When it's time to expand your business and set up an office location, one of the most important choices you face is where to locate your office. There are many factors to consider when choosing the right location to set up your office, and much will depend on the type of business you own. Before you look for the right office space, here are some things to consider to help you decide on the right place for your office location.

Cost

Obviously, the cost of buying or renting your office space is going to have to be within your budget constraints.  But there's more to the cost of doing business than just the monthly rent on the office space.  It is important to thoroughly research the taxes and regulatory situations in your desired location. What are the sales and income taxes and how might they affect your business? What about regulatory requirements - are they excessive or is this area business-friendly? If you plan to locate your business in the US, you can find out how individual states ranked with the Small Business and Entrepreneurship Council on policy measures and the various costs that impact small businesses.

Your Customers

Your business location needs to be where your customers are and be conveniently located for them. Consider traffic, parking and whether or not the area invites foot traffic.  How visible will your busines be in that location? 

Your Employees

Even if your type of business doesn't require customers to visit your location, you will have employees. Consider where your employees will be coming from, whether or not there will be a pool of qualified candidates for job openings and whether they will be able to easily commute to your location.

Other Businesses in the Area

If your business depends on attracting new customers, then the types of other businesses located near you is important. Consider what other retail and service businesses are in the area, what type of customers they draw, and whether or not they compliment or compete with your business's offerings. 

Once you've chosen the right place for your business to operate, contact us.  Whether you are looking to lease or to buy, we can help you find the right office space for your business venture.

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By: James Osgood

Surely if your business is firmly entrenched in the market, you have significant financial resources, and you plan on keeping your business in the area for many, many years to come, buying your commercial office space may be the way to house your business. Yet, you may still want to consider renting an office space. Here's why:

• Lower Initial Investment - You won't tie up money you could use in your business. Many businesses get a higher return from their core business than they would from buying an office and the associated savings and appreciation.
• Fixed or Adjustable - Every homeowner knows the pros and cons to this option. Do you want to pay the same amount every month for your property, or do you want to gamble with the potential of rising office rental rate costs. Ultimately, the market will tell dictate what your business will pay for rent. In a down economy, the idea of renting can be lower cost and offer significantly lower risk. The unfortunate Catch-22 here is that if the economy is good, your business will flourish, but you may end up paying some of that profit back in rent. But, then again, isn't that a nice problem to have?
• Flexibility - Renting your office space also affords a business the opportunity to grow their office space along with the growth of their business. As your business expands with staff, operations, and more; renting an office will allow you to buy more or less office space as the situation dictates accordingly. This level of flexibility can provide a business owner with the peace of mind of knowing that they're not locked into an enormous space if they don't need it or too small of a space if their business has outgrown it.

More Information on the decision of whether to buy or rent office space.

"OfficeFinder, LLC" is the leading web based office space referral and information network, with highly qualified local office space leasing and sales professionals in over 550 markets. 

Contact us today to find the right location, negotiate the best price, and avoid costly mistakes. We would love to help your business find the best property available!

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By: James Osgood

These terms, office for rent and office for lease appear to be inter-changeable to most people outside of the commercial office space industry. Probably the best place to start is in in defining what the differences are in an office for rent vs. an office for lease. When those of in the industry hear these two terms, they mean different things. To many outside of the industry they seem to be the same. The primary difference in the terminology is that an office for rent refers to a shorter period of time in which you are committed to pay rent. This typically ranges from month to month up to about two years. On the other hand, when those within the industry here the term office for lease, we generally understand it to be a longer period of time in which you are committed to pay rent; usually in the neighborhood of 3 to 5 years.

There are many options for businesses looking at finding an office for rent. Very often it is more difficult to find conventional office space for rent since landlords are typically looking for a longer-term lease, but there are many other alternatives for businesses looking for an office for rent. These office rental options typically range anywhere from a month-to-month to a year commitment. They include:

• Executive Suites: An executive suite allows a business to rent an office within a fully managed office environment. In most cases a physical office will be rented and exclusively available for your use.
• Virtual Offices: These are typically provided by executive suite operators and allow businesses to use the executive suite as their mailing address. They also provide the ability to use an office or conference room on an as needed, as available basis.
• Coworking Spaces: This is the new kid in town and is very similar to and executive suite except that it is less formal, less expensive and focuses on collaboration between those that rent space in them.
• Subleases: When you sublease an office, you are renting office space from a tenant with the landlord’s permission. This can be a somewhat risky endeavor in that if the tenant you are renting space from does not pay the rent or goes into default of their lease, you can find yourself without an office having been evicted. On the other hand, if you do take care and build in safety clauses into your sublease agreement that is approved by the landlord, it can be a very good option.

So what are you looking for? An office for rent or the office for lease? In either case the professionals at OfficeFinder can help you find the right space at the best price without the usual hassle. Give us a try. There is no cost to you. It is a no lose proposition.

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By: James Osgood

So business is going strong, and now you are beginning to wonder if it’s time to stop pouring all that office rent money into someone else’s pocket rather than investing in office space of your own. After all, commercial mortgage interest rates are still quite low, and your company’s success indicates a bright future ahead. As you consider this important shift in business strategy, here are some things to consider.

• Is now really the time? We ask this question not just with regard to interest rates, but also with regard to your company’s future growth. If your business continues to expand, will you find yourself, in another few years, running out of office space? If you are still in a period of growth, sticking with leasing may be preferable, because it provides more flexibility for future expansion. You should only purchase office space if you are quite certain that your future needs will be met by the space you purchase.
• Where do you want your headquarters? Here we are thinking “bigger picture.” Think beyond whether the area you are considering is a prestigious, or up-and-coming, location for your company’s headquarters. It would be wise to do some research—and we can help—about business trends in your city. You need to think not just about what things are like now, but what they might be like in the future.
• Is the area of town you are considering going to be the right place for your business in twenty, or fifty, years, not just for the next five? Will the area’s infrastructure (roads, bridges, restaurants, etc.) meet your needs in the years to come? If you are counting on some appreciation in the building’s value over time, it’s important to make sure you are buying in an area that will continue to grow.
• Is this a good financial move for you? In addition to paying a mortgage company instead of a landlord, you will need to factor in your upcoming capital needs and cash flow considerations, as well as the tax consequences of making the purchase.
• Are you ready to be your own landlord? This is a very important consideration, because when you lease space, it’s easy to call the landlord if the toilet backs up, or expect that the icy sidewalks will be cleared by the time you show up for work. If you own the property, those responsibilities, and more, will now be yours.

These are just a few of the questions that you should be considering as you discern whether to lease or buy in this market. We have more information on lease vs. buying office space and we suggest you contact us to conncet with on of our local pros to further discuss this exciting possibility.

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By: James Osgood