Top 5 Things To Look Out For When Searching For Office Space For Rent
Searching for office space in any city can be exhausting. For one, navigating the commercial real estate scene on your own is a daunting feat, which might be better handled with a savvy real estate agent. There are a million considerations that should be made when leasing space.
Finding office space for rent does not have to be an ordeal, especially if you are aware of the pitfalls for your average business. In fact, there are countless sites online that can help prospective tenants with looking for the red flags in office leasing. Whether looking at leasing popular serviced offices or going through an established leasing agent, your search for the perfect office can be made so much simpler by keeping a few factors in consideration.
Let’s take a closer look at a few key areas you need to consider when looking for office space for your business.
When searching for office space, make sure that you understand the stipulations that can change the terms of the lease. For one, while it might seem beneficial to sign a lease for seven years because the rent is lower if you are a new business, a seven-year lease might not be practical for your business. Furthermore, if you do decide to enter a lease for a specific time, understand the stipulations under which the lease can be broken and what the penalties are if it is broken.
Then, find out what amenities are included in the lease. Generally speaking, the rental costs are less expensive without the amenities included but your bills will vary from month-to-month. Conversely, the rental goes up when the amenities are included but your bill is consistent.
Another consideration to keep in mind is related to the businesses that make up the surrounding area. One way to drum up a new business is through feeder traffic that comes into the area. Also, you want to make sure there are no businesses in the area that could be competition for your venture. It is just a good to get an idea of the area of the business so as to avoid sticking your shingle out in a place averse to business.
Prospective renters should also pay attention to the lease to understand tenant and landlord responsibilities. Usually, the leasing company will fix repairs to the office but common areas are not included. Additionally, knowing who pays for cleaning the office is good information to know when deciding to lease.
Then, think about the space in terms of your business’s potential to grow. If you are in a new business, this will be kind of difficult to do until the first year, but you do not want to lease a space that is too small either. There are calculators online that can tell you how much space you might need per person, so a good idea is to calculate for the people and objects you currently have and then add extra for growth.
The worst thing that can happen is to move into a space that is not retrofitted for modern business. In the end, while the place is in a great location and might be perfect for your business, the cost to make equipment for modern business might be too expensive. Before signing a lease, especially in older neighborhoods, make sure the office is outfitted with modern technology.
Looking For The Perfect Lease
These are just a few of the major considerations to keep in mind when looking for space. In today’s real estate market, renters are fortunate enough to have options, as stated earlier, sometimes the serviced office can reduce the stress of office space by streamlining rentals. Whether you go through the serviced office or the traditional route, there is a solution for your business.