Commercial office space for lease… Follow These Simple Rules
If you’re searching for commercial office space for rent, perhaps simply getting started has you scratching your head…
With so many crucial elements to consider, analysis paralysis can set in leaving you… Well, leaving you nowhere, or in the same old offices.
Today, we’ll show you what to watch out for when you’re hunting down new office space along with what you should focus on to ensure that your fresh office environment is a perfect fit for your business.
We’ll walk you through some of the most common pitfalls faced by all business owners looking to find and secure new office space.
Preparation is everything, and going in forewarned about what to avoid could save you from making a very expensive mistake.
#1 – Fail to Plan, Plan to Fail
It might seem like stating the obvious, but you really need to be clear about your needs if you’re looking for office space for lease.
Instead of going round in circles just thinking, make a written plan of attack. Address the following flash points…
- Where do you want your offices based?
- What size office is appropriate for the needs of your business?
- Do you have your own office furniture?
- Does your business demand any specific amenities?
- How convenient is the building in terms of transportation and commute times?
- Will parking be sufficient for your requirements?
We can’t answer those questions for you, but it’s imperative you ask and answer them yourself before you sign a lease agreement. Time spent at this stage might well be the next best investment you make after working with a professional tenant representative.
#2 – Underestimating Your Time Frame
Sourcing new office space for lease and moving in takes time. A great deal of time. Don’t leave things to the last minute, since this is a recipe for making rash and potentially costly decisions.
If you’re a start-up, initiate proceedings as soon as you can afford a spacious building. If you’re having issues with an existing lease or property management, get the ball rolling and start looking for your new office space for lease at least six months in advance.
After you’ve taken both customers and employees into consideration, choose your potential office space from the Commercial Lease Locators shortlist. Once you have narrowed it down we’ll schedule tours on your behalf and work hard to negotiate the best lease agreement.
By taking action early we’ll maximize your chances of finding the office space for lease to thrive.
#3 – Not Checking the Lease Carefully
Would you undertake a house purchase without seeking professional help? It’s highly unlikely.
It’s astonishing, though, how many businesses think they’ll negotiate a commercial lease without any prior knowledge or experience.
Don’t make the mistake in believing that you’ll have the time and resources to source and acquire suitable office space for lease.
The actual lease that you will sign is not an area where you want to go at it alone. You really need a dedicated resource to represent you.
The commercial lease
Analyzing the intricacies of commercial leases is far beyond the scope of this article.
To summarize, though, there are 3 types of commercial lease:
- Full Service Lease: This all-inclusive deal is your smartest option. There are no hidden costs and you know precisely where you stand
- Net Lease: The rent might be nominally lower with this type of lease, but you’ll be liable for different types of maintenance costs each month. It’s tough to budget accurately with this category of lease so buyer, beware
- Modified Gross Lease: This is a mixture of the above lease styles. You’ll contribute toward costs, but as a fixed payment along with your rent making it easier to keep your eye on the sums.
Keep in mind that the lease is designed to maximize the landlord’s profits. Make sure you engage the services of a commercial real estate agent who can scrutinize the lease on your behalf.
Think carefully about the notice period and length of the lease in particular, making sure they mesh with your needs.
You need to negotiate the lease is an intelligent and professional manor. That’s where Commercial Lease Locators comes in. This is an area where we excel in and will always get you the best possible deal.
#4 – Neglecting to Consult Employees
When looking for a office space for lease, it’s wise to think more about the needs of your employees rather than the need to drive new customers to your retail location.
Don’t forget to consider how easy or difficult the commute will be for your team. Ask them what kind of amenities would improve their lives at work.
Consulting with your staff is key if you want an environment conducive to happiness, which will in turn boost productivity and profits.
Leasing office space in Austin
You need to ensure that you get the right size office space for lease, but it’s crucial that you think about the future rather than fixating on only the present…
If you don’t have a clear vision of how your business will develop, consider a shorter lease with options to extend.
While you obviously don’t want to take on and pay for more space than you need, it’s equally senseless to shoot yourself in the foot by renting somewhere you’ll outgrow in six months from now.
You’ll need to spend some time thinking about how much space your business needs this year and what your business will need in the future. While taking growth into account, it’s important not to go over the top and rent more space than you’ll reasonably need.
As a rule of thumb, allocate 100 to 125 square feet of space per employee. Make adjustments, if necessary, for senior staff and private meeting rooms. When considering any future employees, think about building in a margin of perhaps 10% to cater for a staffing increase.
Once you have a solid idea of the size of the office, think about how much rent you can comfortably afford while factoring in any potential and unexpected increase. Don’t forget to take into consideration the additional costs from common area maintenance (CAM) fees and utilities.
When all’s said and done, try to keep your maximum budget at less than 10% of your projected gross annual income. Anything much more and you might end up struggling for cash flow.
Commercial Real Estate Agents
Expertise and domain experience is key when finding the right commercial real estate agent to represent your interests.
Why some small business owners use residential realtors, I’ll never know.
Paying attention to the key points above should give you a solid foundation from which to pick the most suitable office for your business.
The bottom line, though, is that you’ll need a dedicated commercial real estate agent so you can focus on your business without squandering too much precious time hunting for a property and negotiating the lease.
Sure, you can make things much easier on yourself by having a firm plan in place so you know roughly where you want to move, the size of the offices you’re looking for, and how much you can spend.
Ultimately, though, there’s no substitute for the expertise of a company that will guide you every step of the way and that’s where we come in…
Find the best commercial place in Austin
All you need to do is fill in our simple online form checking the Office field in the Type of Space box.
Once we know your ideal location and the square footage you have in mind, we’ll compile a detailed report for you. Once you draw up a shortlist, we can arrange for viewings.
Negotiation is where we excel so, when you’ve chosen the office you want, we’ll work hard to get you the best possible deal.
And we saved the best news for last…
It won’t cost you a dime. The landlord pays for our service so why waste your valuable time and limited resources when you can leave everything to us?
If you want to leave nothing to chance, and get the perfect office space for your business with the very minimum of effort, contact us today.
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