Why should you conduct a feasibility & impact study? 

Whether you are considering opening a new location or are looking at the potential relocation of an existing site, performing a feasibility & impact study will help you make an informed decision.  It is common for commercial leases to be for 10-15 years, and sometimes longer.  Given the length and impact of the decision, it’s important to be sure that you are making the right one. 

Who should conduct your feasibility & impact study? 

There are many partners to choose from when performing a relocation feasibility & impact study.  Law firms, accountants, architectural groups, and management agencies all routinely offer analysis and impact reviews in some form and the outcome provided by each will vary to reflect their area of specialty. 

Voyage Relocation Services is a management firm focused specifically on addressing issues specific to commercial relocations.  Our years of expertise in the relocation field gives us unique insight into the challenges and impacts that your organization may face during its transition to a new space.  Contact us now to learn more about our feasibility & impact study service offerings. 

When should you begin your feasibility & impact study?

When performing a relocation feasibility & impact study, the earlier engagement begins in the project, the better.  Sunken costs can quickly become an undue financial burden. The earlier feasibility can be determined, the less money and time is invested.  

Feasibility & impact studies can come in two forms depending on when in the process they occur: 

Generic:  A generic study, or sometimes called a preliminary feasibility study, generally occurs earlier in the process.  This form of study is used when a proposed destination(s) for a relocation is unknown and uses existing market conditions and a pre-determined set of assumptions to complete the study. The report looks may uncover potential relocation locations available, provides information at a higher level, and budgets for a range of potential options. If a generic report is delivered, it is important that it include an outline of site/location selection requirements, identify potential obstacles, and highlight any market limitations in meeting the identified criteria. 

Specific: A specific study is used when a specific relocation option is under consideration, this normally occurs later in the process or when a specific opportunity is made available that is being explored.  This report will provide more detailed information and may even include proposed space plans and preliminary architectural renderings.  The report should highlight benefits and challenges specific to the location being considered and a more narrowed project budget range. 

What does a feasibility & impact study consider? 

The depth of a relocation feasibility & impact study will vary based on a number of factors such as your organization size, facility type, complexity of operations, and industry. Regardless, there are certain standards that you should expect to be considered when your study is conducted. 

• Why is your organization considering a relocation? 

• Which organizational units will be affected? 

• What are the most likely relocation scenarios? 

• Have major concerns/risks been identified and addressed?

• What are the financial impacts (positive or negative)?

• How will brand, identity, perception, and culture be impacted?

• Is there a potential impact on human resources?

When conducting a relocation feasibility & impact study, whether it is performed in-house or in partnership with a consulting firm, it is important for there to honest communication and an openness to ideas. All input is important and has the potential to affect the outcome of the project and future direction of the organization. The more information available to the study, the better deliverables you can expect to receive.  

How long does a feasibility & impact study take to complete?  

A relocation feasibility & impact study for most organizations will take about 2 months to complete, however, for larger organizations and those with more complex operations, a study could take up to 6-12 months to complete.  When planning for your Relocation Feasibility & Impact Study, be sure to discuss scope of work, time duration, depth of coverage, and expected deliverables.  As with many things, the completion timeline can be flexible to fit your needs and budget.  

What deliverables should I expect from a feasibility & impact study? 

Deliverables should always be defined from the very beginning when engaging in your feasibility & impact study.  While some specifics and the level of details required to make an informed decision will vary from one organization to another, there are some basics that should be included in relocation feasibility and impact study: 

• A written report providing a summary overview, methodologies, findings, and recommendations

• Financial analysis differentiating potential relocation options preliminary scopes of work for tasks necessary for the relocation project

• Proposed budget to guide the project if it moves forward

• Risk register and recommended options for mitigation

• Preliminary scopes of work for necessary vendors (and/or internal operations) actions necessary to complete the relocation

• Proposed project timeline identifying key milestones and action marks

An impact statement identifying non-financial costs associated to executing the project including opportunity costs and impacts to customer base and employees.