How to Choose the Right Type of Commercial Space for Your Business?
When it comes to choosing a commercial space, you need to consider a few important factors which can reduce additional expenses in the long run. Commercial space can be an office or a warehouse or a mix of both. Once you decide the type of commercial space, you then need to know some of the hidden factors that make your commercial space a productive work area.
Here are some of the hidden factors that you need to consider before commencing your commercial building:
1. Location and Time to Build
If you, however, decide to move your business to a new location, you might want to choose the right location. The store location is a retailer's most costly and long-term marketing-mix decision. Unlike a bad pricing or promotional decision, a poor store location adversely affects retailer performance for several years. A business location strategy takes planning and research and a willingness to thoroughly vet all of your options.
It can, however, take time to complete a commercial building. So, you must consider the time it takes to complete the commercial building.
2. How Much Space You Need vs Want
The ideal space per employee for a general office is around 12-14 sqm per person. Meanwhile, the average requirement for store size is around 800 square metres, but ranges from 150 square metres for boutique stores to 2,000 square metres for department stores.
The space you need or want will depend on the number of your employees, the nature of your business, and the way your business works.
For instance, if you are looking for production space, you must ensure there is enough space for your equipment, machinery, and your employees.
If you are a service provider, then you must also be mindful of the future expansion of the team.
Plan a budget for your whole project and split budgets for each section. For instance, set a budget for construction, a budget for fitout, a budget for computers & other equipment, etc.
Doing so will avoid the budgets mixing up or ending up with an insufficient budget for other areas.
You need to consider other initial setup costs involved, such as internet connection costs, fit-out expenses, relocation costs, etc.,
4. Health and Well-Being
According to the Global Wellness Institute, the Global Wellness Workplace is already $48.5Bn in market size in 2020. It is projected to grow by $58.4Bn by 2025, signifying a 3.8% increase. What’s more, is that Australia ranked 10th amongst 20 markets in 2020 with total spending of $1.07billion.
Health has been a rising topic in the workplace even before the pandemic and post-COVID, creating comfortable workspaces that combat stress and improve mental wellness and job performance will become more evident to support employees.
If you want to increase your employees' productivity, you must improve their health and well-being. It is, therefore, essential to consider the fresh air and natural light entering the commercial space.
If the commercial space gets enough fresh air and natural light, it can make a huge difference in the health and well-being of your employees. This ultimately results in a high productivity level for the employees.
5. Security and Access
Check the security and access of the commercial space before leasing or buying it. In fact, you may need generators, additional power, additional entry points, and high levels of security.
It is, therefore, essential to consider these things before choosing the location for your commercial space.
How can Chest Constructions Help with Your Commercial Building Journey?
You must have a better understanding of the commercial space before building. It is essential to choose a commercial space that can fit your business requirements. If you are looking for reliable and reputable commercial builders in Perth, Western Australia, do not hesitate to contact Chest Constructions.