Deciding what to do when a lease is up is important for any corporate tenant. For small and medium-sized businesses, though, the stakes are even higher.
In general, these businesses operate with lower margins and have less financial cushioning. Without the benefit of in-house advisors, they often find themselves muddling through major real estate decisions on their own—and, as a result, missing valuable opportunities for cost savings, improved space utilization, growth potential, and better alignment with long-term goals.
With more than 800 million square feet of U.S. office space set to expire over the next five years, according to The Business Journals, businesses of all sizes are asking: Now what?
The answer depends on obvious factors like company growth projections, location, and financial constraints. But there are less evident considerations. How the work environment affects things like company culture, brand identity, and behaviors speak to the benefits of taking a more strategic approach—and asking deeper questions—to address challenges beyond the basic bottom line.
