify potential electrical problems that might occur. It can also help you determine if your electrical grid is operating at optimal quality. Knowing this can help you avoid paying unnecessary bills.
Other certifications you can look out for are green building certifications. Certifications such as LEED, Energy Star, BREEAM, and Green Globes are all green building certifications. These certifications can help with identifying if your space is of maximum energy efficiency. It can also help your company look good in front of investors looking for an environmentally-friendly business.
Ultimately, an office space with the necessary certifications is a good sign for structural integrity. It looks good on paper, and they also help you avoid unnecessary complications and disasters in the future.
Insurance
In everyday business operations, a disaster is bound to happen at any time, even if your space is certified. Accidents are common in every business, and no one can really control that. An employee may fall down the stairs, despite the stairs being safe. Another employee might get electrocuted despite your building having an EICR certificate. Additionally, natural disasters happen all the time. May it be earthquakes or storms, they are bound to hit your building at some point. A criminal activity might also occur within your office space. Theft is a prevalent property crime in the US, and you can be a victim of that. All of these things can happen anytime, and as a business owner, there’s not much you can do about it, aside from getting insurance.
Commercial property insurance can protect your office space from calamities such as storms, earthquakes, and fires. It can also save you from criminal activities such as theft. Being covered by this kind of insurance alongside business insurance means that you have nothing to worry about ever again. The coverage of these kinds of insurance is also pretty comprehensive, which means you can pretty much get claims for almost anything, may it be an employee accident or structural damage to your building due to a storm. All of these things can be paid for by insurance.
Price
Lastly, you’ll have to look into the cost of the office space. You’ll have to look not only at the rental fees but at utility costs as well. The price of your office space can vary widely depending on its location, utilities, and size. Ensure that the building you’ve chosen doesn’t have utilities that you won’t need for business operations. Additionally, make sure that the building does not have reoccurring maintenance costs, which will hurt you in the long run. Buildings with the certifications stated above are usually free from constant maintenance problems, so it’s appropriate that you choose certified office spaces.
If you’ve chosen to build your own office space, you get to be more flexible when it comes to the cost, as you can select which utilities you don’t need. Hence, maximizing your savings in the long run. The main problem you should worry about it is the initial cost of building the space. Make sure to keep in mind the size and the location you need as this can decrease the costs of building office space.
