Understanding Costs Associated With Moving to a New Space



Parking
Just as we mentioned in our location blog, understanding parking is an essential part of running a business. Depending on the area you’re looking to move to, parking can be a lot more expensive than you initially thought. If a significant percentage of your employees are driving to work and parking, you may be able to make a deal with a nearby garage so your team has the resources to get to work easily.
The Lease
Before signing the dotted line on your new lease, you should understand every associated cost. You’ll be locked into this lease for an extended period of time, so it’s of the highest importance to know exactly what that means for you and your business. There will be a security deposit required which is typically 30% of your landlord’s out of pocket expenses, and additional fees for utilities not included, after-hours HVAC use, and possibly janitorial services. There may also be termination penalties if for any reason you were to break your lease earlier than expected.
New Furniture
Different spaces call for different furniture, and what you have on hand may not always work in your new office. If you’re adding collaborative spaces or just expanding from your old office, it’s necessary to budget for any additional furniture you may need. Furniture can range anywhere from $15 to $25 per square foot, so It’s a good idea to take note of what furniture would translate to the new location and what pieces you would need to purchase.
Mover’s Insurance
If you decide to use a moving company to get everything from Point A to Point B, you’ll want your items to be protected. Buying an insurance policy to cover the cost of all the items you’re bringing to your next space can save you a lot of hassle if anything were to get damaged or lost. While purchasing insurance may be a little more costly upfront, ensuring the protection of your assets will give you peace of mind during your move.
Phone and Data
There’s an expense associated with wiring your space, getting your data hooked up, and potentially getting a new phone system. Often times even when a landlord commits to turnkey a space, the cost to setting up the wiring may not be included.
Phone and data wiring and set up fees start at around $2 per square foot and depending on factors like how many workstations you have, the types of ceilings you have, etc, it can go up to about $5 per square foot. Also, there can be a lag time from when you call to set up your internet service and when it actually commences. So be sure to start this process as early as possible.
A discrepancy with your budget can push back your move and set you behind. Take the time to look into any extra costs that could come up, and budget for the unpredictable. This strategy will ensure that money will not inhibit your big move.


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