Much like searching for a home or an apartment, hunting for an office can be simultaneously exciting and overwhelming. Whether you’re selecting your first office, relocating all or part of your operations or expanding your portfolio, you have a lot to consider when it comes to leasing a commercial space.
The process can be complicated, and numerous factors could impact your final decision. However, being prepared can mitigate the stress of your search.
You might think it relatively easier to rent the first space that meets your needs. However, it’s best to take your time and have options for as long as possible, which may even look like rotating between a few short-term leases while you search for your perfect space.
Follow these tips below to simplify the process and ensure that you get the right space:
- Understand What Your Business Needs – Now And For The Future
To make the process seamless and successful, take a pause and prep in advance of the search. This includes knowing how you will use your space, what amenities are desired and setting “price checkpoints” to prevent going over budget. Each office space will have different features, so it’s essential to rank priorities first.
You should also consider your trajectory and objectives for the near future to make sure a potential space can grow with your company. Before touring any spaces, ask yourself where you see the business in one, three and five years
- Start Your Search Armed With Knowledge
To ensure that you are looking at spaces that align with your needs and you’re ready to evaluate them correctly, you need to go into the search process armed with knowledge. Start by analyzing your company’s current needs when it comes to commercial real estate.
Consult your management team for input and compile a list of priorities. Then, consider how your strategic plan may impact your future needs. You should also take the time to conduct market research in the area where you’ll be searching for an office, to know the process when it comes to rent and amenities.
- Get the Most Out of Tours
When you’re touring an office, take the time to consider how the workspace and the building itself will reflect your brand. Put yourself in the shoes of both employees and customers to anticipate what their impressions will be.
Tour all the possible office options including shared workspaces or private offices in the building with a plan to visit more than once at different times of the day. Pay attention to smaller details like how easy it is to park and how crowded the elevators are during peak hours.
Finally, as you tour various spaces, you may notice your priorities and desires for an office space changing as well. Make a list of places you want to tour and carefully inspect each before making your final decision.
- Flexibility As A Top Priority
Because no company can predict the future with 100% accuracy, you must leave space for some flexibility in your lease. If you choose to go for a long-term lease to get an edge during negotiations, make sure to check for options to help future-proof the agreement.
Additionally, you must also decide if you are looking to rent on a long- or short-term basis. In general, many office space providers may expect you to rent the space for one to three years and will provide you with a contract that asserts this.
If you are not willing to make that level of commitment, think twice before signing on the dotted line. Keep other flexible office space options at the top of your mind.
- Take the Time to Do the Math Yourself
Take time to understand how the lease figures have come about and what you can do to assure the best deal. Additionally, spot any errors that need to be addressed before the lease is ultimately signed.
Another tricky bit then it comes to leasing is the terminology involved. Unless you’re well versed in real estate, you’re likely going to run up against some confusing phrases in your lease agreement. Ambiguity is expected.
It may be unclear who is responsible for payments, and these details may not be uncovered until down the line when it’s too late. Don’t be afraid to ask questions to get what you want – no one cares about your business more than you do.
We understand the hassle that most business owners go through trying to settle down on a place that fits all their criteria just right. That’s why our promise of dynamism and high-energy ensues from our first touchpoint with you.