How to choose the best business location

A freelancer, a small company and the CEO of a multinational company run into each other in the centre of Madrid… what do they all have in common? Easy! They are all looking for the perfect workspace for their company. Choosing the best business location may not be the easiest, that’s why we wanted to share with you some essentials to find the right business location and to not die trying.

Business location: an essential for success

Exposure, costs, strategy, branding… there are many fields choosing the best business location may have an impact on. Choosing the right business address is already part of annual strategies and a key factor when entering a new market, project or country.

Having a nice office space, enough room for production or great commuting is not everything: a more thorough analysis is needed, taking into account competitors, our target audience, traffic…

Down below, you’ll find the perfect index to base your study on, always making it the easiest for you! However, if you want to get in touch with professionals for advice, in Lexington we have a premium team capable of gather all your needs and requirements together to draw the best office proposal there is. Should we talk?

Essentials while choosing the best location for your business

By answering all these questions and working on a physical map of the city of your choosing you’ll be able to draw a very accurate blueprint for your study. The point on which every line collides, that’ll be the right location for your business. 

Where does your buyer persona move around?

The best location for any business is where their target audience is. Depending on your market’s nature, it’ll be best to choose where they live, where they work or where they go out on Friday nights… what is clear is that by analysing their behaviour, needs and preferences, you’ll find the ideal spot to locate your headquarters.

Where are your competitors located?

Shouldn’t it make much more sense to locate your company as far as possible from all your competitors, so they cannot steal your leads? Nop, the reality is quite another. There is enough room for everyone, nobody is telling you to share a hallway with your main competitor, but choosing a referential area for your business is key, and competitors are a great indicator.

👉🏻 Care for an example? A luxury jewellery shop with a very particular target audience wouldn’t hide in a residential area, or a flexible workspaces company wouldn’t open a new coworking 50 km. away from the city centre or with no public transport connections. Virtue is the happy medium between two extremes.

Where is your demand focused on?

Meaning, where do I know my buyer persona will come up with a new request I can cover? Identifying those “hot spots” in the city is fundamental to give the user what they need exactly where they need it, with no unnecessary travelling nor wating.

👉🏻 For example: a photography studio near a police office, healthy food places near a business area or a dry cleaner’s 5 min away from a shopping area.

How does my target audience find my establishment / headquarters?

For an office, a meeting room, a shop, a new house, a training centre… choosing a well-connected point is imperative. If you want your target to feel attracted to your business, it has to be located somewhere they can access with no special effort via public transport and/or car (also, with easy parking!).

👉🏻 A piece of advice? Go for an all-inclusive location! Our Lexington workspaces in Castellana 79 has the best connections in Madrid, placed just in front of the Nuevos Ministerios station (connected to 7 train-lines, to metro lines 6, 8 and 10 and more than 10 buses towards the city centre). An unbeatable location.

Is it an agreeable place to work at?

It may seem naïve, but locating your business in a trust-worthy area for your customers, an environment that feels agreeable and inviting, is not a quick decision to make. And not only that! Your team’s first impression is also significant, since being able to develop their professional careers in an expert atmosphere.

Is there any extra benefits?

Once the house is almost built and the decision is getting closer, it is good to consider what a specific location can or cannot bring you. Even though it has nothing to do with the nature of your business, knowing if roads tend to be closed from time to time, so your team will have difficulty arriving, could make a huge difference.

Renting or buying? The best option to choose your office location

Every option has its pros and cons and, depending on your business model, you’ll find yours in both scenarios. But, if what you are looking for is a corporate office space, the most popular option currently is flexible workspaces, we cannot agree to disagree on that ;)

This new mindset of workspaces already arrives to the party with a bunch of our previously-listed points already checked, since they are located in the main financial areas of the city where the demand moves around, with unbeatable accessibility and a professional atmosphere that will meet your talent-attraction goals.

Besides, some extra benefits are waiting for you as well if you choose flexible workspaces as Lexington’s, and some of them we are positive will tip the balance even more! Cost optimisation and bureaucracy limitation (since every license, permits and supplies are already hired and in order), reconditioning times reduction with office spaces ready-to-enter within 24h and a total support with a trained front-desk team, maintenance and cleaning services already running.

Best areas in Madrid to rent an office

Some neighbourhoods that sure will meet your expectation for your new office in Madrid are central axis and the financial heart of the city.

Paseo de la Castellana has become the perfect answer to the question thanks to its accessibility, professional ambience and leisure opportunities to cover all your team’s needs. Two main areas stand out from the rest, and those are Azca – where our Castellana 79 flagship is located- and Cuzco, with the best commuting for everybody and premium buildings such as Lexington Castellana 141 in Cuzco IV.

The Salamanca neighbourhood is the next in the list due to its potential; streets like Jorge Juan or Príncipe de Vergara have become the target of international companies in the search of greater opportunities for their young teams.

Nevertheless, the business giant in northern Madrid does not slow down either! Our workspaces in La Moraleja are still the bullseye to hit for multinational companies.

Best areas in Barcelona to rent an office

22@ is the future, we can’t deny that, and its potential is admirable. In the meantime, many businesses still opt for the Avenida Diagonal axis, just in the heart of the city.

Accessibility, mobility and the life this area breaths have been key for many businesses’ success. Of course, this street is our top recommendation.

So… what? Has that office you have in mind passed the test? 😉

“Choosing location is integral to the film: in essence, another character”

Ridley Scott