What To Consider When Searching for Office Space

Now that you’ve explored your office space options, it’s time to tackle the next crucial step: finding the perfect workspace for your business. 

Whether leaning towards a traditional office, considering a coworking space, or being intrigued by flexible office solutions, each path requires a tailored approach.

As a business leader, you understand that your office is more than just a physical space. It’s a strategic asset that can drive productivity, attract top talent, and embody your company culture. That’s why this next phase of your search is so critical.

This blog will guide you through the practical steps of finding an office that aligns with your business goals. You’ll learn how to effectively navigate property searches, work with brokers, and evaluate spaces across different models. 

We’ll share key insights on what to look for during property tours, how to assess coworking environments, and how to approach the emerging flexible office market.

We’ll also cover essential topics for those considering traditional offices like working with brokers, identifying red flags during property viewings, and negotiating leases. If you’re exploring coworking or flexible offices, we’ll help you understand the unique considerations for these models, from assessing community fit to evaluating contract terms.

By following this guide, part of our comprehensive whitepaper “How to Find & Manage a Private Office”, you’ll be well-equipped to make an informed decision that supports your company’s growth and success. 

Searching for a Traditional Office

Searching for a traditional office has its ups and downs unless you know what to look out for. Here are the essential first steps to take: 

• Search for spaces

You’ll need to begin by pounding the pavement. Identify a few properties that seem to fit your requirements—Google is your friend when searching for available properties. If you’re working with a broker, they will often do this for you. 

• Contact the ones you like

When you find a listing that interests you, contact the provided contact person. Sometimes, a brief form may be available for completion instead of direct contact information.

• Discuss your needs

After you inquire, a representative from the building or listing will contact you. Sometimes, the person reaching out will be a broker. This individual will ask you more questions and schedule a tour. A broker may inquire about your needs and suggest additional buildings or listings. 

A note on working with brokers: In commercial real estate, tenant representative brokers earn their commissions from landlords, so they are incentivized to find you an office within your budget and secure the longest lease period possible.

To make sure you’re working with a reputable broker, be sure to:

• Specialization: Ensure the broker specializes in your industry. For example, brokers experienced with Finance and Fintech companies will better understand security needs, while those familiar with MedTech may know properties with top-notch R&D facilities.
• Experience: Inquire about their experience level, whether they are junior or senior brokers and the size of their team. Senior brokers usually have more expertise in finding the best listings and negotiating contracts.
• Trial Options: Request a few property options as a trial to gauge their suitability. Assess the quality, location, and amenities of the properties they provide to ensure they align with your requirements.
• References: Ask for testimonials and references from previous clients to verify their credibility. Contact these references for detailed feedback on their experiences and the broker’s reliability.

A broker will likely ask you to sign an exclusivity agreement. This is usually fine, as agreements incentivize the broker to devote time and resources to your search.

If you decide to sign exclusively, just be sure to do the due diligence and ensure you feel that they truly understand what you are looking for. Also, include a protection clause —termination at any time — if you later feel they’re not performing for you.

In your discussions with a broker (or multiple brokers—don’t hesitate to speak with several), request 5–10 options and arrange appointments to personally view the three or four most promising properties.

When assessing properties, be on the lookout for any red flags and determine whether each property will meet your needs. Here are some key points to consider:

• HVAC System: Check the age of the system and whether it is under warranty. Typically, the lifetime of an HVAC system is 10-15 years. Find out who is responsible for repairs if it malfunctions. Ensure the system is energy efficient and meets your heating and cooling requirements.
• Elevators: If the space requires elevators, ensure they are modernized. Check the maintenance records, frequency of inspections, and compliance with current safety standards.
• Acoustics: This is particularly important for areas designated for conference rooms. Assess the soundproofing quality of walls, floors, and ceilings to ensure privacy and minimize noise disruptions during meetings.
• Plumbing: Test faucets and toilets for functionality and look for any signs of water damage. Verify the age and condition of the plumbing system to prevent future issues and ensure adequate water pressure and quality.
• IT Capabilities: Will the space meet your IT needs? If fiber internet is not already present, inquire about its availability and the possibility of installing it. Also, ask about local ISPs. Evaluate the building’s infrastructure to support high-speed internet and robust IT systems.
• Security & Access: Find out what security measures are in place, such as key cards or FOB systems. Determine if the building has 24/7 security personnel, surveillance cameras, and secure entry points to ensure the safety of your employees and assets.

