The Reflection of the Marine Building in Vancouver's Burrard Business District.

Vancouver Office Space: Buy or Lease?

Vancouver is a city that is booming with real estate. When you’re in the market for office space for your business there are a few things that you should think about before making this investment.

With ever-changing office vacancy rates in the city of Vancouver and stock markets globally, it is uncertain what the future may bring. You need to carefully weigh the pros and cons of leasing or buying office space.

Here are some pros and cons of leasing vs. buying in Vancouver.

Pros of Buying  Office Space

• Tax Deductions – the associated costs of owning and running a commercial space can provide expense deductions.

• Fixed costs - locking in your commercial mortgage can give your business clear, fixed costs.

• Additional income - owning your office can add the advantage of renting out extra office space and adding more income.

• A Retirement Fund – the prospect of owning commercial space allows the owner to sell out and fund their retirement.

Cons of Buying Office Space

• Upfront Costs - buying space usually costs more money upfront which is not practical for new businesses and entrepreneurs.
• Lack of Flexibility - a new or growing business may experience unexpected needs in the future.

Pros of Office Space Leasing

• Free-up Working Capital – with your money not tied up, your business can respond to opportunities in the market.

• More Time – allows more time to focus solely on running your business.

• Prime Property – leasing allows opportunity to be in a great location with a high image.

Cons of Office Space Leasing

• Variable Costs – when you lease you may be subject to annual rent increases and higher costs at the time when your lease expires.
  
• No Equity – When you lease you are funding someone else’s retirement with your lease payments.

There are pros and cons to both buying and leasing. Making a decision will come down to finances, tax, and personal issues.

Investing In Vancouver Office Space

Here are some simple tips and things to think about before investing in Vancouver office space.

• Decide How Much to Invest

When considering how much money you should invest in your office space you should think about your present needs, how much you can afford, and whether you wish to use this space as an investment vehicle.

• Think About Timing

When is the right time to buy or lease an office space in Vancouver? Factors to consider are your personal situations, and “market timing.” Market timing is your judgment of whether the market will be going up or down.

Spring and fall usually have greater market activity, and a wider choice of reasonably priced properties for sale, than summer and winter. However, looking back over many years it is clear that no season is predictably the least expensive time to buy in this area. Sometimes the best time to buy is when nobody else is looking. A little-known secret is that there is usually a noticeable drop in prices at the end of December, creating an opportunity of which very few buyers take advantage.

When looking for an office space in Vancouver the most important thing is that you consider the long run and the needs of your business.

Robson Square lit up at night during the 2010 Olympics.

Getting involved in your local Business Improvement Association is a bit like joining a board of trade on the street where you work. You get to know the local banker, barista and nail bar owner on a first-name basis. They provide a great opportunity for Vancouver business networking.

Based on a long and successful history in the United States, the Business Improvement Association represents all businesses within a neighbourhood bringing together local merchants, entrepreneurs and professionals.

In Vancouver’s Lower Mainland, there are 35 individual Business Improvement Associations. Downtown Vancouver itself has seven BIAs including Robson Street, Gastown, the West End, Yaletown, Chinatown and Strathcona.

Unlike other business organizations and associations which charge a fee at the door for everyone who attends, participating in BIA events, meetings and committees are free. All business owners within the zone contribute financially through an annual levy against property taxes.

Whether you own a business or work for one, attending meetings and joining committees provides an inroad to developing local clientele as well as networking among those who run businesses or work near you. It also provides free access to marketing surveys, neighbourhood profiles, special studies and reports for the area.

Most Business Improvement Associations are run by a volunteer board of property owners and business community members. Apart from regular meetings, the BIA holds special events, business networking events and forms committees to promote community awareness, marketing and street beautification /image enhancement as well as safety. Marketing committees get involved in everything from developing advertising and media campaigns to orchestrating street festivals and community events.

If you are a professional, getting involved in your BIA will bring you in touch with neighbourhood lawyers, accountants, insurance brokers, and medical and dental practitioners. The opportunities for business networking and making new contacts with other Vancouver professionals and business owners are excellent.

If you are a newcomer, the first step is to get to know your BIA’s executive director or president. This individual is your personal welcome wagon host to the local business community – in many cases, on a first name basis with business owners and bankers alike.

