Tag Archives: lease office space

Lease Office Space Tips; Choosing Space That Suits Everyone Involved

For Lease office space signLooking to lease office space?

Whether your business is small or growing, there are several vital clues and illuminating facts for choosing an effective office space for you and your employees.  So whatever business you are in or plan on creating, make sure you ponder all your options especially the question of what works best for you by carefully considering these tips.

Look for Open and Negotiable Lease Terms

In starting and maintaining a business, it is always necessary to evaluate risks and possible future changes.  Looking for leases that allow you to “break” with little to no cost can be a great option if your business is unsure of its future plan.  While a long-term lease can provide you with stability, short-term leases allow you to “test the water” until that stability is a real thing.

Consider Accessibility

Plan on meeting with clients daily?  It is important to consider where you will be located and whether it is easily accessible.  Or, perhaps your employees use on average, a public commute system to get to work.  It is important to be aware of how your location can affect the overall stamina of your workplace.  A central location or one that is more easily accessible also tend to be located closer to other businesses such as restaurants and other places needed to keep you happy and sane.

Make Sure you Understand the Lease Especially When it Comes to Repairs

Let us consider the topic of leases again. They can often times include small print, meaning, you sign up for something you did not intend too.  Small print can sometimes include problems and miscommunications such as who is responsible for repairs and other issues as they arise.  That is why it is important to ask questions, get a legal opinion and make sure you address these issues before you move in.  You do not want to be left with a mess!

Building Security

Building security is also something that should be at the top of your list when searching for office space.  Wouldn’t want an unsavory character to walk in and harass clients or employees or worse.  Ask about physical and electronic security options and if needed, whether extra security is an option too.

Parking

And last but certainly not least, take a look at available parking options in a prospective office space.  Not only do employees need to have a place to park, so do clients and other visitors.  Consider, is the parking public or private? Street or parking lot options?  Furthermore, make sure you familiarize yourself with the parking situation in the area so as to avoid any pesky dilemmas such as tickets or towing.

While these Office space leasing tips are a start when you lease office space, consider writing a list of things you and your business are looking for and carry it with you as you search.  contact us for assistance or further tips on finding the best space that works for you.

Here are a few other useful resources when looking to lease office space:

 

What to Consider Before You Lease Office Space

office space for leaseMaking a bad decision when it comes to choosing office space can have negative repercussions for any business, including loss of customers and a big impact on your bottom line. As many landlords prefer three to five year leases, it’s essential to know what you’re looking for before you lease office space and sign on the dotted line. Find the right office space, make the best decision for your company and start making money.

Use a Tenant Representative to Lease Office Space

Choosing the wrong broker, or not using one at all, can add up to a very expensive error. Tenant representation is essential, but you don’t want to rely on a broker with a conflict of interest, such as one who represents both the tenant and the landlord. Use one who strictly represents you as the tenant, which ensures that the broker remains true to their fiduciary duty. You wouldn’t use an attorney to represent bother parties, and the same holds true when signing an office lease.

As a business’s office space is usually one of its biggest expenses, having the right broker on your side can often help to reduce the company’s bottom line and also help protect its interests in a number of other ways.

Determining Priorities

Before signing an office lease, have you considered all of the short and long-term priorities of the business? Ideally, you should have an office space planner conduct a space program to determine your size needs including aspects like floor load capacity in order to support heavy equipment. Your tenant rep can help you with finding one and very often it will not cost you anything. Landlords provide this as an incentive to get you into their building. You may also want to find a space to lease within a larger complex that allows for future growth.

Understand Associated Costs

In addition to monthly rent, make sure you understand all costs involved, such as utility costs, common area maintenance fees, Internet and telephone installation costs and possible extra HVAC (heating, ventilation, and air-conditioning) costs for running your business after hours.

Both you and your broker should inspect all documents thoroughly as they are designed to benefit the landlord and make them money, not you.

