Renting office space is an exciting and significant step for your company. You're about to embark into a multi-year commitment, so it's critical to find the right fit and perfectly time the move.
78 percent of businesses wait too long to start looking for space, and 28 percent cause a major disruption in their business for a month as a result.
Many business owners and directors seek out information to help them find alternatives to their current location and avoid these setbacks. Whether your lease is expiring, you've outgrown your current space or you want to find a property that matches your brand, working through a few key questions will help clarify your needs.
5 Critical Considerations When Leasing Office Space
At WindWater Real Estate, we find that business owners start the process in a number of different ways. But understanding your needs in the following 5 categories will steer you in the right direction:
How much time do you have to make a decision? When do you need to be in the next space? The earlier you start (6-12 months) before your move date, the better. Learn more about the lease process and timeline here.
How many people does your space need to accommodate and what type of workspace do they need to maximize efficiency? Modern office properties often incorporate amenities that allow tenants to be more efficient with their square footage and share the communal break areas, fitness facilities and meeting space.
Business owners put tremendous energy into their brand and culture. Your office space should be a reflection of the mindset, culture and success of your company. Trends in office space go through significant changes every real estate cycle, and the last 10 years has seen the most drastic shifts in the look and feel of commercial properties. Today, finding an office space that matches your company's culture and energy is a realistic and necessary endeavor.
The basis of real estate is location, location, location. When selecting an area for your office, consider the commutes of your employees and how your customers will reach you. Also ask: What amenities do you want within walking distance or a short drive?
5. Budget & Terms
The great recession brought a new focus of efficiency in the occupancy costs. Understanding your monthly budget and how long of a lease term you are able to assume will dictate the quality, amenities and concessions you can get for your next lease.
Of course, there are other factors to consider, such as: Is now a good time to buy? Your answers to each of these will mold like clay and eventually work into what is available in the market.
At WindWater Real Estate, we're here to provide examples of what similar businesses have done to accomplish their goals and educate you about the process.
Schedule an introductory meeting to find the right space today.