Leasing office space will be one of your biggest investments so you want to make sure that you make the best decisions possible. Your space needs to meet your current and future growth needs and needs to be in a location that suits not only your employees but also your clients and prospects. Some decision you make will be more important than others and it's important that you evaluate all your options thoroughly to avoid making mistakes. Below are 4 of the most common mistakes made when leasing office space.
Not Allowing Enough Time
No one likes to settle or end up having to take a space that is not ideal so make sure you give yourself plenty of time to complete the process. Even if you know for sure that you intend to renew your existing lease start the process early. You never know whether or not a Landlord will change their mind causing you to have to move.
Too Much or Too Little Space
Determining how much office space you need now and in the future can be difficult. Consider hiring an architect to help you plan your optimal size and layout. That way you increase your chances of avoiding paying for space you won't use or having employees work on top of each other. Before actually looking at office space options determine your needs first, and maybe add a little extra for growth.
Paying Too Much for Office Space
If you don't already have a budget set for office space you should. The problem is that many people end up leasing space that they can't afford or maybe stretch the budget more than they should. It's easy to do this after seeing really nice class A office spaces. You think you can make the rent work however end up having to sacrifice other things to do so. Before looking at space try setting a range of rents rather than a specific amount. And make sure you don't go above that budget!
Pick the Wrong Location
These days the competition for good employees is fierce. It's important that you consider where your existing employees live and where the talent pool you are targeting are located. You might discover that having office space downtown is most important. You also want to consider the other businesses that are currently in the office building that you are considering. If it matters to your business you definitely don't want to lease office space next door to one of your biggest competitors.
At Austin Tenant Advisors we are dedicated to helping you find the perfect office space that is within your ideal location, size, and budget. Feel free to contact us to learn more about considerations before make the decision.