Setting Expectations for Your First Office
Just like looking for a place to live, the search for office space is an imperfect process typically requiring some compromise. For instance, you might start out looking for a three bedroom home only to realize that a two bedroom is more affordable and allows you to make other upgrades. While it is certainly possible to “fall in love with” a particular location, we like to emphasize that there usually isn’t one perfect office. Setting this expectation early on can help you see an opportunity when it presents itself rather than waiting for an unlikely scenario. As it relates to the physical properties of an office, it is pretty easy to see where compromises are made (square footage, parking spaces, visibility, etc). Whether related to cost, property conditions or personal convenience, it is not uncommon to make compromises in terms of demographic conditions either. We often help our clients to weigh the pros and cons of differing demographic and competitive conditions at various locations. Of course as a business, there are some differences from a residential real estate search. The most important (demographically speaking) are that you know the competition and who lives and works in the area. Though you may not be in the neighborhood that you had originally set your sights on, you can use information about your new home to create a practice strategy relevant to that particular community, ultimately setting you up for success.