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How Looking at Tech Firms Can Help Plan Your Location Strategy

What should your key considerations be when deciding where to locate your business? In this increasingly competitive economic environment, being in the right location is essential to the success of your business.

According to Workspace, Reworked—a report by JLL about technology and its influence in the workplace of the future—we are now living in the third wave of technology where new applications of software will pervade into all industries, transforming businesses and upending long-standing approaches to all our work. The report also suggests that all companies will become technology companies by 2030.

Coming up with the perfect location strategy is not easy. However, in this technological era, perhaps we could look at tech firms and take a page from their book since they are often the ones who are at the forefront of these changes.

The move toward higher quality spaces

The days of tech firms being relegated to less expensive, lower quality buildings are now over. JLL’s report, Tech firm office location choice: How does it work in Asia Pacific?, reveals tech firms account for a bigger slice of the pie when it comes to occupied stock in high quality office spaces.

In fact, we are seeing tech firms occupy more than 20 percent of Grade A space. The Office Development Handbook by commercial land uses authority Urban Land Institute (ULI) says, “Class A space can be characterized as buildings that have excellent location and access, attract high quality tenants, and are managed professionally.” In essence, tech firms are now moving towards occupying the highest quality of office space available.

What are the drivers behind this shift?

Access to knowledge and talent pool

For many tech companies, clustering in a particular area is a logical strategy to gain access to a talent pool and knowledge transfer. This reinforces a theory long suggested by economists.

Take how tech companies are clustering in Silicon Valley. Some of the most well-known companies such as Apple, Google and Facebook have headquarters there.

Think about your business and industry; where can you find your biggest competitors?

Talent attraction and retention

“Tech firms recognize the importance of hiring and retaining key talent to the success of their business. Therefore, the location of the office where they will spend much of their working life is critical,” says Christopher Clausen, Senior Research Manager at JLL.

Similarly, JLL’s data shows attracting and retaining talent is the number one driving factor for tech companies when they consider new office locations. The location of the workplace is a primary consideration for all employees and shall be something organizations look at.

Making it work for you

No two companies or industries are the same—what works for others may not necessarily work for you. However, it’s useful to look at tech firms as a guide in moving ahead in the right direction. They are leading the business world into the future, clustering together into higher quality spaces.

Ultimately, the most important step is putting together the right strategy that aligns to your organization’s needs and objectives.

Like this blog? Read on to learn more about location, workplace, and strategy.

Linking Workplace Design and Business Strategy

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Is your office space not aligning with your strategy? Rethink your location – fill out the form below to book a tour at Key Tower, Cleveland’ premiere office space.

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