Choosing the Right Office Space - A Checklist
Choosing a new home for your business is far from easy. It's a big decision too, so it's critical you're armed with the right Checklist, and that you take advice from a professional Tenant Rep Broker to help support your choices and ensure you secure the right office that suits all your requirements.
Before you even start to tour potential new offices, make sure you are clear what you are looking for and brief your Tenant Rep Broker thoroughly. Top level considerations include size, location and budget. Ask yourself:
- What size office is best for my business, our working practices and our future growth plans?
- Which location will best serve our clients, employees, and help reach new markets?
- How much office rent can we realistically afford?
- And can we meet these costs for the duration of the lease?
- What lease length is best for our growth plans, our financial stability and the real estate market?
Having a clear indication of these will save time touring round unsuitable properties that aren't going to meet your space or financial requirements. When it comes to choosing the right office space, there's a big difference between your emotions and your requirements, and this makes the process of choosing the right office space overwhelming.
Some properties will be tenanted and it can hard to see past everyone working away, or the way in which they've designed it or chosen to configure their layout. Remember renting office space is still considered an investment for your business, even though you're not buying the property, so stay calm and be wise. Once your Tenant Rep Broker has started negotiations, have a Real Estate Lawyer look over the lease for you.
It's really the only way to get an unbiased third-party opinion as to whether it's a wise commercial decision for your business. A Real Estate Lawyer will look over the lease for you in-depth to ensure your leasing responsibilities as a tenant are fair, legal and you are aware of what they are.
Finally, take a copy of the Office Space Checklist with you when touring properties. It details all the essential considerations and even smaller things that often get overlooked to ensure you choose the right space.
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