Common Mistakes Made when Choosing Office Space
The hunt for new office space can be a real minefield, and with so many options to chose from it's no wonder that some companies end up making the wrong decisions.
This article examines some of the common mistakes made by businesses when choosing office space and offers practical tips on how to avoid them:
Not Having Clear Requirements
Not having a clear understanding of your real estate requirements will mean that your search for office space could take a lot longer than is necessary, and often results in making the wrong choice of office building. One of the first things you need to do when you've decided to relocate, is to have a real estate brief which details the size of office, rental budget, office lease inclusions, facilities, location and timeline. All these basic factors will enable your Tenant Rep Broker to shortlist a range of properties for you to tour and evaluate.
Not Hiring a Tenant Rep Broker
Companies who go about their search for office space without a Tenant Rep Broker often end up paying more rent than they really need to, and make critical mistakes negotiating their own office lease. A good Tenant Rep Broker will see that you end up in a property that suits your space, budget and operational requirements and negotiate the best deal on your behalf.
Making Hasty Decisions
Hasty decisions are made when time is running short and tenants feel the need to "bite the hand off" the first property they see. Start your search for office space early enough in the moving office process to give yourself enough time to make the right informed decision and negotiate the best possible terms. Tour a range of properties and see them several times before making a final decision.
Not Thinking Ahead
Many companies fail to consider their future business requirements when looking for office space and they end up outgrowing the office space before the lease is even up for expiry. Ensure you factor in enough space for additional headcount or facilities when calculating how much office space you will need.
Going for the Cheapest
The cheapest office space isn't necessarily the deal with the most flexible lease terms. Judge the deal, not by the cheapest rent, but by considering all cost and lease incentives in order to secure the best option for your business.
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