How to Lease the Perfect Office Space for Your Business
We’ve pulled together eight things to keep in mind before and as you shop for your new office space.
1. How Much Space Do You Need? (Expansion Potential)
Since this is going to be your business’s home base, space is huge. If you plan to grow your business, you have to have room for expansion. A good rule of thumb to keep in mind is to have at least 1,000 square feet of space for every four to six employees. This usually gives you enough room for them all to have their own space to work.
2. Budget (How Much Can You Afford?)
Your budget is going to play a big role when you’re finding office space. Before you start looking, set a maximum amount you can comfortably afford each month. This should include your rent, utilities, taxes, parking, insurance, and any other common costs like maintenance. Don’t forget your security deposit or costs to improve the building for your business needs.
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Your new location is going to be important to you, your employees, suppliers, and your customers. Ideally, your location will be easy to get to for everyone, highly visible, and have a good amount of traffic flowing by to draw new customers in. The easier you make it for your employees to get to work, the longer they’ll stay around. It’s also a good idea to keep an eye on any competition in the area.
4. Nearby Tenants
Before you start leasing office space, take a few days and learn what tenants are around you or in your building if there are multiple businesses. How do these tenants fit with your business? Do they complement it or compete with you? Ideally, the tenants will complement your business, and you don’t want your competition right next door. This can draw business away from you.
5. Parking and Security
Both your staff and your customers should feel secure. Consider the area you want to put your business is. Is it going to be safe after dark or when your employees leave for the day? Are there any security measures in place to protect your business and your employees like alarms, cameras, and locks? How’s the parking? You want ample space, so your customers don’t have to struggle to find parking, and there should also be space for your staff.
6. Is Co-Working Space a Consideration?
Co-working is where staff from different businesses share the same office space. This business model lets you reduce your costs because several companies will split the cost of rent, utilities, and even staff costs can split. For example, a single receptionist can work for different businesses in the same space.
There are great landlords around, and there are bad landlords around. If you have tenants in the building, be sure to ask them about the landlord before you sign anything. Will they be quick to fix issues you have and how strict are they? Do they charge miscellaneous fees? Ideally, you’ll have a landlord that wants you to succeed in their space, and they’ll work to keep you happy.
8. Negotiating
When it comes to leasing office space, everything is negotiable. It’s a good idea to get an attorney to do a commercial lease review and help you negotiate the best terms possible. They can also look for traps that an untrained eye may miss and warn you about them before you lock yourself into a contract.
With this simple how-to guide and eight tips, you’ll be able to confidently work on finding office space for your needs. Shop around, take your time, and set your business up for success.
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Chris Corpus
Founding Partner at Corpus Law Inc
