Real Estate Decision Making in Uncertain Times
Uncertain times make real estate decision making for any company challenging. If your company has a lease expiring in the next 12-24 months, here are some key questions to consider:
Did your current office space work pre-crisis? Did the building and location meet the company’s needs?
Every company is now testing a virtual workforce. What is, and what is not working for your employees during this experience?
Could company employees benefit from a more flexible work-from-home arrangement long term?
If yes, would a modified work schedule impact greater than 20-30% of the current employees? If yes, this modified work environment could translate into a need for less space and warrants a workplace strategy study (start by clicking the link below).
NEAR TERM VS. LONG TERM
- All businesses are feeling the impact of this crisis. Do you expect the impact to your company to be greater in the near term or long term?
- What is more valuable to the sustainability of your business?
- Protecting cash
- Lowering expenses
- What level of confidence do you have today in business planning beyond 12 months? 24 months?
- Is growth a consideration in that business planning?
This crisis will impact the broader real estate market restoring leverage to tenants in negotiations with landlords. The strength of leverage is still too early to tell; however, Boston Realty Advisors is confident that any company prepared to transact in today’s world will benefit. Whether a short-term lease extension is most prudent or a relocation and redesign into more efficient space represents the company culture going forward; our team is here to listen, learn, advise, and execute the best real estate strategy for your organization.