Knowing how many people you employ now helps you estimate how much space you need today to operate your business comfortably, but building in your anticipated growth helps you expand your business without costly interruptions. As a company grows in size, relocation becomes a very large and complex undertaking, requiring input and coordination of construction, IT, finance, furniture vendors, engineering, and other teams and personnel. By waiting too long to start the process, a company could be limiting its options, rental rates could be higher, and the number of spaces available might be limited.
So if you currently employ 10 people therefore you can estimate you need approximately 2,500 square feet of office space today. (250 SF per person X 10 people= 2,500 SF). But, you expect to add 2 new employees each year and you want to sign a three-year lease. Do you need an additional 1,500 square feet today to accommodate your growth plans? Not necessarily. You need to determine what type of employees you will be adding. If they are senior executives that need private offices then, you will need to add closer to 1,800 square feet, (300 SF X 6 executives= 1,800 SF). But, if they are clerical support staff that will operate in a “bull pen” or open space plan then the need may be as low as 900 square feet, (150 SF x 6 employees = 900 SF) Spending time now estimating your employee growth plans could save you a significant amount of money in the future. Moving your offices mid-lease because you do not have enough space to add necessary staff can be much more expensive than building in your expected growth needs before you sign the lease.
The below table is a general guideline for how much time you should spend looking for new space for your company.
|Space Size in SF||Time Table|
|1,000 – 5,000||3-6 Months|
|5,001 – 10,000||4-9 Months|
|10,001 – 20,000||6-10 Months|
|20,001 – 50,000||8-15 Months|
|50,001 – 100,000||15-24 Months|
|100,001 +||24+ Months|
The Sundance Company knows that finding the right leasing space for your business can be a complicated process, and that is why we are here to help your company find the ideal commercial real estate space in the Boise Valley. Call us at 208-322-7300 or check out The Sundance Company website to view property photos, search for office space or learn more about Sundance’s start-to-finish capabilities. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime Boise Valley locations.
About The Sundance Company
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs in Boise, Meridian, Nampa, and the greater Treasure Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime Boise and Meridian locations. More information is available at www.sundanceco.com or 208.322.7300.