Leasing office space requires a lot of work. It is not easy. There are many things that need to be considered before choosing the best location for your business. Most businesses lease their space and need to deal with a commercial lease. While it is essential to select the best location that will benefit you and your business in the long term, there is a lot more to do than just finding the right space. A good location is an advantage especially in creating a sophisticated brand image for your business. Your business also needs to have a place where both employees and clients are happy.
The process of acquiring an office space can be lengthy. You need to make sure to allow enough time to complete the process. Understanding the leasing process and timing and who are the people that can help you with it is very important for a timely completion to the process. You need to make sure to get the lease agreement negotiated properly to make sure you don’t have unintended consequences pop up in the future. With the right team, you can get a great space at a fair price, with terms that meet your needs and no future suprises. Here is a list of the professionals who can help you when leasing office space.
1. Commercial Real Estate Broker
Yes, we are commercial real estate brokers who specialize in tenant representation. Yes, we are biased by decades of experience. The basics: Commercial real estate is a property that is purposely used only for business or investment purposes. These properties are generally owned by investors who collect the rent from operating businesses in the property. Commercial real estate brokers are people or the middleman between sellers and buyers. They help their clients with selling, leasing, or purchasing commercial real estate.
Not all commercial real estate brokers do the same thing. A commercial real estate tenent rep broker can work independently, unlike commercial real estate listing agents. A tenant rep works solely for you. The listing agent works solely for the landlord. But how can a tenant rep help you with the office space lease? Aside from the fact that they can help you save time, money, and effort, they can also provide numerous advantages. One of the most significant advantages of having a commercial real estate broker is their knowledge of the market, the players and the ability to analyze lease terms.
Acquiring an office space without the help of a tenant rep is like going into court without an attorney. Something you don’t want to do. In addition, not only do tenant reps work soley for the tenant, the tenant does not have to pay them directly. In most cases their fee is paid by the landlord’s listing agent. The commission is already built into the price of the space. If you don’t take advantage of using a tenant rep, the listing agent will not only take advantage of your inexperience, but also pocket the entire fee.
Accounting is a crucial part of any business. One must understand the role of an accountant when leasing an office space. Commercial accountants, specifically, are people who are responsible for the efficient running of the commercial elements of an organization’s finances. They help companies with budget analysis, audit reporting, portfolios, and other accounting related to the business. These people can help you understand further how commercial real estate works and what you can do to maximize your profits.
It is crucial that you understand the tax issues, budgets, and planning in your business. That is what accountants can help with especially when choosing the best office space for your business. Most significantly, accountants provide you the information you need in the contract negotiation process to avoid making financial errors. An SMSF accountant can provide you with detailed advice and guides about how you can fully take control of your funds.
Commercial lease review is one of the most nerve-wracking parts of the office leasing process. Even with multiple experiences in a commercial lease, specifications still change depending on the landlord. Every landlord has different lease. Furthermore, complicated terms are also on the line especially in commercial leases. While a tenant rep can review a lease and make business recommendations, getting help from an attorney to review the legal aspects of a commercial lease is important to make sure your rights are protected.
An experienced real estate attorney can easily navigate and review a commercial lease’s legal and financial specifications. They can make the details easier for you to understand. any legal issues about the lease.
Whatever location you choose, an architect / space planner is someone who can help define how to best use the space. Not only can they prepare a space plan, but they can help you identify other factors that can affect the project budget, project schedule, and the general feasibility of the location.
Contacting an architect early in the process is a good idea. Even before you have chosen a location. they can be your guide and added protection in the decision-making process. An architect knows about any construction codes and zoning regulations your business must comply with. An architect partnered with a designer will also help you with modification or renovations on the office if needed.
Other Office Leasing Considerations
In addition to the help you get from professionals, there are still many things you need to consider. These considerations are significant for your business and your employees in deciding on a final location. A list of other factors you should consider when choosing a new office space include:
- Location and accessibility
- Growth constraints
- Technology and infrastructure
- Layout and design
- Contingency plan
Leasing office space will always be a challenging thing to do. Obtaining enough knowledge, guidance, and understanding will help smooth the way. That is where we come in. Did I mention that what we do is help businesses acquire office space? We have been doing it since 1995 and have developed the finest online network of local tenant reps. We have over 600 of them throughout the US and Canada. If you are looking to make a move, we’d love to talk with you. No obligation to contact us. Hope you do.