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Did you know that if you are looking to renew your commercial lease you should plan at least 6 months out or if you are planning to relocate that it typically takes about 12 months to finalize all of the details? Based on those time frames, I’d say it’s a great time to start the process.
2014 is right around the corner and with the extreme growth we are seeing in the Austin market, commercial office space will continue to be in high demand leading to limited options. That does not mean that finding new office space is impossible, but there are key things to consider as you approach the planning process.
1) Are you renewing a lease, looking to lease new office space or relocating?
2) What is your budget?
3) What are your new office space needs and requirements?
Creating a needs list should be a priority – even before defining your budget. Many times, as you create a list outlining what you need for your business, you may discover you need more or less budget than you originally thought.
Top questions to work through in your planning phase:
1) Do we need more general office space – more room for desks, people and equipment?
2) Do we need a space that has more conference rooms for private meetings and client presentations?
3) Is parking a big issue now and how would we like to see that changed in a new space?
4) If I downsize, how can I still ensure function and privacy?
With budget planning, the worst thing is to be surprised by an expense you had not even considered.
A few top budget considerations include:
1) The security deposit and first month’s rent
2) Gathering profit/loss statements, balance sheets etc. for the landlord to review
3) Phone and data cabling cost estimates
4) Phone and internet service costs
5) Property and general liability insurance
6) Costs for movers, furniture and equipment
7) New collateral, business cards and updates to online assets like your website and social media sites
8) The Cost of a build out or finishing of a space
There is actually a way to help you save money and time throughout the entire process. Many businesses decide to search for office space on their own because they think there are fees associated with hiring a tenant representative that specializes in commercial office space leasing.
What you may not realize is that a commission will be paid regardless if you seek the help or not because leasing commissions are typically pre-negotiated between listing agents and owners of the buildings.
Before you embark on a move project, consider reaching out to a commercial office tenant representative to help you with market research, trends, area information and other key expertise they have from dealing with leases all day every day.
You can read more about the information I’ve mentioned above in a few of my past blog posts.
5 Expenses to Budget for before Finalizing your Office Space Lease.
Understanding retail space lease rates and how they are calculated
Four Tips for a Successful Office Space Move or Relocation
Leasing Office Space with Help from a Tenant Rep is a FREE Service
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