Depending on your industry, experts recommend that your business spends between two and 20 percent of its revenue on renting a commercial space. When spending this amount, however, you’ll want to be sure to get your money’s worth.
There are a lot of different office spaces out there, and not all of them will be well-suited for your business operations. You should be sure to think about more than just the size of the space when renting an office to ensure that it will serve your business well now and in the future.
Here are eight tips you should follow to find office space for lease.
1. Understand Your Requirements
Before looking for a space to lease, you need to start thinking about the requirements of your company. Determine how much space you’re going to need for business operations.
It’s important that you think about how many people are employed by your business and will be working in the office and what kind of space will make them feel the most productive. Get an idea of how many square feet you’re going to need for each person, and then start looking for a space based on your requirements.
If you need office space, you might want to start your search by learning more about Liberty Properties.
2. Check Your Budget
Another key thing to think about before looking for an office for lease is your budget.
Office space is a big expense that you’ll have to manage, so it’s important that you stay within your means. You’ll want to aim to keep costs as low as possible and plan for any shifts in operations that may occur later on down the road.
Be as realistic as possible and keep your expectations in check. Ensure that you’ll truly use all of the space that you decide to rent and avoid renting a larger office than you actually need.
3. Consider Lease Terms
Another thing to think carefully about is the lease length of any space that you’ll be renting. You should be sure that the lease terms will be appropriate for your needs and that you’ll have as much flexibility as possible.
Make sure that you understand how long the lease is and what the renewal options will be. You should understand everything in the contract and should know what is included and what isn’t as far as maintenance, insurance, and taxes are concerned.
Choosing a lease that is the wrong length could hold you back in the future and may not be ideal for the growth of your business.
4. Check for the Right Amenities
You should also find out what amenities are included with a rental office space as well.
There are a lot of things you’ll need to keep your office functioning well, so make sure that you determine whether great amenities will be included in the cost. Finding a rental space that is fully furnished, includes fiber internet, or has useful equipment such as printers, scanners, and copiers can be helpful.
You might also want to find out if there is mail service included, on-site management, or other useful amenities that can help your office function smoothly as well.
5. Prioritize Safety and Security
An important thing to consider when choosing an office space for your team is how secure and safe the location is.
You should make sure that there are strong security measures in place in the office space and that issues will be minimized. Look for an office space that has useful features such as security cameras, access control, and more. You should also look for general safety features as well such as safety procedures for emergencies.
Renting a safe building will make your team feel safer and well cared for and will help them become better and more productive employees as well.
6. Evaluate the Neighborhood
In addition to considering the office itself, also think about the area near the building.
You should make sure that the office is in a convenient location that can be accessed by your employees easily and effortlessly. Looking for a location that is close to public transportation can be helpful. It can also be useful to ensure that there are amenities nearby, such as restaurants and coffee shops so that your team members can have a better lunch break.
Also, consider the safety of the area as well. Be sure that it is secure and that there will be minimal security and safety issues.
7. Start Early
Remember that you should start looking for office space for your business as early as you can.
The search for an office can be difficult, and you’ll want to be sure that you know where you’ll be moving ahead of time. It’s ideal to start looking at least two months in advance or as many as 8 months in advance to ensure that you’ll find a space that suits your needs.
If there’s a lot of demand for office space in your area and if your requirements are very specific, it can be more difficult to find the right place in a short amount of time.
8. Hire a Tenant Broker
One of the best ways to find the perfect office space for your business is to use a tenant broker. A tenant broker will have specialized knowledge and will know what office spaces are available in your area.
Unlike a landlord broker or listing agent, a tenant broker will work on your behalf and will help you find exactly what you’re looking for. They can handle all of the legwork and help you find a space that meets all of your requirements.
Working with a broker can be a much easier and more convenient process than looking for a space yourself. It can allow you to find the perfect space for your needs much more quickly.
Finding Business Space for Lease
If you need to find office space for lease, aim to get started early. You should also be sure to think carefully about your space requirements, your budget, the lease terms, and the included amenities.
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