Determining your priorities is a key to finding the right office space for your company. A full needs analysis is critical in the beginning of the process to make sure you are looking for what you need. Abacus Office Finder in the UK has been doing an ongoing survey to determine what matters most when selecting office space for rent. Here is what they came up with:

• Location 57%
• Value 25%
• Image 16%
  

Based on my 30+ year of experience in the business, it is pretty accurate.

If you want to go into more depth in analyzing your needs, we provide an Office Space Planning Checklist on our site so that you can make sure to consider all the major considerations when starting the process of finding you office space. In addition to the checklist we also offer an Office Space Calculator that allows you to determine the amount of office space you will need. Lastly, but not least, if you are considering an executive suite office rental, we offer an Executive suite vs Conventional Space Comparison Calculator that will reasonably accurately compare the cost of the two office rental alternatives.

All that said, the best way to make sure you get your office needs met is to engage the services of a local office tenant representative, like the ones at OfficeFinder, to make sure you consider all the factors you need to in your market. Every market has slight nuances that need to be considered.

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By: James Osgood

One of the office lease clauses tenants should pay attention to is the assignment clause. The basic idea behind the assignment clause to allow the tenant to assign the entire lease to a sub-tenant, the assignee, if need be. Typically, an assignment will require the landlord's approval in writing. The assignee must be qualified and the assignment is made without the release of the assignor’s liability. What this means is that you, the original tenant, will still be financially responsible to pay the rent in the event the assignee fails to make payments. This can add quite a liability on your financial statement.

There are ways to try to get around this. The first and foremost important requirement is that the assignee's financial statement is comparable or better to that of the original tenant’s. If that is the case very often you can negotiate with the landlord to a release after a period of time in which the assignee has paid rent on time and that the assignee is never in default of the lease during that time period. Another way to achieve a release is through a buyout option. If the subtenant is creditworthy you could offer the landlord a sum of money to release you from any future obligation.

Of course, the best way to go about this is to engage the services of a tenant representative when you anticipate the need to assign the lease, whether it is to downsize or to upsize. Tenant reps not only are intimately familiar with the market in helping you relocate, but also knowledgeable about the landlords in the area and what they may be willing to negotiate. If the tenant rep has brought other tenants to the building, the landlord may be interested in staying on their good side, in order to bring more future business.

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By: James Osgood

Despite—or perhaps because of—the slow economy, the office vacancy rate across the nation declined slightly in the last quarter of 2012, to 17.1%, according to the real estate analysis firm Reis, Inc. This is because new office construction is virtually at a standstill in this economy, so businesses must find office space within the existing supply.

What does this mean for you? It means that you will need to be aware of some trends when finding office space for lease in this tighter market.

• Asking and effective rents grew by 0.8% in the last quarter, meaning that it could cost you more to rent that new office space than it would have last October. This is also the ninth consecutive quarter in which rents have increased, meaning that while the economy is still generally sluggish, there is some recovery for commercial real estate.
• The sharing of office space is becoming increasingly popular. Small startups and shrinking businesses are sharing space, and rent, in an effort to save money. This can work, and if you find the right fit, it can even be synergistic for complementary businesses. However, there are also pitfalls to avoid, in terms of assumptions and expectations, differing company cultures, and—most important—making sure that you get the parameters of the relationship in writing.
• Leased office space per worker continues to shrink. According to the Memphis Business Journal, “Leased office space averaged 600 square feet per worker in the 1970s, but that number had dropped to 176 square feet in 2012.” Companies continue to find efficiencies, push for collaboration, and re-engineer existing space to accommodate more workers. This trend will doubtless continue in the face of increasing rental rates.

So how can you address trends such as these when seeking leased office space? We suggest that you start with us. Our tenant representatives are very familiar with these trends, and with local office trends, which vary from one metropolitan area to another. They will help you find the best possible options for leased space in your city, at no cost to you. Contact us today to get the process started!

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By: James Osgood

It’s March, and St. Patrick’s Day is right around the corner, so we thought we’d focus on thinking green today. When you are seeking office space for rent, you might not always remember to consider our environment, but thinking green can also affect your very real costs for heating, cooling, water, etc. So here are some questions to ask and things to consider if you want to think green when seeking office space.

• Is there any active or passive solar built into the construction of the building? Active solar would be solar collectors for generating electricity or heating water. Passive solar is building construction that takes into account the building’s orientation, so that the sun’s effects (such as heat and light) are minimized in summer and maximized in winter. Buildings that have a central atrium built into them also make a big difference for bringing light into the entire building, thus lessening your portion of the cost to light common areas in the building.
• If you are looking at a newer building, ask if it is LEED certified. According to the US Green Building Council, LEED buildings lower operating costs, reduce construction waste, conserve energy and water, reduce greenhouse gas emissions, and qualify for tax rebates, zoning allowances and other incentives in cities around the country. LEED certification also is better and safer for tenants, because of healthier indoor environments.
• Find out if your prospective office building is paying attention to their use of water. Do they have low flow toilets and faucets? Do they have reclaimed or grey water systems? These will take water from sinks and filter it for use in toilets and landscaping.
• Ask if they are doing anything less common in the area of green building, such as a vegetative roof, which increases insulation and helps filter pollution. (If there is one, find out if tenants can eat their sack lunches on the roof!)

So think green! Contact us and let us know that you would like us to add green factors as a part of our checklist as we help you search for office space to rent. You and our planet will be glad you did!

Getting your Office Space Green

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By: James Osgood

If your business is new or growing, you need to save money everywhere you can. There are many expenses associated with starting or growing a business and they're not all planned expenses. Wouldn't it be nice to have an even bigger cushion of funds than you planned on originally?  That's entirely possible when you work with a professional to find your office space for rent.

One of the biggest mistakes business owners make is in choosing the first location for their business.  Maybe it's because they're so excited and eager to get things up and running that they don't take the time to choose carefully.  Or, perhaps it's just lack of experience that results in a need to upgrade to a new property sooner than they thought they would.  For many, however, it's not knowing what the rental market is like for businesses like theirs.  That's why working with a professional office tenant representative is really importnant.

If you're not familiar with the office rental market in your area, it's easy to pay too much for a space that's nowhere near big enough for you. There are also tons of other costly mistakes you can make.  Even though paying too much is a common mistake, that doesn't mean it has to be one that you make.  When you work with OfficeFinder, you'll find our professional services to be second to none in our industry.  We've helped countless, businesses just like yours, find the perfect property that's the right size and the right price.  

If there's one thing we've learned in this business, it's that it's important to have someone you trust on your side.  You need to have an advocate working for you, who has your best interests at heart.  That is what a tenent representative does for you and all at no cost to you.

We'd love to talk to you about your business.  Where do you see yourself in a year?  How about five years?  Why not contact us today, and find out how we could help you find a great deal on the perfect location?

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By: James Osgood