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Avoiding Office Leasing Mistakes

Office Leasing Mistakes OopsWith so many varied options for leasing office space, it can seem insurmountable to find just the right spot to meet your needs as well as those of your business!  However, a few simple steps can help you in avoiding office leasing mistakes and find the best office option for you and your employees so that everyone feels welcome, productive and happy. Here are 3 suggestions that will make a big difference in avoiding office leasing mistakes for you in your search for office space.

  1. Try using a broker instead of “going out on your own”.  Many smaller businesses attempt to seek future office space by way of classified ads, online postings, or even Craigslist.  Obviously, this can have negative consequences for numerous reasons, not least of which can include fraudulent rentals or misrepresented properties.  Hence, using a office space referral service or agent can prevent these problems before they begin. For brokers, there is no cost to you for their services.
  2. Plan for what is needed beforehand.  How much space is truly needed now and in 3 years?  How many employees do you have?  What kind of layout do you want? How many clients visit your office for in-person service?  Do you have conferences on premise, and if so, how many people generally attend them?  How much parking is available, and is it enough for employees as well as any visitors you might anticipate?  Giving thought to these scenarios can help you effectively predict not only how large or small of an office is necessary for your firm, but can also help you remain within budgetary constraints.
  3. Think ahead!  Much like apartment rentals, individuals or companies will oftentimes leave renewals or potential moves to the very last minute, which can severely limit their options for negotiating new leases in their existing offices or finding desirable new locations.  By preparing a few months ahead, you will then have enough time to weigh all your options, check in with your office space rental agent, negotiate a lease or a move, and keep your employees informed.  This approach is a win-win for everyone and helps to avoid unneeded stress!

Keeping things simple is a great way to go when considering new office space.  To help streamline your search for the perfect go-to place for your firm, contact us today to assist in finding your office oasis and  Avoiding Office Leasing Mistakes!

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