- Posted by Selina Bradley
- On June 16, 2017
Indianapolis and the surrounding areas of Carmel, Fishers, and Noblesville have become some of the best communities in the USA for families to live due to their low costs of living and high quality of life. And, that very same reason has prompted businesses to jostle for the available commercial real estate for rent in Indianapolis to serve the increasing population in the area.
While there is still space available, getting an ideal office is proving hard for most of the small and medium-sized business.
And while several factors come into play when searching for the perfect commercial real estate property for rent or buy in any locale, there are a few that will remain consistent everywhere. Location matters, of course, but that’s not all anymore.
Every business wants to be near the target customers so that they can reach them with ease. However, companies want to locate near their most ideal workforce to cut down unnecessary travel that lowers productivity and to give them a leg-up in attracting skilled employees.
Company culture matters
The office space you choose should help you engage your employees and define or elevate company culture. Employees who are disengaged from the company make little contribution to its growth. In fact, nearly 70% of employees work like robots on their routine. Such a company cannot meet its goals. Many firms in Indianapolis are unable to find an office that enhances their engagement and participation in the growth of the company.
Decoding the employee mindset for better recruiting
You need to attract and retain highly qualified talent. With Millenials overtaking Boomers as the largest generation in the United States, employers need to find a meaningful way to appeal to this very particular group of workers. Culture is one of the top concerns for young candidates with their workspace playing a huge role in shaping culture. Make the right impression with the look, amenities, and design of the office. Amenities like an exercise room, outdoor break areas, or even roof decks make the workplace inviting, warm, and flowing with energy.
Your employees are also looking for a company that affords them recreation opportunities, flexible working spaces, and flexible hours of work. They want to be able to connect with the communities around them and spend time at places where they can enhance their personal development. Several firms in Indianapolis are working round the clock to ensure that these facilities are available in the workplace. Are you?
The real problem with commercial real estate
Most companies who are scouting new office spaces run a high risk of being taken advantage of during lease negotiations by working with a broker who isn’t protecting their best interests. Many of commercial real estate brokers are part of large companies who have less and less time for the tenants they pretend to help. They are quick to show the office space without any true understanding of the needs of the tenant.
Why is this happening?
Most of the large international brokerage firms target big businesses and have grown through merger and acquisition of the small and mid-sized brokerage firms. The kind of cannibalism that has been experienced in Indianapolis has seen medium-sized brokerage firms swallowed by big firms leaving few competent real estate brokers to serve small-to-medium-sized firms.
The second and just as significant reason is the rampant conflict of interest. Most real estate agents focus on landlord listings and will not advocate for the tenant’s needs unless it is in the best interest of the building owner as well. Agency relationships between commercial real estate brokers and the massive institutional owners — who own much of the office space in Indianapolis — mean that they are working for owners and not the tenants. Firms engaged by property owners in this way have a legal obligation to get the best deal for their landlord client (and that’s not you!).
What is the way forward?
If building owners have contracted the help of the best commercial real estate brokers in Indianapolis to represent their interests, you absolutely should do the same. The good news for you is that it won’t cost you anything to enlist the help you need: a tenant representative. Your representative acts as an advisor to help find an office location that is your ideal location, meets your company culture and employee interests, negotiate the best possible term for such space, and helps you to manage the lease after the paperwork is signed. They work for you, period. Sourcing a strong tenant advisor in Indianapolis should have an in-depth knowledge of local real estate laws, a deep network of connections to source the most compatible properties for your specific needs, and the ability to be a strong negotiator for the perfect property that enhances the growth of your company.
Over to you!
What problems have you experienced while looking for a new office space? Do you feel hopeful or are you dreading your next move?