Take Your Time

Not giving yourself enough time to make the decision and to go through the entire process of securing an office lease is one of the biggest mistakes office tenants make. You need time to explore the market with your tenant rep, tour facilities and interview landlords. Most tenants tend to significantly underestimate the time it takes to complete each stage, whether renewing, moving or starting fresh. Depending on your space needs and how complex your technology, the office leasing process may take 6 to 12 months or longer just to find and negotiate a deal.

Taking these considerations to heart will help you have a positive outcome when you lease office space.

Related: Top 15 mistakes Tenants make When They Lease Office Space

By: James Osgood
OfficeFinder

Top 15 Mistakes Businesses Make When Leasing Office Space

Mistakes OopsAlmost every business of any size has a need for leasing office space. It is not an easy task and can take a lot of time. There are lots of challenges and room for mistakes along the way. Here are our top 15 Mistakes Businesses Make When Leasing Office Space. They come from OfficeFinder office tenant reps totaling hundreds of years of experience.

  1. Not allowing enough time for the leasing and negotiating process.
  2. Not adequately defining your needs before you start.
  3. Not getting the professional help you should.
  4. Accepting that the lease the landlord provides is “standard.”
  5. Accepting an inadequate tenant improvement allowance.
  6. Not having the proper base year for annual operating cost pass-throughs.
  7. Not verifying that you can get all of the services you need at the new location.
  8. Not having buy-in from all the major players within the company.
  9. Not negotiating enough flexibility in the lease.
  10. Incomplete understanding of the local market conditions in negotiations.
  11. Failing to thoroughly read and understand the rules and regulations attached to the lease.
  12. Not investigating enough competitive alternatives.
  13. Believing the listing agent has your best interest in mind.
  14. Over guaranteeing the lease by not capping you personal financial liability.
  15. Dragging your feet in a tight market and loosing the office space you wanted.

Certified OfficeFinder SpecialistOne sure way to avoid most of these mistakes is engage the services of a qualified office tenant representative. They will act as the hub of the wheel to ensure a smooth transaction and to make sure you avoid costly mistakes when leasing office space.

We have nearly 500 local office tenant reps in our OfficeFinder network who will personally assist you in meeting your office space needs. They are located in both small and large markets. Get connected now.

OfficeFinder Office Tenant Rep Directory

Find Office Space

Biggest Mistakes Office Tenants Make When Looking to Rent Office Space

Over the years we have posted lots of information about the mistakes that office tenants most frequently make. A big one is thinking that the landlord’s listing agent will look out for their best interest when they’re looking for office space for rent or lease. They won’t. They have a responsibility to the office space manager or landlord to get them the best deal possible. They have a contract that says so. If a listing agent tells you otherwise, beware.

Price is not the only issue you need to be concerned about. The terms of the lease can have a huge impact on your cost and ability to avoid mistakes that will end up biting you in the rear.

So where does that leave the office space tenant looking for office space? Set up for another big mistake – not having your own agent who knows the market and the business as your office tenant representative. In the US and Canada it won’t cost you anything. In fact, it will save you money by ensuring you get the best deal possible and avoid costly mistakes. A good tenant rep, like the ones at OfficeFinder,  represents office tenants every day. They  negotiate leases for a living, while chances are you will only have to do so a half-dozen times in your business career. Who do you think will do a better job?

What we have seen over the past 10 years is a transition from business owners and managers who recognize the value of a good office tenant rep to many that think they can do it themselves and are suspect of real estate agents. This has come about from the plethora of information and listing sites on the Internet and too many unqualified agents claiming to be good office tenant reps.

What you see on the Internet related to available space is only the tip of the iceberg and much of it is simply out of date or wrong. There is no way to really determine the deal points of recent office rentals or leases from information on the Internet. The only way to really get good information is from someone who is in the business day-to-day.

So, if you want to rent office space and get the best deal possible, avoid costly mistakes and have a hassle free experience. Engage the services of a qualified tenant Rep.

More on Office Leasing | More on Office Rental

The 3 Biggest Mistakes Tenants Make (SlideShare)