Tips for Leasing Office Space
Making the decision to move your business and find new office space is an exciting time. You will need to choose an office space which best suits your business, accommodates your future needs and is well-matched to your working practices.
Leasing office space is a lengthy, complex and time-consuming process. Key steps in the process of finding office space include: analyzing and defining your office space requirements; deciding on location, size and budget; choosing the right Tenant Rep Broker; researching the available office space options; selecting which office space options match your requirements; touring your list of potential options; cost analysis of each option; submitting proposals to lease; choosing the right commercial real estate attorney; negotiating the lease contract and closing the deal.
The first, and most important, step you need to take when leasing office space is to engage the services of a local Tenant Representative Broker. They work with Tenants day-in-day-out and their focus is to take your office requirement and then go out into the market to find (and then secure) the very best office space available for your company - and then negotiate the best deal on your behalf. In order to help you brief your Tenant Rep Broker you should consider the following:
Location, Location, Location
For many businesses, location is still the over-riding deciding factor. If you have clients that visit your offices regularly, you may prefer to have a more central office location that is closer to public transport or an office that has sufficient parking allocations so that staff and clients can have easy access.
Type of Office Building
You'll want an office building that portrays the right image for your company, brand and culture. Whether that be modern, traditional, contemporary or something with a bit more character.
When choosing office space, you will need to factor in whether the prospective office space can accommodate any future growth or contraction for the next 3-5 years. Outgrowing your office space too quickly can be expensive and operationally impractical.
Does the office space enhance working productivity for your staff? Choosing an office space where your staff are happy is essential. Do the majority of your staff drive to work or get public transport? And are these facilities catered for in the new office?
Local Environment & Neighbors
Does the office have good local amenities, snack bars, coffee shops etc? Also identify what other businesses are in the vicinity as it can be useful to build strong business networks with neighboring businesses.
Read more practical tips in the Office Design Guide.
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