How Much Office Space Do I Need?

Steps to Help You Determine the Right Amount of Office Space

 

It’s a question we get often, and an important one to consider before choosing your office space: How much office space do I need?

 

Of course, working with either your commercial real estate agent or a professional real estate management company in West Virginia would give you direct access to someone who could help you determine the answer to this need.

 

However, we understand many feel more comfortable knowing exactly how much office space they need before entering conversations with a professional. Below, we’ve outlined just a few steps to help you determine the best fit for your business’s needs, so that you can be armed with a plan when you give us a call.

 

List Out Personnel

First, write a list of all the different personnel that will be working in your office space. From the CEO to the office administrators, make sure that your list includes every position.

 

Identify Needs of Employees

Next, determine what type of actions will take place within each space. For instance, will the CEO need space within his or her office for private meetings that would include 3 or more people? Would an engineer need space for a drawing table? The more you determine the actions and needs of the space, the better you will be able to answer the question “How much office space do I need?”

 

Determine Needs of Customers within Space

Also closely related, it’s imperative that you list all the actions and needs that will be required by patrons visiting your business. If this is a medical office, patient examination rooms will be necessary. Perhaps a separate room for x-rays will be required. Will a waiting room be necessary? Will a board room be needed in the event of larger meetings?

 

Other Space Considerations

Here are a few other important space needs to consider:

  • Will you need a file room or mailroom?
  • Will you need a lunch/break room?
  • Will a kitchen be necessary?
  • Do other rooms need space for sinks (i.e. patient examination rooms)?
  • Will you need a storage room?

 

Factor in Growth

After all of these space needs have been determined, it’s important that you look to the future and consider your company’s growth potential. We certainly hope that you’re planning on growth, and if so, you’ll need to consider that when looking at your space. A general rule of thumb is to plan for 10-20% more space than you currently need if you’re signing a 2-5 year lease. This allows you ample space for growth without hurting your current cash management needs.

 

Plan Now to Save Later

Thinking through all of these questions now will save you headaches down the road when you’re squeezing into too little space or you’re paying for far too much.

 

Stay tuned for our next article in this series, as we will be giving you space guideline suggestions for each type of office or retail space.

 

As always, if you have any questions that we can help you answer, please call us today!

 

1-304-485-8000

 

Should You Buy or Lease Your Commercial Real Estate?

Pros and Cons of Buying vs Leasing Commercial Property

While running a business is rewarding, the list of stresses and pressures that accompany any business owner seems to multiply around every bend in the road. And with each added pressure, productivity can suffer.

Thankfully, every pressure, whether small or large, provides an opportunity for change and growth, bringing more efficiency and productivity. There is always a solution to every obstacle.
You simply must find the right solution for your company.

Don’t let your building space distract from the primary goal

One foundational factor that ideally should warrant the least amount of stress and time, your building, often can become the biggest stress.

Your physical property should be one that supports your daily operations, displays your company’s environment and stands as a professional testament to your success, without detracting from company goals.

Your space should offer efficiency, versatility and functionality. Therefore, you must ask yourself “Will those goals best be achieved by buying or leasing my commercial space?”

Which is best? Is buying or leasing commercial property more cost effective? When does buying vs leasing make the most sense for a business?

All important questions to ask.

That’s why we’re providing you with a quick comparison for buying vs

leasing commercial property.

Buying Vs Leasing Commercial Property

Below we’ve outlined the top three areas of consideration for your space and the effects both buying and leasing have on each.

  • Your Cost
  • Your Time
  • Your Flexibility

 

Your Costs – How does your building affect your P&L?

Whatever you want to call it – cash flow, the bottom line, the P&L – the cost of any decision is certainly the most profiled factor of a business. So which option is the most economical – buying or leasing? Let’s take a look.

Upfront Costs

  • Buying – Your upfront costs when buying are generally 10 – 25% of your entire purchase price
  • Leasing – Upfront costs for leasing generally consists of the first and last month’s rent

Working Capital

  • Buying – With large investments in the down payment and building upgrades, much of your working capital is tied up in the building
  • Leasing – With minimal upfront investment, cash is available for more business growth and continued investment opportunities

Property Repairs

  • Buying – You are solely responsible for funding and maintaining repairs on your property
  • Leasing – The burden of the property upkeep and repairs rests with the landlord

Appreciation

  • Buying – Owning allows you the opportunity to benefit from long-term appreciation in value
  • Leasing – No appreciation assets available through property investment

 

Your Time – How does it affect your time as a business owner?

