10 Tips on finding Office Space
Finding Office Space
If you are looking to find office space then consider these 10 simple points for achieving the best result for your business.
Review your business requirements with specific regard to size of office, location and type of property. Consider how your company wants to use the office space.
Create a realistic office costs budget and make sure it includes key items such as rent, security deposit, property insurance, taxes, advisors fess and moving costs.
Hire a local Tenant Rep Broker that understands the local office market to act on your behalf. Make sure that they specialize in your office market and that their strength lies in representing tenants.
Once a shortlist of appropriate offices have been found (ideally 3) consider how flexible you want the lease to be. The general rules of thumb are the longer you commit to leasing office space the cheaper the rent will be and the more flexibility you require in the lease the the higher the rent.
Negotiate hard! This where your decision to hire a Tenant Rep Broker will pay dividends. They have an intimate knowledge of your local office market and will know how to secure you the best deal (it's their job!).
Think rent free periods and tenant improvement allowances. Your Tenant Rep Broker will be looking to get you the best financial deal and their knowledge and expertize will help save money and improve cashflow. Hire a Commercial Real Estate Lawyer to review the terms in the office lease (landlord's will be looking for a deal that favors them and an unrepresented tenant can fall foul of office lease clauses that are onerous or restricting).
Take the time and the diligence to get your office lease right first time round - it may save you money and prevent the need for any costly litigation further down the line.Consider office design and office space layout. Get an office design company to draw up plans of how you can turn your chosen office space into a productive working environment.
What physical alterations need to be made to the office space to get it to work for your business? Discuss any office build-out requirements with a General Contractor that specializes in working with office tenants.
If renewing lease (rather than moving to a new office) then take advice from a Tenant Rep Broker about the current office market rental levels. What is happening in the local office market? What deals are being done? Have rental levels decreased in value since your last lease was agreed? Is it a tenant's or landlord's market? How easy might it be for the landlord to re-lease the office to another tenant?
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