Finding a new office can be a daunting task, especially in tight markets like Toronto where office vacancy currently sits at 2.4%.
When I’m out looking at office space with clients I find that there are two methodologies that c-suite can approach the process of finding a new office space.
- Dictate. They dictate to their staff the process/outcome they want for space.
- Collaborate. They allow key stakeholders to collaborate throughout the entire ideation, search and construction/move-in phases. Often companies include the main stakeholders like the Head of HR, COO, CFO and CEO etc. but I find it’s also crucially important to include individuals like your salespeople, engineers, office manager, or anyone who might make sense to contribute to your future environment.
In my experience with all sizes of clients, #2 undoubtedly yields a quicker, more profitable and less stressful experience. I’ve nailed this down to two main reasons:
As a CEO/founding team getting distracted by finding your next office can be costly. Your inbox will be flooded with emails, you’ll go on preliminary office tours that aren’t the best use of your time, etc. Empowering your employees to take care of most of this process can free your time up immensely.
In my opinion, this is the more important reason for adopting a collaborative approach to your real estate. By allowing your staff to be deeply involved with this important decision you will end up empowering them in ways that will have profound impacts on the future of your business. They will be part of the vision for the future.
Those that are invested in the vision execute on the mission!
Markets like downtown Toronto are so tight for space that collaboration is KEY both internally and with the right real estate partner.