Time is Money. And those that have run a business for any amount of time, fully understand the value of that statement. You can’t do it all. You must determine if your building maintenance is one area in which you are willing to give your time or not.
Property Management

  • Buying – Your time and attention must be given to the upkeep and management of the property
  • Leasing – The landlord invests the time and attention for the needs of the property

 

Your Flexibility – How does it affect your ability to be flexible as a business?

Fixed vs Variable Rate

  • Buying – Fixed rate on most building mortgages can allow you to plan well for the long run
  • Leasing – Monthly rates can vary and change with the market, requiring more strategic planning for unexpected price adjustments.

Growth considerations

  • Buying – Better for a stable company with established systems and company size
  • Leasing – Better for a new or rapid growth company, that may need to change property locations more easily

Location

  • Buying – Can experience limitations if stuck in a location that may no longer fit your needs, or may have hit a temporary dip in property value depending on current real estate market
  • Leasing – Flexibility to move without concern of the current building value, allowing ample opportunity for growth and expansion

Ultimately, you must closely analyze numerous factors of your business, including current working capital, future cash flow needs, growth potential and long-term investment goals.

Both buying and leasing have a place in different cycles of a business’s lifespan.

And while PMC offers commercial leasing as our primary service, we have determined never to recommend a space or situation that is not right for your business. We have helped hundreds of businesses find the right solution for their unique situation, even if that means recommending something outside of our holdings.

However, we would be remiss not to suggest leasing as a viable and preferable option for your business. After all, we service commercial leasing because we believe that it provides an optimal solution to businesses.

We find the most satisfaction in our business when we are providing the right solutions to our clients. Let us help you determine what space is the right fit for you!

Call PMC today at 1-304-485-8000.

“Thank You” to Our Employees!

We believe our employees are our greatest asset. Without the men and women that make the gears turn behind the scenes, our reach would be limited. It is only through the dedication and hard work of our team that we are able to successfully grow, provide more value to our customers and change more lives through our work.

 

So today, on National Employee Appreciation day, we want to say thank you to all of our employees that stand with us as an integral part of the PM Company team. You all have taken on the PMC vision as your own, and we are grateful for your contribution to our business, day in and day out.

 

We asked employees in three different departments to answer a few questions that show their perspective as they work in this industry. Enjoy their answers below!

 

Lisa Collins, Marketing Strategist at PMC

What do you enjoy about the industry you are in?

“I’m fascinated by the way commercial real estate is an indicator of the economy. I never looked at it that way until I came to work for PMC. If new business is investing here, that means our economy is still moving in a positive direction. Even though we have a couple of big, empty buildings in our area right now, major companies are still looking at us. That’s a great sign.”

 

What does a “win” look like for you?

“A win for PMC is a tenant who is happy with their location and their service.  A win is a client who feels we’re always a step ahead in looking out for their interests. For me personally, as a brand builder for the company, a win is when people recognize PMC as a professional, thoughtful organization made up of people who care about making this valley a better place to live and do business.”

 

What gets you through the hard days?

“At the moment? Seeing that Starbucks in progress outside our front window!”

 

Kelly Cale, Banquet Captain at Grand Pointe Conference & Reception Center

What do you enjoy about the industry you are in?

“I enjoy learning as much as I can about the banquet/restaurant/hospitality industry.  I enjoy striving to be the best that I can be in an ever changing industry. Each event is different and unique in its own way.  Each event pushes you to learn something new, whether you’re learning about the AV system, or what gluten free is.”

 

What does a “win” look like for you?

“A “win” for me is when every single guest leaves Grand Pointe smiling and full of compliments. Another win would be when a group re-books because of the excellent  service and food that they experienced at Grand Pointe.”

 

What gets you through the hard days?

“We have a lot of long days. What gets me through the hard days is meeting with my team. We take about 30 minutes out of each shift and go over each event as well as our personal lives. It’s important to me that my team knows that I truly care for their health and wellbeing inside and outside of work. If they need someone to talk to, I am confident that they know that any one of our team would listen and help them in whatever way they can.”

 

Stanley Durrett, Maintenance Staff at PMC

What do you enjoy about the industry you are in?

“I like the diversity of the work. I have set things I have to get done, but things can change quickly, which I like.”

 

What does a “win” look like for you?

“When everyone works together as a team and gets things done. This morning, I needed help with something and called a fellow employee to come help. He came right away and we got it done.”

 

What gets you through the hard days?

“I just try to keep a positive attitude and stay flexible.”

 

We are so thankful for every one of our employees. They carry on our vision here at PMC to value each relationship, whether client, tenant, employee or vendor, and to provide superior customer service.

Thank you, PMC and Grande Pointe employees. We could not do this without you!

