Irene Thompson - On Leasing Commercial space and office space is a big decision for any business, formalizing your company in a physical property or expanding, leasing office space isn’t a decision to rush into. Office leases can also be complex and are radically different than leasing residential property, so if you are unfamiliar with renting office space there are specific tips and questions to keep in mind before signing a lease.
Read below to learn about the 5 things to consider when leasing office space and get a headstart with having office space that suits your business and budget.
The first thing to consider is the rent itself and how it factors into your company’s operating expenses. This part of shopping for office leases could’ve been skipped over, as the price of the space would be in any business person’s mind, but worth repeating. While the cost of leasing commercial space may be obvious, it’s also important to know the current market rate to ensure you’re getting a fair deal.
Research the market rate in the area you’re interested in and the rates being offered by competing commercial properties. Also, when comparing rentals, don’t forget to factor in your operating costs.
When looking for office space, many business owners don’t consider the location as the commercial property isn’t for customers to attend. Where the company’s office is should be convenient for employees and clients as well since ease of transportation is important when people are looking for jobs and you want people to see your company to attract clients. An undesirable location can be off-putting to both potential employees and clients.
Depending on the type of business you have, look for a property that has access to parking, and transportation, and is near other businesses.
Reviewing any lease is important and good to do with your lawyer or an office leasing broker, but it’s also important to consider how long you want to keep the office space. Commercial property leases can be much longer than residential ones and is easily a long-term commitment. Before signing any lease, talk with the landlord or property manager about lease timetable flexibility and any rental discounts tied to them.
The size of your office space is important, making sure your staff and equipment can fit within it, but the happiness of your employees is also important when looking at leasing an office. What amenities are provided in the office and on the commercial premises that will appeal to your employees and the caliber of talent you want to hire. Does it have on-site parking, cafes or restaurants in the building, a fitness center, WiFi, conference rooms, etc? Also, when was the space or building last renovated, is there security or door access control? These are all important factors, not just for your employees but for company safety.
Don’t neglect the amenities of an office space and know what appeals the most so that you can factor that in while looking at property to lease.
What office space satisfies now may not be the case in six months or a year, or several years and office leases can have a long life. Before signing any long-term offer for office space, consider the square footage to support any expansion demands and growth goals you have. Also, ask any potential landlords about a “right of first refusal clause” in the lease, which will allow you to take any newly vacated adjacent space before it’s listed.
When looking at a commercial lease agreement and office space to lease, it’s important to have professional guidance to help you secure the space that fits your needs while ensuring you’re protected from poor leases. We at Goodale & Barbieri one of the largest developers, property managers, and leading commercial real estate firms, we understand how to sell commercial property and protect clients when looking to lease office space. Since 1937 we’ve handled properties of all sorts and currently have over 4 million square feet of commercial property. Discover more about working with an experienced commercial real estate broker by aligning with us.
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