Office Space Requirements - pay attention to the detail
Office Space Requirements
Your office space is an integral element of your overall business strategy. The office lease your company signs is a legally binding agreement and represents a significant financial obligation which can add up to serious dollars over the term of your office lease.
It follows that companies need to pay close attention to the way they go about putting their Office Space Requirements together. Here's a couple of reasons why:
- For most businesses, their office space will typically represent the 2nd largest expense item - behind employee payroll.
- A poorly negotiated office lease can have punitive financial and operational consequences (and be close to impossible to terminate) if the tenant hasn't paid close enough attention to the detail in the terms and conditions.
Companies need to find office space and sign office leases that reflect their overall business strategy. Whilst every company will have their own unique set of circumstances there are some key office space requirement basics that hold true for all businesses.
- How much office space does your company need?
- How much can you afford in terms of office space rents?
- Where is the best office space location for your business?
- What do you want the office space to do for your company?
- What is the best timing for your company to move office?
- Office Space mistakes can prove costly and negatively impact the bottom-line.
Changing circumstances need to be incorporated into your Office Lease and close attention needs to be paid to the legal issues of moving office. Savvy office tenants recognize the need to incorporate plans that will support a wide variety of possible scenarios for their business. The three most obvious being company growth, mergers and contraction.
It is business critical that office tenants are alert to the pitfalls of signing office space leases that restrict their ability to adapt as their circumstances change. But what type of office lease is going to offer the optimum in terms of flexibility and cost efficiency?
Sadly there is no single answer to this question. However, what is proven is that companies that are represented by a Tenant Representative Broker make fewer mistakes, pay less for their office space and position themselves better for the future - whatever that future holds.
Flexibility is an Office Lease essential. There are a wide number of options that exist for businesses with regards to limiting their office lease liabilities. These include; lease cancellation options, sublease & assignment rights, expansion options and rights of first refusal. Don't worry if these terms are new you to you - that's why you hire a Tenant Rep Broker!
Brokers that represent office tenants negotiate with landlords and property owners on a daily basis. It's what they do! Their job is to help navigate you and your business through the minefield and pitfalls of:
- putting together the right office space requirements for your business
- finding the office space that best suits these requirements
- securing the best deal possible
- negotiating an office lease that will best serve your business
Hiring your own Tenant Rep Broker is an essential part of corporate well-being and financial stability.
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