Your client base is healthy, you're hiring new staff, and now you're running out of office space. These are all clear signs that it's time for an office expansion.
Many business owners in this position often turn to shared offices and flexible spaces. However, there is still plenty to consider before you make the move.
By 2030, the global coworking workspace market is predicted to reach a value of $24 billion. This shows the trend for business expansion via shared office space is continuing to rise.
To help you decide whether it’s right for you, you need to think flexibly. You’ll want to ensure your new office is future-proof so it isn’t outgrown quickly. But you also want to appeal to top talent. Let’s explore our top considerations for office expansion.
Do you need a new office space?
Planning an expansion is good news. It means your company is growing and thriving, and there could be a few reasons for this.
Your demographic area may have changed and you need to relocate. Or perhaps you’ve rebranded and need an office that better reflects your new values. You could be experiencing business growth due to external factors that have increased sales of your products or services.
Before you look at office rentals, think about whether you really need to make such a big move. Consider the following:
Can you reorganise the space?
Think about your current office setup and whether you can change it to fit more staff comfortably. Flexible workspaces often enable you to change your surroundings according to your needs.
Consider moving desks and chairs around, as this could create a space that’s a better fit for your team.
Can you redesign the office space layout?
Look at your current office and see whether you can expand it yourself. This could be a possibility if you’re already in a large office space where more room might be available.
For example, could you remove partition walls, repurpose meeting rooms, or reduce cubicles in favour of more coworking desks? Your office manager could even help you plan your new design for a seamless move.
10 office expansion considerations
Once you’ve considered the above and determined that an expansion is essential, it’s time to think about what you need from your new office space. From planning around your team size to understanding your budget, here are the top things you need to consider.
1. Assess the size of your current offices
Deciding on a space means you need to know how much room you need. Assess your current office space in line with your staffing numbers. This enables you to see how much space you need in the short term and with staff expansion.
If you’re unsure whether you need a larger space in the short or long-term, Regus can help you locate the ideal coworking office. We offer flexible agreements which means you can scale up or down depending on your needs.
2. Factor in remote workers (smaller scale expansion might be better suited)
Hybrid working models allow staff to spend part of the week working away from the office. Consider your remote workers to see if you can make use of spare desk space when they’re not in. You may find you’re only using half your office space, half of the time.
3. Setting your budget
Setting up a formal cash budget analysis is a key consideration when planning an office expansion. You’ll need to understand your current costs and overheads before comparing them against an alternative space.
If you can't afford a big move right away, a flexible coworking space with monthly costs might be better for your bottom line.
4. Predict future growth
Expansion is great, but it can often be unpredictable. You’ll want to consider every eventuality, ensuring your business is flexible and that you have everything to meet your needs.
Having the ability to be flexible in this way is especially crucial for startups or growing businesses. Regus offers flexible options, so regardless of how you’re scaling, you’ll have everything you need.
5. Construction or new offices
Many companies planning expansion feel that construction in their current office is the way forward. However, in some cases, a company may not own the space they occupy, and finding the cash to rebuild is not always an option.
A cost-effective solution is to find an office building for rent that meets your interim needs. Look for one with the capacity to either scale up and down at a later date.
6. Office space design and floor plans
You’ll have already analysed your current office design and floor plan to determine whether you can reconfigure it to suit. If you know you need to move elsewhere, research your options, preview floor plans, and assess which spaces offer enough room.
You should consider desk space, private offices, breakout areas, and other amenities. This ensures any new space meets the needs of the business and your teams, both immediately and in the long term.
7. Full time or hot desking
Even if you’re expanding your office space, you need to consider whether you’re going to put a focus on desk space. This isn’t to say you can’t prioritise more desk spaces, you should simply determine whether you’ll need them every day your employees are in the office.
Office space is still vital in a hybrid workspace, though you may wish to make smart use of your available floor space. Opting for hot desks helps with these endeavours, allowing your business to expand while also accommodating workers that aren’t coming into the office every day.
8. Time frames
What is your timescale for finding a private office to rent? If your employees are bursting out of their space and you still need more staff, then a move may feel urgent.
You should consider whether it’s wise to wait until there's a gap between projects before committing to a big change. You might be able to gradually expand with a flexible workspace that allows for expansion.
9. Interim office space
If you’ve found a new space, you might find you have an overlap between your current lease running out and moving into the new place.
While you get on with the move and secure cash flow, you could house your team in an interim serviced office. This helps to maintain work consistency and productivity levels.
10. Business continuity plan
Things don’t always go to plan in business, especially when it comes to big things like an office move.
As part of your expansion plan, you should ensure you have a business continuity plan in place. This makes sure everyone can continue working if unexpected problems occur.
Whether the space isn’t ready on time, there’s no internet when you move in, or your furniture is late, you need to ensure you’re prepared. You could do this by having a remote working policy in place or by using our workplace recovery service.
Let Regus support your growing business
Business expansion can be challenging, whether you’re expanding your current space or seeking something new.
At Regus, we’re proud to provide businesses with professional and trusted support when they need it most. We can help you rent a private office, temporary space or support you with amenities after your move. Browse flex office space to rent today.