For many business owners leasing office space for the first time can be a daunting experience. There are a lot of decisions that must be made such as:
- Do you choose a location that suits the needs of employees and clients or the executives?
- What is the best size space for your company?
- Are open offices or hard-walled offices better?
- What is negotiable on a commercial lease?
The list goes on and on however these questions and others can be answered with a little planning and if you engage the right resources and help. Below are a few helpful tips to consider when leasing your first office space.
Look at multiple office options before signing a lease – Many business owners simply sign a lease with the first office space they look at. While it’s understandable that they want to get this done as quickly as possible it’s important to take the time to research and compare several options side by side. For one it enables you to compare each property side by side, and it also gives you the upper hand by creating competition between landlords for your tenancy.
Get employee input – Employees are going to spend a lot of time in the office. Some will come in early and work late! Your business will do better when your employees are happy and productive so it’s important to engage them in the site selection process. The more they feel like they have a say so in determining your location and the more they are engaged in the decision making process the happier they will be.
Don’t be afraid to Negotiate – Everything is negotiable when leasing office space………from the lease rates to the terms of the lease contract. Many business owners do not know what things are negotiable. When it doubt ask! If you end up using the services of a good commercial realtor they will ensure you negotiate everything possible. In a strong office market negotiating lower lease rates can sometimes be difficult so don’t only focus on lease rates. There are other ways to negotiate concessions such as free rent, more tenant improvement dollars, lower security deposit, etc….
Consider your current and future needs – It’s important to consider your current and future needs when leasing office space. Many business owners fail to do this and end up having to lease two noncontiguous spaces in the same building or have two different spaces in different buildings. To avoid this it’s important to carefully consider your needs now and 1-2 years from now.
Leasing office space for the first time does not have to be difficult. By starting the process early, carefully weighing all your options, and engaging the help of a good commercial realtor that specializes in office space leasing your process will easy breezy!