No matter what type of business you are running, one of the most important decisions you will have to make is where to set up shop. Office location can have a big impact on your bottom line, so it’s important to choose wisely. In this blog post, we will discuss the different factors that affect office costs and how they can impact your business.
Are big cities really better?
Consider the cost of rented offices across locations with larger populations and where less populated areas could equal huge savings. For example, office space in New York City is some of the most expensive in the world. If you’re looking to save on office costs, you may want to consider setting up shop in a less populated area. Of course, there are trade-offs to be considered when deciding on an office location. A smaller city might have lower rents, but it also might have a smaller pool of potential employees.
Let’s talk numbers, shall we? A quick Google office search shows that an average office in Edinburgh is going for £373 per person per month. In the heart of London, that office space nearly doubles to £523 per person per month. And in Hong Kong? It can be up to a whopping £1558.
So, what does this mean for your business? Brass tacks – if you have the opportunity to open an office in a smaller or less populated city, you may be able to save a significant amount on office costs. Don’t forget about how office location will affect your employee’s cost of living too. In a less expensive city, your employees will be able to stretch their paychecks further. This can be a big factor in attracting and retaining top talent for your company.
When choosing an office location, it’s important to consider all of the factors that will affect your business. Rent is obviously a major consideration, but you should also think about things like the availability of talent, the cost of living for your employees, and the overall quality of life in the area. By taking all of these factors into account, you can make sure you’re choosing the office location that’s right for your business.
For more tips on how to find the perfect office location get in touch- our team are on hand to help you navigate the often-complex process of finding an office.