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Entries for month: May 2013

Have You Considered Renting Sublease Office Space

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So you know you’re ready to be renting office space for your small business. Perhaps you’ve even looked at some office spaces, and you’re chatting with other entrepreneurs you’ve met along the way, who are thinking some of the same thoughts—they’re also ready to make that jump from home to rent an office space. Don’t presume that this means you’re in competition with them for the few small office spaces available in town. Instead, think about whether you might want to get together with one or two of those entrepreneurs and rent some office space to share together. Sort of like a coworking office, but a situation where you would have control over choosing your fellow businesses. Here are some questions to ask if this thought intrigues you.

  • Are your businesses compatible, even complementary? For example, say you have come up with the latest and greatest software program for homeowners to envision what a home remodel might look like. You might want to share an office with another software company that has created the latest and greatest app for restaurant supply purchasing; you would benefit from bouncing software ideas off each other, but know that you wouldn’t be in direct competition with each other. Or you might want to share an office with an interior design company and a startup that sells imported fabrics or custom made drapes and pillows, which would also be complementary to your remodeling software.
  • Do you want to take the lead, and sublease—and is that even possible? The advantage again would be in the measure of control. Alternatively, your two or three businesses could form a collaborative and approach the rental market together, and be equally responsible when signing the lease and making the arrangements.
  • Are you ready to make a commitment? This is, of course, the most crucial question. Leases are not as much of a commitment as a purchase, but it would be a big step forward from a home office. The advantages of having a professional working and meeting space are not to be underestimated, especially if you need to meet with a lot of clients.

So if you are ready to even consider this alternative to a coworking office, contact us today for further discussion and to see what types of office rental spaces might be available in your market.

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By: James Osgood

Office Space , Office Rental , Sublease Office Space

Why You Need a Tenant Rep When Seeking an Office for Rent

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It’s time to make that big move, a larger rented office space. This is good news, because it means your business is growing, but it’s a frightening prospect, to take on that much more commitment and responsibility. You know, when you were purchasing the house that you now live and work in, that the services of a realtor were essential to the successful conclusion of the purchasing process. Believe it or not, the same is true when you are seeking an office for rent, and for many of the same reasons.

  1. As you know from your own experience with a residential home purchase, there are realtor commissions built into the sale. The same is true with commercial transactions and tenant representatives, which means that it is always worth your time to engage the services of a tenant rep; those services cost you, the renter, nothing extra.
  2. Like a home realtor, an office tenant rep has the experience and knowledge to successfully negotiate the varied and complicated processes involved with successfully researching, negotiating and closing on a lease for commercial office space.
  3. A  tenant rep will be able to answer all your questions and help you understand the consequences of the choices that you will need to make during the process. In addition to the obvious questions, such as location, cost and length of lease, there are a number of other factors which need to be considered when renting office space. A good office tenant rep will help you recognize those issues and make the best decisions for your company’s future success.
  4. As with any negotiation, experience and expertise are key to a successful outcome. Tenant reps negotiate on behalf of hundreds of small business owners such as yourself, meaning that they understand all the critical issues and know how to negotiate on your behalf for the best possible outcome.

So are you ready to take that leap of faith and rent larger office space? Don’t go it alone. Contact us today to engage the free services of a tenant rep for this important step into your company’s future.

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By: James Osgood

How to Decide on the Right Place for your Office Space

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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

Office Leasing Tips , Office Relocation , Office Relocation Guides , Office Rental , Office Space , Tenant Representation

Advantages of Renting Office Space vs, Buying

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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

Office Rental , Buying Office Space , Office Leasing Tips