When you are starting a new business or considering relocating an existing one, like most companies you probably get anxious to get out and lease some office space ASAP. However, rushing to get a fresh office or new location is actually one of the last things you want to do.
If you are lucky enough, your excitement could lead you to the right place at the right price, however in most instances business owners usually get unsuitable lease terms, prices, and locations that make them suffer for the next 3 to 5 years. This is the reason why you need not rush things and make impulsive decisions.
Starting a New Business
If you are a startup and leasing office space for the first time you might think about the factors, which will have an impact where you look for office space for your business. Below are a few questions that you might consider before leasing office space. These questions will save you from a lot of trouble, disappointments, and unwanted lease terms.
How much can I afford to pay for my office space?
You need to know your limit and budget in terms of paying rent for your office space and make sure to stick to that budget. There is no reason to look at office spaces that are way over your budget no matter how perfect the office space might be. Remember, you are just starting your business, and it will be difficult to project how much you will be earning so it’s better to underestimate rather than overestimate.
How much office space do I need?
I understand that it is really enticing to lease a big office for your business where everyone has its own office, cubicle, and game room, however you need to be realistic. Lease what you need and can afford. However, you also need to consider the fact of getting a little more space if you can afford it so you have room to grow and if you are entertaining clients or customers in your office. The space should be reasonable so that you do not need to move the minute your business begins to take off.
Where do I want to be?
Your ideal location will depend on a number of factors such as where the executives live, proximity to amenities, proximity to existing employees and clients, etc. Your office space plays an important role in the success of your business. Why? What if you lease an office in an undesirable location just to save a few bucks and 30% of your best employees decide to leave? Your business location could make or break your businesses success so it’s important to pick a location that considers all factors.
Should I consider undeveloped offices or buildings?
Sometimes getting in on the ground floor of a property that has not been built yet is a good thing. You will have a sort of leeway in tailoring your office space exactly the way you want it rather than having to work within the confines of an existing design. However, It is much easier to visualize when you have something concrete to look at. If the office space has already been built out you know exactly what you are getting, and you know the building actually exists, which will never happen with undeveloped properties.
If you are an existing business the questions you ask yourself might be a little bit different.
Why should I move my office?
This question might be simple however you really need to ask your self……Why do I need to move? Make a list of all the pros and cons and really take a look at your existing and future situations.
What benefits will my company gain by moving offices?
Will you be able to attract better talent or clients? Are you trying to retain existing employees? Are you trying to make everyone’s commutes shorter? Looking to be closer to amenities so your employees can take shorter lunches?
What do I NOT LIKE about my existing office location?
Do you not like the landlord? Is the access to and from the building difficult for employees and clients? Make a list of all the things that you DO NOT like about your office building.
What do I LIKE about my existing office location?
Make a list of all the things you like about your existing office and building and try to duplicate those in other properties that you look at. Do you like it because your on the ground floor? Is it close to amenities? Is there a deli or gym on site?
How many square feet do I need and in what configuration?
Since you are already in business you already have a good idea of what works and what doesn’t work. Maybe you leased to little or too much space or realized you need a bigger break room or office.
What is my ideal move in date?
Planning a move from one office to another is more difficult than moving into an office for the first time. Now you have to coordinate moving furniture, employees, IT, phones, etc. You will have some down time, however it’s important that you plan in a way that you least disrupt your business, employees, and productivity.
These are just some of the most basic and important questions you need to ask yourself before going out and looking for office space for your business. They may look simple, but they are very helpful and preventing you from getting unwanted and unnecessary impulsive transactions.