10 Things to Avoid When Considering a New Office Space for Your Financial Firm

June 5, 2023

Lance Leighton

Founder – HedgeFundSpaces.com
New York State Licensed Real Estate Salesperson

Call 516-557-1160

Top 10 Things to Avoid When Considering a New Office Space for your Hedge Fund, Private Equity Firm, Venture Capital Fund, Investment Bank or Family Office

Finding the perfect office space for your business is no small task. It requires careful consideration of various factors to ensure that the new office meets the needs and expectations of both your employees and your clients. While there are numerous aspects to consider, it’s essential to pay attention to certain key elements that can significantly impact the productivity, comfort, and overall satisfaction of your team. Here are the top 10 things to avoid when considering a new office:

1) Antiquated Lobbies:

First impressions matter, and the lobby is often the first area visitors encounter. An outdated or poorly maintained lobby can give a negative impression of your business. Avoid offices with antiquated lobbies that lack a modern and welcoming feel. Opt for spaces that present a professional and inviting atmosphere, leaving a positive impact on clients and employees alike.  At the same time, as many landlords are competing for tenants, if a lobby hasn’t been recently renovated, there is a chance that it will be done in the not-too-distant future leading to major inconveniences and disruptions.

2) Long lines at the security check-in:

In today’s security-conscious world, it’s important to consider the efficiency of the check-in process. Long lines and delays can create frustration among your employees and visitors, wasting valuable time and affecting productivity. When choosing an office, inquire about the building’s security measures and ensure they have efficient systems in place to avoid unnecessary delays.

 

3) Low Ceilings:

The height of an office space can greatly influence the overall feel and ambiance. Low ceilings can create a sense of confinement and make the office feel cramped. A more open and spacious environment with higher ceilings allows for better air circulation, natural light, and a generally more pleasant working atmosphere.  Although building owners cannot change the existing structures, they have figured out creative ways to maximize ceiling heights- including exposed ceilings with drops only in certain & necessary areas.

 

4) Limited Natural Light:

Natural light has a profound impact on the well-being and productivity of employees. Studies have shown that exposure to natural light improves mood, energy levels, and overall job satisfaction. Avoid office spaces with limited access to natural light or those that rely heavily on artificial lighting. Choose spaces with ample windows and consider open floor plans that allow light to permeate throughout the office.  It is also important to ensure that the office & conference room fronts are full-glass to radiate natural light throughout the premises.

 

5) Cold, Warm or Hot Office Spaces:

Maintaining a comfortable temperature in the office is crucial for employee satisfaction and productivity. Avoid office spaces that lack proper temperature control, resulting in overly warm environments. Excessive heat can cause discomfort, fatigue, and reduced focus. Look for spaces with efficient heating, ventilation, and air conditioning systems to ensure a pleasant and conducive work atmosphere.  As a matter of fact, most older office buildings rely on mechanical systems that run from 8:00am – 6:00pm, Monday to Friday (though some offer limited weekend hours as well).  Newer construction oftentimes allows tenants to control their thermostat 24/7 and/or more cost effectively.  It is crucial to understand the system being used to heat and cool the space, as well as the costs associated with it.

 

6)Slow or Inadequate Elevators:

The efficiency and reliability of elevators can significantly impact the daily routines of your employees. Slow or frequently malfunctioning elevators can cause unnecessary delays and frustrations, especially in larger buildings. Consider the elevator capacity and reliability when evaluating potential office spaces to ensure smooth and timely movement between floors.  Also, it is crucial to understand if there are enough elevators servicing the building for the amount of tenants and their employees.

 

7) Zero Amenities:

Amenities within or near the office building can greatly enhance the overall experience for your employees. Lack of amenities, such as a cafeteria, gym, or nearby restaurants, can make it inconvenient for employees to access basic facilities during work hours. Prioritize office spaces that offer convenient amenities or have them nearby to support your employees’ well-being and convenience.

 

8) Difficult Commute for Employees:

The location of your office plays a crucial role in attracting and retaining talent. A difficult commute can add stress and fatigue to your employees’ daily routine, affecting their overall job satisfaction and productivity. Consider the accessibility of the office space for your employees, ensuring that it is well-connected to public transportation and has convenient parking options.

 

9) Large floorplates with no elevator presence:

Large floorplates in a building can be appealing for mature tenants, providing ample space for your company’s needs. However, if a unit is located far away from the elevator landing, it can lead to inconvenience and wasted time for employees and investors. Opt for office spaces that are located directly off of the elevator bank to improve the visibility of the company’s brand and create a stronger presence.

10) Large leases rolling in the building:

When considering a new office, it’s essential to understand the lease terms and conditions. If the building has a significant number of large leases rolling at the same time, it may lead to disruptions, potential construction, or a potential sale. Be sure to inquire about the lease situation and evaluate its potential impact on your business operations.

 

Choosing the right office space is a critical decision that can have a long-term impact on your business. By avoiding these top 10 pitfalls when considering a new office, you can create a workspace that promotes productivity, well-being, and employee satisfaction. Remember to thoroughly evaluate each aspect and prioritize the needs of your employees and clients to ensure a successful transition to a new office.

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