If the business you are trying to start will require you to rent an office space, you have to look at your options before sealing the deal. You must arm yourself with the necessary knowledge that will allow you to maximize the contract and have it work to your advantage. Here are what you should know before renting an office space:
You absolutely should know going into your search what your short and long-term needs are for your office space. This criteria will help narrow down your choices when you start looking for the perfect office space for you. How big should the office be? Do you want to have your bathroom, or is it okay to share it with other lessees in the buildings? Do you prefer your office to be near high-foot traffic? Do you require it furnished with blinds, tables, and office chairs? These are some of the things you should consider. Of course, you have to gear it towards your business industry, as well.
Decide on Duration of Lease
You also have to decide the term of the lease. Some landlords require a minimum of three years for a commercial lease. If you only prefer to rent a space for a short-term project, it would be unwise to rent an area with a lock-in period of three years.
It is best to go for a short-term lease if you are just starting your business and still unsure of how it will pan out in the next few months or years where you may experience significant growth or expansion. It is easy to extend or renew a lease rather than negotiating an opt-out clause.
Do Online Research
Before going out scouring for available office spaces, it is wiser to do an online search first. Often, these listings already include details as to location, square footage, rental fees, etc. It saves you time and effort. Plus, they also post pictures so you can already have an idea if they will fit your criteria.
Consider Working with a Broker
If you want to get the most of your office space deal, you might want to work with a broker. It is more advantageous for you because:
- They know the market, so they know the current market price.
- They get insider deals and can even offer you a space before it gets listed.
- Negotiation is their business.
Bring a List During Office Tours
When you start touring the office spaces you’ve listed down, bring an extra notebook and carefully list down what you like and dislike in each area you visit. This list can help you later on when you start narrowing down your choices. Note the square footage, accessibility, ambiance, general feel of the space, and the listing price.
Make an Offer
If you’ve finally narrowed down your choices and have found a space that you like, don’t hesitate to make an offer even if you are not yet 100% sure about your decision. Making an offer is a non-binding agreement, but it helps you get a feel of the process. You can make several offers and see which one will accept your offer.
Review Lease Contract
Once you have chosen an office space for your business, you have to be more patient when it comes to your lease contract. Compared with apartment leases, commercial lease agreements take some back and forth before it can get finalized. At best, you should have a commercial real estate lawyer have a look at the contract to see whether it would not cause you any legal troubles later on.
Choosing an office space for your business can be a tedious process. You might be excited to hire professional movers to transfer your office. But, you must consider all those mentioned above, so you can have the assurance that no problems will occur during the duration of the rent.