When it comes to scouting out a new office space location, you may be in the mood to hit the ground running full speed ahead. Whether you have a small start-up company or you employ thousands, choosing an office space should not be taken lightly. We have put together a list of a few common mistakes that businesses make when leasing office space:
Not allowing enough time. Depending on the size of office space you need, it could take up to a year to locate, negotiate and build out the new office. Make sure and allow enough time so that you don’t have to compromise and end up with less than you could have had otherwise. Timeline and process for leasing office space.
Not enough planning. Don’t be tempted to jump into an agreement when you come across a space that “looks good on paper.” What may seem like a dream location may not work for your particular business. Carefully consider the location pluses and minuses, square footage, layout, and design of the building first. Make sure to discuss it with your top employees to get their input. After all they are your most important asset and should be consulted.
Not having representation. More than likely, the building owner will have a listing agent working on his/her behalf. You cannot rely on them to help you. They are required to represent the best interest of the landlord, not yours. When leasing office space, it’s smart practice to have somebody on your side as well. A good tenant representative, like the ones at OfficeFinder, will know the nuances of a negotiation and know what the comparable rents in the area are, so you don’t end up making costly mistakes.
Not understanding the documents. This is another reason why having representation is crucial. When signing a lease, the paperwork can be lengthy and full of legal jargon. Have somebody who can help clarify what it all means, so you can be sure you know what you are signing. You can get an idea of the complexity by checking out our leasing office space lease checklist.
Not planning for the future. Are you hoping for your company to expand in the next five to ten years? It’s imperative to not only know if the building fits your current needs, but if it will satisfy for your company’s growth as well.
There are several reasons to be cautious when renting for commercial use, but with these tips in mind, they should help you avoid mistakes when leasing office space. Please contact us to help you find your ideal location.
Also see our post on the Top 15 Mistakes Businesses Make When Leasing Office Space