While titans of the industry steal the spotlight, everyone knows that small businesses are the backbone of any economy. They are the birthplace of new ideas and technologies and the engine that drives our economic system.
The Impact of Small Businesses
When it comes to the economy, there’s nothing small about small business. Overall, small businesses (those with 50 or fewer employees) make up nearly 87% of all businesses in the United States.
Since 2000, small businesses have generated almost two-thirds of new jobs, employing roughly half of America’s private-sector workforce. And these businesses build their neighborhoods. Local businesses hire local employees, stock local products, and contribute to local charities. For each dollar of revenue earned by a small company, 67 cents stays in the local community.
Bryan Barus of Suburban Real Estate Services elaborates, “Those employees go to the office more frequently than those at larger companies. This means they’re spending on coffee, food, hotels, childcare, gas, parking, and auto maintenance. The prosperity generated by just one small employer can have a far-reaching impact on the community.”
And Bryan should know. After all, Suburban Real Estate Services is one of those small businesses.
New Opportunities on the Horizon
The US Census Bureau reports that more than 400,000 new businesses are launched each year in the U.S. Recent numbers have been even more impressive, with 2020 seeing a record 552,000 start-ups.
Regardless of size, having the best location and the right-sized physical footprint is a significant factor in helping businesses navigate the changing landscape. During 2020 and 2021 employees fled their workplaces en masse, but 2022 saw companies of all sizes return to the office in some manner. Business leaders cite several reasons why an onsite workforce is valuable:
Confidentiality for sensitive information
A greater sense of trust/loyalty
State-of-the-art tools and equipment
The “right” balance of in-office vs. remote work varies by industry and company. The debate over which is best continues.
There’s no debate about this, though: It’s a tenant’s market, and now is a good time to evaluate your business needs. Most real estate transactions can take several months, including physical tours, negotiation of financial and legal terms, estimating total costs to relocate as well as design and construction. Large employers have in-house real estate departments to manage this process, but that’s not realistic for small businesses.
How can a smaller company hope to compete?
One solution to consider is outsourcing. Finding the right space for your business is too important to be shoe-horned onto someone’s already crowded to-do list. You’re the expert in your business; you need a real estate expert to guide you through the process.
Suburban Real Estate Services offers a variety of tenant services for clients ranging from those needing a single office location to those seeking larger, multi-site solutions. Our experienced team of brokers works closely with each client to understand and determine their needs and requirements.
We can help you manage costs and maximize space usage and we’ll negotiate business and lease terms, review contract documents, and even supervise space design, construction, and relocation.
Since 1991, Suburban Real Estate Services has been helping clients lease, buy, sell, and manage commercial real estate. Let’s find out how we can help you.