The Boulos Company has been on the frontlines of commercial real estate since 1975. We have been helping businesses to make smart real estate decisions ever since then. In the wake of COVID-19, we have developed a step-by-step approach to help businesses to understand the effect of COVID-19 on their space, to get the most out of their staff, and to spend their money effectively. In our recent COVID Office Impact Survey, we asked 150+ professionals in Maine what their plan was to re-enter the workplace. Of the responses we received, far too many indicated “I don’t know.” This pushed our team to shed light on this topic. In doing so, we aim to arm tenants, owners, and landlords with the information necessary to plan for the road ahead. Below are a few steps we would take to help you make a plan for your business.
- Walk Your Space:
- • In order to gain the best understanding of how your business operates, our team will walk your space (in accordance with our COVID-19 meetings & showings policy) and perform an initial distancing audit. This allows us to assess the pros and cons of your layout, infrastructure & capacity limits. From there, we can help you determine both short and long-term solutions for your company. Whether that means phasing staff in, modifying existing furniture systems, changing your layout, or subleasing, The Boulos Company will help you determine the best course of action for the success of your business.
- Establish Your Decision-Making Criteria:
- • After completing the walkthrough, we’ll schedule a strategic planning session with leadership where we flush out your longer-term objectives and project drivers for your facility. Our goal is to get to your “wish list” items so that we can better understand the best real estate strategy for your business.
- • If you could snap your fingers, what would be your ideal real estate setup? This will help us to further our understanding of your current workplace and whether it fits your team’s goals and vision for the immediate future and what lies ahead.
- Engage Your Staff:
- • Once we understand your space and have determined your leadership’s decision-making criteria, we will survey the rest of your staff to establish what’s most important to them. This survey will highlight challenges and suggestions that your staff has regarding the work environment before the onset of COVID-19 and how they feel now – questions like, how does your staff feel about working from home? What do they think has the biggest impact on their productivity and the enjoyment of their work?
- Analyze Your Position in the Market:
- • After we do our due diligence, we will review your lease documents and create a comprehensive lease analysis. The analysis will include your remaining liability, critical dates, your options as a tenant, and any upcoming costs.
- Present Your Options:
- • Our team at The Boulos Company will then conduct a comprehensive analysis of the data we have gathered and present a custom option and strategy report for your team. The memo will be based on the objective and subjective data that we gather from your business and how it relates to your space before, during, and after the COVID-19 pandemic. The memo will include a variety of short- and long-term strategies encompassing timelines, action plans, and cost assumptions.
There are many variables to consider in today’s changing real estate landscape. Having a team with insights and a plan on your side can make it much easier to answer the complex questions facing your business.