It’s a great time to think about evolving your workspace to create a place where people like to be. While the housing market is running into inventory issues, commercial workspace is available, and there are bargains to be found, whether you’re leasing or buying.
If you and your team are ready for a workspace update, here are four things to consider to maximize your investment.
- Determine the type of space you need. Be sure you have a clear understanding of who will be using flex space and when people will be in the office. How will office space be used for meetings, solo work or training? Then determine whether you intend for your team to grow, and plan for how much space you and your team need both now and in the future.
- Decide if now is the time to buy. If you’ve been leasing space, now might be the time to make the move to ownership, to give you more control and flexibility over your space, while also building equity. This is a great conversation to have with your banker, who can provide options by looking at your current situation and offering insights on your local market.
- Consider centralizing your operations. Here in Montgomery, we don’t worry as much about commutes, so taking teams from multiple locations and centralizing them in one location is easier here. I have a client who gave up leasing multiple scattered spaces for his employees and chose to buy one larger space. The company invested in a complete redesign, even making the space pet-friendly for employees who had become accustomed to working alongside their furry friends at home. The result was a place where people were comfortable, fueling a more engaged company culture.
- Work with design and engineering experts as you make your plans. Though some of us may dabble in interior design, planning workspaces is best done by people with applicable experience. To maximize both your investment and the use of the space, use design firms and engineers who specialize in this sort of work and can create a flexible plan to fit your current and future needs.
MEET THE EXPERT
Dana Moore is a Vice President, Commercial Loan Officer for Valley Bank based out of the Montgomery main office. She has been in the small business banking industry for more than 28 years, helping businesses grow. Contact her at 334-270-3006.
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