Vancouver Business Networking at the Local B.I.A.:

To find out more about the Downtown Vancouver Business Improvement Association, go to http://www.downtownvancouver.net

For more details on business associations within Vancouver, visit http://vancouver.ca/commsvcs/cityplans/bia/index.htm

Vancouver is the ideal place to find the perfect work life balance (Image Credit: JMV)

Find Your Right Work-Life Balance

Once upon a time, working meant clocking 40 hours each week, Monday to Friday, from 9 am to 5 pm unless you worked at a bank, or held a shift position. These days, the boundary between working and non-working hours has blurred thanks to flex-time, working from home, and the technology that we use in our work and personal lives.

Whether you work for yourself or have an employer, it’s important to set up boundaries that define the hours you work. Carve out business days and hours for yourself – making it clear where weekends and evenings fit into the picture. Let your clients, subcontractors, suppliers and business partners know when they should not expect to reach you on your cell phone, Blackberry or mobile device.

Is technology making work invade your personal life? Are PDAs, cell phones, laptops and other electronics intruding into your family time, your evenings and weekends? Turning your cell phone off and stopping from checking your email are two steps that can help restore a balance and protect your private time.

Freelance writer Anne Troy tells agents and clients alike that they should not expect her to answer her phone or reply to email during evenings and weekends. By repeating that message clearly and consistently (as well as not picking up her cell or home business phone after 6pm and on weekends), Anne got her point across.

Separate Work From Your Private, Family Life

While it`s tempting to bring work home, the experts agree that separating work from your private and family life can help to achieve a work-life balance. If you work from home, you may be more effective locating work tasks in a separate space such as a library, quiet internet cafe, virtual office or furnished office space.

Achieving a work-life balance means a state of equilibrium between the activities, roles and responsibilities in your life. Know your limits. Keep track of how much time and attention you devote to each. Are there blocks that get in your way to attain a balance?

Committed parents love spending time with their children, but with today’s pressures of work and other priorities, work life balance can be difficult to achieve. Book time with your children and family as though they were your most important clients.

It`s  important to sort out what saps your time and energy versus revitalizes you, and to say `no` to low priorities. Are there involvements and activities that you can shelve, temporarily stop, or delegate to someone else? Allow yourself to rely on others around you while you focus on top priorities.  Tag-team with your associates and coworkers for carpooling as well as attending after-hours functions and handling tasks that encroach on your private or personal time.

Play time can be as important to allow you to recharge and improve your effectiveness. You don’t need to join organized groups or spend money on equipment. Lunch hour escapes can be as simple as taking your lunch into the park or sitting beside a water fountain to read a magazine. One of the easiest and simplest ways to meditate is to watch flowing water such as a river or fountain.

Vancouver Is An Ideal City For Work-Life Balance

Greater Vancouver is surrounded by almost 20 kilometers of beaches with specially-designated quiet beaches where loud music is banned. Whether you like to skimboard, spike a volleyball or stretch out on a blanket, Vancouver has a beach for you. Sunset Beach, no more than 30 minutes from the downtown core, is a quiet zone where there is nothing but sand dunes and spectacular views of Kitsilano and the Pacific Ocean to gaze at. If green space is more your scene, Vancouver offers more than 200 parks to choose from including woodlands and ravines, display gardens and small urban parks.

If you work alone in an office or home office, it can be challenging to find social interaction but it`s important to get away from the solo setting to find balance. Make lunch arrangements with former colleagues, meet up with friends after work or connect with peers through a professional association.

Ultimately, consider the important – and neglected – aspects of your own life and make a date with the opportunities to optimize them.

A live answering service can be a great asset to a business. In order to discuss the advantages of a live answering service we must first define it.  A live answering service is a business service that answers clients’ phone calls and dispatches messages.

There are many ways that a live answering service can assist your small business.

Why do I need a live answering service?

• First, if your hours of operation are around the clock, 24/7, you are going to need someone to manage your calls when you are not available to answer them. If you are not 24/7, customers are still going to call when you are closed, out to lunch or unavailable. A live answering service will reassure your customers you will be there for them to answer and respond to any calls, or answer questions if you are there or not there.
• Live answering services can save you money. Hiring an employee in-house for the task of answering phones can be very expensive. A live answering service is a cost effective and professional alternative to hiring more staff for the same purpose.
• A live answering service will be able to keep up when your company grows. If your business cannot manage your overcalls during the day, a live answering service can. Normally, overcalls go to voicemail or automation, but a live answering service is a good alternative. Ultimately it becomes your staff and is able to answer basic questions about your business. Also, if you need more advanced services (such as order processing or package training) the advanced call center could help manage your needs.  Your business will never out-grow a live answering service!

