Making the decision to rent an office for your business seems like a fairly straightforward process. You look in the classified ads, tour a couple of possible options,and make your choice. Easy, right? Well, you can certainly find office space for rent that way, but the real question is will you end up with the right office for your business needs. With a little extra time and effort, you can be assured of finding an office location that will serve your business well for years to come. Below are five tips to help you find the perfect spot.
You would think this would go without saying, but it is amazing how many business owners leap into an office contract after being mesmerized by the fancy foyer or the many amenities. Write down exactly what you need and take that list with you when you tour available spaces. If you have 10 employees, don’t rent space for 100. Unless you have concrete plans to expand to a larger or different operation in the future, rent only for your current needs. And don’t let yourself be talked into something you really don’t need. Nothing good can come of trying to fit a square peg in a round hole when it comes to office space.
Yes, you can rent office space on your own, but it is probably one of the most important business decisions you’ll ever make. It is well worth the real estate commission to find a great agent or broker who specializes in commercial properties and who can guide you in making the right decision for your business. Not only can they help you negotiate a good rental agreement, they may have access to rental properties hat are not currently listed elsewhere.
Don’t over-extend yourself with a huge rental payment when you are considering the office space that is right for your business. Office space for rent can make or break your budget. Find an adequate space that is affordable and that fits well within your budget. You don’t want to over-extend yourself, and you can always upgrade later. And don’t forget to read the fine print. What costs and utilities are you expected to cover? Are there any hidden fees in the contract? Again, having a good agent can help you navigate the contract and ensure you don’t sign something you will regret later.
Remember that real estate agent that keeps being mentioned? Well, here’s where they come into play again. Don’t simply accept the first commercial office rent amount offered to you. Use the market knowledge and experience of your real estate agent, and make a counteroffer or see if there is a way to lower your monthly amount. You can also negotiate for the landlord to cover a portion of your property-related expenses, such as utilities. Some landlords would be willing to trade your service for a portion of the bill. Others offer reduce payments in exchange for a long-term lease. Use that real estate agent to get the best deal for your business!
While you don’t want to agree to an office space rental agreement based upon hazy future plans, you do want to be prepared for changes you might need to make later on down the road as your business grows and expenses. Does your rental agreement allow you to remodel the office space or expand into empty, adjacent space? What if you need to terminate the agreement or want to upgrade to a larger office? Can that be done under your agreement or would hefty fees be involved to re-negotiate the lease? Work out those details now as you plan for the future of your business, and save headaches later for a great experience as you search for office space for rent.