On-Site Management: Check if a full-time superintendent is on site and if the owner’s or manager’s office is in the building. It is important to know if immediate on-site assistance is available for necessary repairs. Confirm the responsiveness and reliability of the management team when handling maintenance and emergencies.

Searching for a Coworking Office

Most major cities, from Ho Chi Minh City to Hanoi, have private offices options inside coworking spaces alongside traditional ones. Coworking is favored by fast growing companies with Millennial and Gen Z talent that expect more from their office and where headcount is unpredictable.

Whether you’re a representative office, a local chamber of commerce, a small business of under ten people, or a large team of up to a hundred employees, you can simply choose a location, take a tour, select a serviced office with the right amount of space, and sign a month-to-month agreement. 

A growing company looking for a more private experience or with specific requirements for their space and experience will be directed to work with a dedicated sales team instead of a coworking space’s site manager. 

Here’s what you’ll need to remember:

• Density and Space Options: The coworking model aims to maximize space usage, meaning there may be limited options for separate office spaces dedicated solely to your team. However, this ensures a dynamic and collaborative environment.
• Shared Security Concerns: Sharing space with other companies means security is a shared responsibility. Most coworking spaces have robust security measures, but it helps to consider the security of your data and belongings.
• Common Areas and Amenities: You will share common areas and amenities like conference rooms, entrances, waiting areas, kitchens, and bathrooms with other members. This fosters networking opportunities and a sense of community but may require coordination for space usage.
• Cost and Private Space: Coworking spaces are designed to keep density high, so having a fully dedicated space may come at a premium. However, the all-inclusive fees often cover utilities, cleaning, and amenities, which can be cost-effective compared to traditional leases.

Review Your Coworking Operator

If you’re looking for a coworking office, you’ll have numerous options, ranging from expensive international companies to regional coworking brands to single, locally-based companies. 

If you’re looking for a long-term solution in a coworking environment, keep an eye on occupancy and the typical longevity of a specific office—only 40% of coworking spaces are profitable. 

As we’ve seen with companies like WeWork, they can close suddenly when profits fall. Some operate on a razor’s edge: profit margins in coworking can be extremely tight, around 10% in some cases. 

Taken together, it’s important to conduct more due diligence on your chosen location, or you could unexpectedly be conducting another office hunt.

If you’re on the lookout for private office space in a Dreamplex location, check out your options here.

Searching for Flexible Offices

If neither tradition nor coworking sounds appealing, consider flexible offices. This newest option in the real estate world combines the best of coworking’s flexibility with traditional offices’ privacy and customization. 

While growing, there aren’t nearly as many options in nearly as many cities. But if you can find one, this may be the perfect fit.

Flexible Space Model Using Dreamplex Private

Dreamplex simplifies the process by pre-negotiating terms with landlords before making properties available. You sign your rental agreement with Dreamplex—not the landlord—so the terms can be easy. Your legal team doesn’t need to be involved, and you can get started in days. 

Dreamplex Private offers flexible offices that are all-inclusive. Once you sign a contract, you won’t need to worry about finding furniture rental, cleaning services, snack vendors, or internet providers—Dreamplex takes care of all those for the duration of your term.

With Dreamplex, the process begins much like in the traditional model. You’ll search for properties in your area and note the ones that fit your needs. If you don’t see the perfect office listed, it’s still worth submitting a request. Dreamplex is always working on new locations and expansion, so properties meeting your needs may be added soon.

Once we receive your request, our team will present the best options possible after asking a few additional questions, including:

• Number of people who will be in the space
• Projected move-in date
• Full-week access or specific days
• Required internet speeds
• Building security needs

Our team will then let you know the best option(s) available.

Searching for Office Space

As you search for the perfect office space for your business, remember that each step is crucial to making the right decision. 

Whether you’re exploring traditional offices, coworking spaces, or flexible solutions, we hope these insights will help you make an informed choice that aligns with your company’s needs and goals.

For a more comprehensive understanding of the office search process, including detailed strategies and expert advice, download our full whitepaper, “How to Find & Manage a Private Office.” 

Don’t miss our next article in this series, “Negotiations and Agreements,” where we’ll discuss the intricacies of securing your chosen space and finalizing the terms to set the foundation for your business’s new home.