How it can give you a leg-up!

• A live voice to answer your phone calls will give you a big advantage over your competitors. A professional staff will help you when you are busy helping clients. This frees up time for you and puts you at ease that all of your phone calls are being taken care of.
• People are three times more likely to leave a message with a live voice than a recorded voice. Usually, a voicemail message leads to more hang-ups which results in lost revenue. A live voice is there to answer their call when they need help.
• It is more personal.  A live answering service can customize their answering with your company name. The representatives will take messages, enter data into your web form, or forward calls to you as if you’re in the next office.
• It’s just more convenient for you! You don’t need to take the time hiring and having a new employee fill out paperwork. You can sign up for a live answering service and cancel at any time with no trouble at all.

A live answering service is not only going to help your small business around the clock , but it’s going to cost a fraction of what you’d pay an employee. It can help bring your company more revenue because of the personalization of a live person rather than a voice recording.

Now, you know a bit more about what a live answering service can do for your small business!

Credit: Lars Plougmann

The future of work is not yet known; it is constantly changing and evolving. With the rise of virtual offices, ever-growing technology and globalization, it seems that the workplace is always going through shifts of change.

Make Work Meaningful is a website created to discuss the change of the workplace. It is a collaborative conversation about the future of work. There is a team of “top thinkers” that contribute to this collaborative conversation. It is aimed at getting individuals to be motivated, focused and in sync with the people they work with. The idea is that the community can help shape what the workplace becomes.

The Make Work Meaningful website was created by Rypple. Rypple is a Toronto-based startup that offers tools for employees to receive coaching and feedback about their work.

The Co-CEO of Rypple, David Stein says, “Based on these conversations, it’s clear that there is a movement afoot. Work is changing.” The three big changes he points out are:

1. The new leadership philosophy: don’t just manage-coach
2. The feeling of continuous growth and appropriate recognition goes further than a paycheck.
3. The way people value ongoing development over periodic evaluation.

Stein continues, “This is what top thinkers… are writing about.”

Make Work Meaningful was created with the idea that leaders and aspiring ones can come to learn, grow and share ideas together.

Charney, a contributor for the site, wrote an article about coaching, said, “One of my hot buttons gets pushed by people who enjoy finishing my sentences. It amazes me that the older we get, the less we seem to listen. Here’s my theory: We’re taught that we need to demonstrate we’re smart, or an expert, by talking.” She suggests that we need to learn how to listen more in order to be coached.

Asmus, another contributor for the site, wrote an article about the difference between coaching and feedback in the workplace. One of the things she said was, “In the end, coaching is about “letting go” of advice-giving and assuming the person being coached is whole, smart, and understands the best direction to head in. When we give feedback, we believe that the person we are giving feedback to requires our advice to figure out the actions they need to take. There is a time and place for feedback, as there is for coaching. But they are not the same.”

Finally, another contributor for the site, Beth Steinberg, who is an HR Executive for Nike, writes about “doing what you love.” In this article she writes about the importance of working in an environment you enjoy. She gives suggested criteria for making the right decision about a job change. This suggested criterion is, “the mission of the company, the people, the company culture, the ability to learn and grow and work/life balance.”

The site is full of articles just like these three examples. It’s great for sharing ideas to figure out how to make work more meaningful and discuss the future of the workplace.

Plants help to make your office environment more green. (Credit: MsCaprikell / cc)

Whether you’re leasing or buying an office space you should consider going “Green.” Making your office more environmentally friendly can actually save you money and reduce your company’s ecological footprint.

Let’s take a look at some office-greening opportunities.

1. Heating and Cooling

• If you have access to your office thermostat, heat your office to a maximum temp of 21°C when occupied; when you are not around turn it down to 16°C. Use automatic setback thermostats to adjust the temperature for weekends and evenings.
• Use weather stripping and caulking to minimize heat loss from possible cracks near windows or doors.
• Consider solar shading to reduce the amount of heat from the sun that penetrates your office building
• Try to remember to keep the blinds closed to conserve heat in winter and keep it out during summer.
• Think about outside air economizers that use outside air to cool down buildings when the air outside is cooler than the air inside.

