Leasing Office Space - Tips and Tricks
Interested in leasing office space for your company? The article below will provide you with a few tips to help you through the process.
Step 1 - Determine your current space requirements and what they may turn out to be in the future. As a general guideline, try to allot between 200 and 250 square feet per employee.
Step 2 - Get in touch with a commercial real estate specialist to help you locate your ideal spot. These agents possess the inside scoop on which areas have soon-to-be-available spaces and can provide you with advise regarding which properties are suitable for you. Some firms deal exclusively with office space holders, while others work in a variety of commercial real estate areas.
Step 3 - Take a look at properties that interest you and take note on possible improvements. Tenant improvements can be negotiated quite a bit, especially in times of high vacancy.
Step 4 - Pay attention to the parking situation. Is there ample parking for both employees and customers alike, or will people be forced to park on the street?
Step 5 - Consider the possibility of sharing a spot with another firm, including reception areas, office equipment, rest rooms and meeting areas. This can help in reducing costs long term.
Step 6 - Look into incubators – spaces where small-businesses are afforded access to office space at a lower cost.
Step 7 - Consider the possibility of an executive office suite. Though the rates may be higher than the other options outlined above, the areas generally come complete with furnishings, office equipment access and private conference rooms. At the end of the day, this will help to lower the costs associated with equipment and physical space substantially. Some options also offer receptionist help!
Step 8 - Make sure to run through your lease agreement with a fine tooth comb. Evaluate your monthly payments, the lease length, landlord responsibilities and any specific provisions pertaining to a broken lease. Determine whether the agreement requires or includes grounds upkeep and other maintenance services. Remember to check out cable service, internet connections, telephone lines and any other communications aspects as well.
Step 9 - Take a look into the occupancy date, expansion options, lease term extensions, contraction, and lease termination specifics as well as security, amenities, reception areas, conference room access, elevator availability and HVAC service.
Step 10 - Determine whether any signage restrictions are in existence.
Step 11 - Locate and hire a real estate lawyer who deals exclusively in lease negotiations and is familiar with your area. You’ll also want someone who has dealt with your type of business in the past. Lease agreements can cover a vast multitude of terms, and as such, you’ll need to have someone in your corner who is familiar with the lingo, and qualified to handle it.
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