Here are the Top 7 Reasons for Commercial Office Moves in St. Petersburg
As we continue to see here in St. Pete (especially in the growing downtown area), businesses of all sizes are constantly moving.
While the average business will stay in their office space for 7 years, with the complexity and commercial activity of a city St. Pete’s size, there is always movement.
Some companies grow. Some companies close or merge with others. But what are the main reasons these companies make the move from one office space to another?
Here are the top 7 reasons why commercial moves in St. Petersburg, Fl happen:
1) Want or need more space for a growing company
This is generally an exciting time for St. Pete business owners. Things are going well. You’re adding staff or need more space for your current employees. You seek out a real estate to relocate to using LoopNet or one of the other online aggregators of commercial space for lease. Maybe you call Ciminelli, Fischbach Commercial or one of the other big boys in the commercial real estate brokerage world.
2) Downsizing, closing, merging or bought
Similarly, while some businesses are growing, others are fading away. This could be the result of shifts in the economy, poor management or simply just retirement of a small business owner. Additionally, many businesses can be bought by other businesses, absorbed or merged together requiring less location than their were before.
3) End of lease – time to move
This may be the biggest reason why companies relocate in St. Pete. Their lease is ending and, if they’re not 100% happy where they are or are facing other needs for space, it may just be time to move. Lease costs and relationships also come in to play here as well.
Aquila Commercial, in their article, When Should I Renew My Office Lease (Or Look to Relocate) Prior to My Lease Expiration, points out that depending on the size of your company, you should be looking at lease options anywhere from 6 months to 2 years ahead of your lease ending. *From our experience, most businesses tend to wait until the last moment however.
4) Building your own space or building
This is the dream of many business owners. They want to buy a building and build it out or they want to contract with an architect and builder and create a new workspace based on a long-term vision they have.
To design and build a new space, St. Pete businesses must be prepared for at least 1 year of planning, building and relocation (and generally, the timing will likely be closer to 2 years).
5) Building issues and inattentive property owners
Some office buildings are subject to leaks or flooding after heavy Florida rainstorms. Or perhaps the building owners are lax in their care of roofing issues, plumbing issues and HVAC issues. Working in a building that isn’t taken care of well by the property owner can often lead a tenant to look for new space at the next available chance.
What are landlords responsible for? Read this article from Pekin Insurance:
6) Better commute and lower stress
Ok, this is typically a reason that comes from the owners or executive team members. But with St. Pete’s crazy traffic, it can be a real motivator and top reason for a commercial relocation. No one likes to sit in traffic. If you own a law firm, but are driving an hour each way during your daily commute, you may opt for office space closer to where you live. That’s perfectly reasonable.
7) Tax incentives
In growing economic areas here in Florida, local governments and counties may incentivize companies to relocate their organizations. They’ll offer up tax breaks and other incentives. While this generally is only made available to larger companies, smaller companies moving to the St. Petersburg market may want to connect with the local economic development group – St. Pete EDC – to see what may be available to them.
Commercial Moving Services for St. Petersburg Businesses Owners
Regardless of why your company may be moving, you’ll still likely need the services of a local moving and furniture installation company like Office Movers of Florida. Our goal is to make your move easy, efficient and safe.
For a Free Estimate of your move or install needs, please call us today. Call today at 813-304-2273. We’d be happy to help!
