You have located an exciting new office building. It features flexible workspaces, makes a great first impression on visiting clients and has all the creature comforts and amenities that make this the right office space for your employees. Before you go full steam ahead, learn how to avoid mistakes when leasing office space even some less seasoned brokersin the industry make.
- Leasing for today. Unless you specifically go after a short-term lease, look beyond the company’s needs of today. The size of the space that meets your needs right now may not be the right size in six months when you add on a new division and need more staff members. Pending mergers, new product lines, added service menus and market expansions might have you bursting at the seams well in advance of your lease’s expiration.
- Pinching pennies. While you cannot afford to tie up too much money in rental expenses, be careful not be penny-wise but pound-foolish. Verify that the rental rate is competitive in the area for the space you are investigating. Next, check out the added amenities the leasing company proposes. Some add parking spaces and access to shared conference rooms. Others do not. A potential deal breaker could be the amount of the tenant build-out allowance.
- Going it alone. Granted, you have already located the ideal space. That said, how do you know that there is not another one just like it around the corner? It may not be openly advertised, but an office space expert with industry insider knowledge and connections can point you in the direction of this space. Before you make financial concessions for a great space, when you could come out ahead by opting for a similar office in a nearby building, work with a group of professionals who assist you with locating an office that suits all your needs and delivers on plenty of wants, too.
When you avoid mistakes when leasing office space, you position your company well in a competitive market place. Contact us today to learn more about your options.