How to Choose the Right Office Space for Your Business
Selecting the right office space for your business is critical for your success, but making a selection can sometimes be a daunting task. Business owners often aren’t sure where to begin, what to look for, or what lease rates might be. That’s where commercial real estate brokers come in. Just like hiring a broker to help you find a home, commercial real estate brokers will help you understand trends in the market, help find properties that are available, and help you with negotiating an appropriate rental rate. Starting from the top, here are a few additional tips you should know before striking out on your own to rent office space.
The location of a property is arguably the most important factor when it comes to choosing a property. You’ve heard it said, “Location, location, location!” Today, “Location, Demographics, and Trends” drive much of the final decision. When considering location, think about your employees and clients alike. The office should be of reasonable traveling distance for commuting employees, so look for a central location. It also needs to be easily accessible for clients and easy to find. Are there any major highways or interstates nearby? Will clients be able to easily locate the building and suite? Accessibility and convenience are vital, so keep the parking situation in mind as well.
Developing a reasonable budget and sticking to it is critical - so it is important to know your limits. If a deal seems too good to be true, then it probably is. And it isn’t only overspending that can have negative implications. Under-spending often leads to unforeseen issues down the road. You may end up with a less-than-satisfactory space that does not function properly for your business. A few good questions to ask yourself regarding price are: Is this facility priced similarly to others like it in the area? Are there any hidden costs that I’m not seeing? Does the landlord offer options to customize the space for my business and employees?
Commercial real estate brokers are a valuable ally to have on your side as it relates to committing to an annual rental rate as they have the expertise to negotiate prices on your behalf and to search properties currently available within the market to find a space that fits comfortably within your budget. They may even be able to point out properties that offer sublease opportunities that may not be widely known to the public.
While you may be looking to rent a small office space, the condition of the complete building itself should not be overlooked. Adequate square footage and a functional layout allow for a smooth workflow and promotes productivity among employees. Ownership and management of the asset should also be considered when leasing, as you want to know and be comfortable with your Landlord. Additionally, it is worthwhile to look into current internet capacity, the ability to use telephones, and postal service to the building. These seemingly simple features are key for smooth operations of a company.
The style of a workplace has a larger impact on branding than you might initially think. The interior of an office space is quick to give off an impression of your business itself. What ambiance does the office give others? An outdated office with little attention paid to aesthetics could give people the impression that there is little attention to detail. Interior design and customization of the space are valuable tools regarding creating or maintaining your brand image. Is the office customizable to your specific company? Are there regulations on updating, changing, and branding the interior to match your business? Limitations in this area can prove to make it difficult to make the office your own.
Finally, when choosing an office space for your company, it is important to consider any hidden factors that might not initially be obvious. Commercial real estate brokers also provide valuable advice as it relates to the possible need for repairs and maintenance requirements. They can also help you understand the length of the lease and help you develop a contingency plan in the event of unforeseen circumstances resulting in early departure. Forgotten details such as this can result in big expenses, but with specialized guidance and recommendations, you will feel confident that you have made the right choice.