When you decide to lease new office space, you need to do your homework so that you can get the best space for your business. It is important to know that your location and the type of office that you have will have a huge effect on your business. If you want to maintain a certain image or to attract clients, you need to be careful about where you set up shop. Remember that your environment can affect productivity and profits. There are some mistakes that you should avoid when leasing office space.
1. Failing to understand the market
One of the most common mistakes that people make when looking for office space is failing to understand the market. It is important to understand the market in order to make the best decision. Unless you have experience in real estate, the best thing you can do is to get professional advice. A good commercial real estate broker will guide you through the entire leasing process. When you hire a broker, you have someone who understands market trends and has useful insight into the demographics.
2. Not considering the size of the space
Another mistake that you should avoid is failing to consider the size of the space that you are leasing. You need to look for space that will suit your needs by thinking about your type and size of business. A space that is too small will have a negative effect on the office operations, while leasing too much space can be a waste of money. Measuring available space will help you to determine if you are getting exactly what you need for your business.
3. Ignoring your long term needs
You should consider your current and future needs when looking for office space. If you intend to stay in the location for a while, you should plan for the future and take into account growth of your business. Think about growth in terms of additional employees, equipment and other resources. You need to know that you have adequate space for expansion. When negotiating the lease, it helps to talk to the landlord about your future goals. Having an agreement can come in handy especially if you need to make structural changes in the future.
4. Not thinking about the lease term
Most businesses will either sign a short lease thinking they are enhancing flexibility, while others go for long leases to obtain maximum security. While both sides might have a point, it is important to think about your specific needs and what you really want before signing the lease. You should sign a lease that will work best for your company. Talk to your broker and consider all the options before you make the decision. You can avoid losing money by making the best decision for your business.
The best way to avoid making mistakes when you are leasing office space is by working with an experienced real estate broker. Leasing the wrong space is a huge mistake that can haunt you for a long time. The broker will help you to align your real estate plans with your business plans so take his advice seriously!