2. Go Green with Your Printer

• Try to buy and use recycled paper.
• Use eco-mode on your printer if it has one.
• Save paper by printing on both sides whenever possible.
• Recycle your used ink and toner cartridges.
• When buying a printer, choose one that is Energy Star compliant.
• Do not set your printer to come on when you turn your computer on. Only turn it on when necessary.
• Check out Soy-Based Ink. Not only is soybean ink better for the environment but it has many other benefits.  Soy Ink’s prices are comparable to petroleum-based ink, but less soy ink is needed. It produces brighter, sharper colors because of the innate clearness of the soybean oil. And, it emits less harmful toxins.

3. Lighting

• Turn off the lights in the room when not in use.
• Do not leave your office lights on overnight.
• Use light wall colors. The lighter your paint colors the more daylight they will reflect meaning you will need less overhead lighting.
• Replace standard incandescent bulbs with compact fluorescent lamps wherever you can. They use 75 percent less energy while producing the same light output.

4. Office Supplies

• Recycle used office supplies whenever possible
• Purchase products that are made from post-consumer content such as paper and plastic products.
• Eliminate your use of products that there are no green alternatives for, such as rubber bands.
• Turn of machines when you leave for the night and activate sleep modes for printers, copiers and fax machines.
• Consider consolidating these machines by purchasing a machine that performs multiple functions in one product.

5. General Ideas for a Greener-Office Space

• Place recycling boxes or centers in a prominent location so that you and employees remember to recycle.
• Encourage re-usable mugs, glasses and dishes rather than disposables.
• Have at least one large plant in your office. They not only are great for decoration but they recycle the air.
• E-mail instead of Faxing whenever possible
• Use organic products for cleaning of washrooms and offices.
• Get and use a battery charger. Re-usable batteries will save time and money and reduce the amount of toxic materials sent to landfills.

All of these ideas are simple and inexpensive ways of making your office space more environmentally friendly. Going green is something that can save you money and you can feel good about.

Our Contribution:

Some of the things we have been doing at Elite Business Centres to reduce our environmental impact:

• We recycle paper, glass, plastic and are working toward a paperless office.
• All money collected from bottles and recyclable containers is donated to a different charity at the end of each year.
• Recently, we added sensors so that if an office has not been occupied for 40 minutes, the lights automatically go off.
• We are participating in a “turn your monitor off” campaign to encourage everyone to turn off their monitors at the end of the day, rather than rely on energy-consuming screen savers.

Virtual offices are quickly becoming the new go-to working environment for business professionals, law firms, accountants, and start-up entrepreneurs. The virtual office combines off-site live communication and office services so that people can work remotely, but still easily access business amenities.

Virtual offices are gaining popularity, especially with the shift toward self-employment caused by the recent economic downturn. People can now work remotely or from home, but still be able to communicate with their clients and co-workers. Small businesses no longer have to concern themselves with renting office space, and can instead pay for virtual office services which are much less costly.

Virtual offices first gained prominence by way of global businesses that required the use of a temporary or shared office space when traveling on business. The clientele for these virtual offices now seems to be changing, however, with more companies simply seeking a space that will provide them with a business address, telephone number, and temporary meeting space. Not only are virtual offices cheaper for big conglomerates, they also allow small business owners to access services like remote receptionists and remote assistants.

The benefits of virtual offices enable businesses to work remotely with all the required amenities and services within easy reach. Office services such as reception, boardrooms, telephone lines, mail services, executive suites, temporary meeting spaces and support staff are available within virtual offices. This kind of office space can be personalized and tailored for individual businesses by providing them with their own business address, telephone number, voicemail service, and administrative office staff.

Virtual offices are quickly becoming the solution for finding support services that allow companies to focus directly on their own clients and work. Clients of virtual offices are largely comprised of law firms, accountants, real estate workers, entrepreneurs, start-up companies, people working in finance, and remote workers. Virtual office facilities can be utilized by any kind of business in an economical way that allows them to access office space and communication services on an as-needed basis. Businesses can trim costs by eliminating the expense of having a personal receptionist and paying monthly rent, for example.