Spirit of Giving 2017 Smashes Records

The PM Company has announced their 10th annual Spirit of Giving fundraising has broken all previous records, with the total raised exceeding $50,000.  PMC is matching those dollars raised in the community, bringing the total to be given to local charities to $116,000.

For the tenth year in a row, the PM Company and Minnite family elected to forego traditional gifts to tenants and vendors with whom they do business, giving the money instead to area non-profits.

PMC created the Spirit of Giving Fund at the Parkersburg Area Community Foundation, and they invite those businesses to join them in raising funds and awareness for the designated charities.  The PM Company then matches the money raised. “This is the perfect way for us to come together with our business associates and friends, to demonstrate the spirit of the season,” said Karmyn Minnite Conley, one of the Managing Partners. “We look forward to this gift-giving all year, because we get to benefit so many important efforts.”

Spirit of Giving has donated in excess of $500,000 in the last nine years, and they planned to celebrate their 10th anniversary with their largest year ever. The goal was to raise $50,000, and match it, bringing the total to $100,000.

Student, business and civic groups were also invited to participate by collecting items from Wish Lists provided by the charities.  Donations were collected by Student United Way, Ohio Valley University, Berkshire Hathaway, Mt. State Oral Surgeons, the office of Dr. Florence, the Big Red Archery Team, Put Supplies Plus, and others.

In addition to PMC and Grand Pointe Conference and Reception Center, major sponsors for the event also included Family Carpet, Huntington Bank, Peoples Bank & Insurance, and United Bank. Each company donated $5,000 toward the effort.

 

 

 

 

PMC Announces Recipients for Tenth Anniversary of Spirit of Giving Effort

The PM Company has announced their 10th annual Spirit of Giving fundraising has broken all previous records, with the total raised exceeding $50,000.  PMC is matching those dollars raised in the community, bringing the total to be given to local charities to $116,000.

For the tenth year in a row, the PM Company and Minnite family have elected to forego traditional gifts to tenants and vendors with whom they do business, giving the money instead to area non-profits.

PMC created the Spirit of Giving Fund at the Parkersburg Area Community Foundation, and they invite those businesses to join them in raising funds and awareness for the designated charities.  The PM Company then matches the money raised. “This is the perfect way for us to come together with our business associates and friends, to demonstrate the spirit of the season,” said Karmyn Minnite Conley, one of the Managing Partners. “We look forward to this gift-giving all year, because we get to benefit so many important efforts.”

Spirit of Giving has donated in excess of $500,000 in the last nine years, and they planned to celebrate their 10th anniversary with their largest year ever. The goal was to raise $50,000, and match it, bringing the total to $100,000.

Student, business and civic groups were also invited to participate by collecting items from Wish Lists provided by the charities.  Donations were collected by Student United Way, Ohio Valley University, Berkshire Hathaway, Mt. State Oral Surgeons, the office of Dr. Florence, the Big Red Archery Team, Put Supplies Plus, and others.

 

In addition to PMC and Grand Pointe Conference and Reception Center, major sponsors for the event also include Family Carpet, Huntington Bank, Peoples Bank & Insurance, and United Bank. Each company donated $5,000 toward the effort.

PMC Announces Recipients for Tenth Anniversary of Spirit of Giving Effort

The PM Company has announced their 10th annual Spirit of Giving fundraising has broken all previous records, with the total raised exceeding $50,000.  PMC is matching those dollars raised in the community, bringing the total to be given to local charities to $116,000.

For the tenth year in a row, the PM Company and Minnite family have elected to forego traditional gifts to tenants and vendors with whom they do business, giving the money instead to area non-profits.

PMC created the Spirit of Giving Fund at the Parkersburg Area Community Foundation, and they invite those businesses to join them in raising funds and awareness for the designated charities.  The PM Company then matches the money raised. “This is the perfect way for us to come together with our business associates and friends, to demonstrate the spirit of the season,” said Karmyn Minnite Conley, one of the Managing Partners. “We look forward to this gift-giving all year, because we get to benefit so many important efforts.”

Spirit of Giving has donated in excess of $500,000 in the last nine years, and they planned to celebrate their 10th anniversary with their largest year ever. The goal was to raise $50,000, and match it, bringing the total to $100,000.

Student, business and civic groups were also invited to participate by collecting items from Wish Lists provided by the charities.  Donations were collected by Student United Way, Ohio Valley University, Berkshire Hathaway, Mt. State Oral Surgeons, the office of Dr. Florence, the Big Red Archery Team, Put Supplies Plus, and others.

 

In addition to PMC and Grand Pointe Conference and Reception Center, major sponsors for the event also include Family Carpet, Huntington Bank, Peoples Bank & Insurance, and United Bank. Each company donated $5,000 toward the effort.