In the second of our five part series 'Finding the perfect office space' we discuss the importance of finding the right location for your business.
Part 2: Location, Location, Location.
Having the ‘right’ postcode might not in itself swing a potential new client in your favour, but it can certainly help to set prospects’ minds at ease. Where you choose to base your business can speak volumes about your priorities and aspirations.
Logistical considerations are also important when it comes to location. How easy is it for clients to drop by? What type of commute will your staff be facing? And, how close are you to other businesses in your niche?
Here are the points to keep on your radar as you weigh up the merits of different areas in and around your city.
Are you overlooking key areas?
You’re familiar with the CBD, but are you up to date on the new opportunities opening up along the city fringe? Could a prestigious CBD property be more accessible than you thought?
Sydney’s geography, as an example, is evolving constantly. It’s easy to overlook interesting developments in what were once overlooked corners of the city. At the same time, as new projects constantly work their way through the development pipeline, new opportunities arise in established locations.
Should you consider a sector hub?
There is a long tradition of industry sectors clustering in certain locations. The influx of tech firms in Sydney city’s Martin Place is perhaps the most notable recent example of this. But, not all businesses choose to head straight for a hub. There could, in fact, be sound strategic reasons for placing your people slightly outside of what might be regarded as your sector’s natural ‘home’. By no means is it unusual to find finance, professional services, tech, industrials and third sector organisations rubbing shoulders – often all in the same building.
As you consider different locations, focus on the following:
- Customer expectations - be clear on your businesses branding and make sure your chosen geography enforces these values
- Collaboration and referrals - do you intend to build relationships with companies who offer complementary services to yours? Being in close physical proximity to those businesses could make sense
- Attracting talent - especially for smaller companies, your presence in a sector cluster can help to catch the attention of new recruits
- Client location - there can be benefits to embedding’ your staff in or near where your client base is situated. Medical practices of various specialities are an obvious example of businesses which benefit greatly from being within close distance of each other due to referrals being a common practice.
What's next?
Contact us for help finding your perfect office space and location. We can help you map out botable businesses already present in target locations. We service tenant and occupier organisations exclusively and are experts in navigating the challenges that often come with a landlord biased market.