Rent is often the second highest expense for smaller businesses. This has led business professionals to work remotely from home, at coffee shops, or other public locations. Virtual offices are providing such individuals with access to a professional working space equipped with the technology and support services to benefit their overall efficiency. Business professionals can access virtual offices to check in on their messages, mail, and get administrative support while still working remotely.

Virtual offices pride themselves in providing exceptional customer services for business clients. They work hard to maintain the professional image of individual businesses utilizing their office services. Virtual offices offer businesses all of the comforts of a full-time office without all of the costs. Perhaps the biggest draw towards virtual offices is the reassurance of administrative support services while being able to focus on what matters most to a business: their clients, their products, and providing their services to others.

We have over 25 years in the executive office industry, please visit our Vancouver Virtual Offices page for more information on our services.

“Since moving the company to 999 West Broadway in 1994, it has always been my ambition to take over the entire 7^th floor,” says Owner/Manager Karline Mark-Eng.  “Over the years we have been gradually expanding, and now we are happy to announce that this dream has finally become a reality.”

When she purchased the company in 1989, it offered just 8 rental offices. With her office move to 999 West Broadway, Mrs. Mark-Eng expanded to 12 furnished executive offices. As additional space came available on the same floor, she saw her bigger picture coming together, one suite at a time. An expansion in 2000 gave her 5 more offices, and four years later she expanded again by 9 offices, bringing her total number to 26 executive offices.

Then in the summer of 2008 Mrs. Mark-Eng received a phone call from her Landlord to advise that the last remaining suite on her floor would become available. In September she began the construction process to join the three separate 7^th floor units with one common hallway.  The reception area, staff data processing room and boardroom were all relocated to the centre of the floor, capturing the impressive north views overlooking False Creek and the North Shore mountains.

With this expansion, a new state-of-the art VoIP telephone system was installed, complete with new phone sets for every office.  The new telephone software enables the company to offer many new features to greater enhance the flexibility of her telephone answering services, as well as providing cost-saving options to her clients.

At the launch party held on December 17^th, 2009, owner Karline Mark-Eng gave an emotional and heartfelt impromptu speech, thanking her exceptional staff, her husband and sons, her parents, her mentor – Diana Gray, and all past and present clients whom have helped to pave the way for 28 successful years in business. The crowd was large, the food excessive and delicious and the mood was jovial.

This expansion to the entire 7^th floor at 999 West Broadway will allow MPS Executive Suites to better meet and serve the needs of its small business clientele.

Mrs. Mark-Eng proudly looks forward to an exciting 2010 and beyond.

It is surprising how many sales leads are lost unknowingly on a daily basis.  Cleaning business owners can easily spend a couple of hundred dollars a month on their advertising such as flyers, community newspaper ads, Yellow Page listings, etc.  But, when those prospective customers pick up the phone to call your business, what do they hear?  Are they immediately impressed with your professionalism?  Is their call answered promptly and courteously?  If they don’t reach you, are they assured a prompt call-back with a quotation?

Give yourself full marks if this is the case.  However, this is not so with a great number of businesses.  What the prospect instead hears is: A garbled answering machine taped message, background noises of young children and pets demanding attention, the harried voice of someone who is behind schedule and rushing out the door or worse, no answer!  Undoubtedly the first impression received by the prospective customer is not a positive one.  They may assume your company is too small to handle their project.  So, instead of those important sales leads being handled properly, they are mismanaged and the prospect is lost to the next company on their selection process.

Hiring a professional telephone answering service is a very economical way of ensuring your company is presented with a professional image at all times.  The centre may be asked to page you directly with any new sales leads and to hold the rest of the calls until you call in for them in between appointments.  By selecting a company which specializes in “personalized” service, your callers will assume the person answering is your full-time secretary.

One such service which caters to small business clients is MPS Executive Suites. Karline, the owner/manager, is very aware of the importance of handling each call as if it may be your biggest new contract of the year.  She says, “we have a very important responsibility to help our clients’ businesses grow.  If my clients are successful, then we will be too.”  Murray Forbes can attest to the quality of service the association receives from MPS.  “Besides handling our calls, the staff also assists with our other office needs such as typing, copying and even boardroom rentals.  I can trust the staff to add the professional business touches to all aspects of our work.”

When it comes to reviewing your office overhead expenses, having a professional answering service doesn’t necessarily cost more.  If you choose carefully it can generate extra sales leads and extra revenue that more than pays for itself.