Leasing office space is a significant investment for your business. This is why it is very important to make sure you avoid making mistakes that will cost you a lot of money. The following are 3 common mistakes made when leasing office space and how to avoid them.
Lack of planning. A lot of tenants do not know exactly what they need. Knowing the exact space you need is essential. You should have an architect that can do a space program for you and determine exactly what size and functions you need. Knowing the details of what you need will ultimately save you a lot of time and money in the long run.
Lack of representation. Hiring a tenant representative has many benefits. A broker has extensive knowledge regarding the ins and outs of the market and can negotiate for you. They can also use their knowledge and experience to narrow the buildings down that they believe would be best for your business. Hiring a tenant representative can prevent you from leasing a space that you will ultimately decide to leave a few months down the road.
One of the great benefits of engaging a tenant rep is that, while they work for you, their services are free. Just like in residential real estate, their fees are paid by the owner of the building. You get representation, but do not have to pay for it.
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Not enough time. It is common for tenants to underestimate the amount of time it takes to renew a lease or move. Negotiating your deal could take anywhere from 6-12 months, depending on how much space you have and what tenant improvements are needed. By planning ahead and creating deadlines, you can avoid making this mistake.
If you value your time and money, you cannot afford to make these mistakes when leasing office space. Contact us for more information about how to avoid mistakes when leasing office space.