A lot of business owners – and pessimistic consumers - can't escape the sense that we’re entering another tech bubble. IPOs are entering the rampant stage. Tech companies are expanding office space. The growth is largely driven by the increase in social media and technology-based businesses.
But no one wants to see a “double bubble” in both technology and real estate.
Still, the time arrives when your company simply outgrows its space and needs to move to larger quarters. The question is, as usual, if you can afford to buy or lease the extra space.
Take inventory of the following:
Is your company truly growing – as in, increasing customers, revenues and employees? If traffic has increased – well, good for you. But new employees make things a little cramped around the office.
Background noises—copy machines, phones, voices, etc.— means business privacy is lost and it is time to think about expansion.
Take note of your common spaces—your conference rooms, break or lunch room, hallways, etc. If these areas have even one box sitting in them, then space is becoming limited.
Safety space - Your business should already be “greener” than this anyway and keeping boxes of paper in the way of walk spaces are a safety hazard.
Lastly, don’t overestimate the depth of your pockets. Perhaps Groupon and Google can double and triple their office space, but as a new business owner, be careful.
Knowing when to expand your office space may not be as important as knowing how much space you will need, what you can afford, and how to use the space best.