How to find the ideal office space for your business
Finding a new home for your business can be a challenging project that requires careful thought and planning. A new office is much more than just a change of address, the property you choose will ultimately reflect your company values, culture and brand personality. Therefore, it is important to have a clear understanding of your requirements before embarking on your search for a new office space.
1. Set your budget
How much rent can you realistically pay and can you maintain this figure for the entire term of the lease? Don’t forget to factor business fees and service charges into your office space budget.
2. Determine how much space you need
Calculating how much space you will need in the new office is a good starting point. Do a count and consider the number of meeting rooms, private offices and other facilities such as kitchen etc.
3. What location?
Location is a crucial factor when choosing an office space. Consider which location would be most convenient and attractive to both staff and customers. Your office location can make or break your business, and will also have a significant impact on your rental costs, so choose carefully.
4. Inform your Commercial Property Agent
The next step is to find and report to a local commercial real estate agent. They will need a clear understanding of your office space requirements; what facilities you need, type and length of office lease required, as well as your budget and term constraints. This information will provide a framework for them to assess the market and come up with a list of suitable office properties for you to view.
5. View properties
Viewing potential office properties can be a time consuming process. Go into each office property with an open and clear mind and keep the Office Space Checklist on hand to help you prioritize which considerations are most important to running your business effectively. Remember that first impressions count and they last!
6. Analyze your Commitment
How long do you want the office space? The average office lease is 5-10 years, but shorter offices tend to give businesses more flexibility. Try to negotiate a break clause in the lease to give you the option to vacate the premises at some point before the lease expires.
7. Do your homework
Before you agree to occupy the space, you want to make sure you get the best possible deal, so ask your real estate agent for a list of average office rentals and recently completed/achieved deals in that particular area. That way, you’ll be able to compare and weigh your options and be sure you’re securing the best possible deal.
8. Consider the layout and design of the office
The layout and configuration of the space is an important factor. Are you looking for an open-plan or cell office? If you are considering tearing down walls or erecting partitions, you need to know if this is a viable and allowable option with your landlord.
9. Office lease incentives
Office lease details are a major incentive when it comes to renting office space. Your real estate agent will likely negotiate several properties on your list to see which comes out the best. Be patient at this stage, as multiple copies of an office lease will need to be exchanged before a deal can finally be closed.
10. Get legal advice
Once you’re satisfied you’ve chosen the right office property, it’s time to turn the lease over to a property attorney who will go over the details of each clause, make sure everything is clearly documented, and that your business interests are protected.
Use Help Moving Office’s free Office Space Calculator to help you calculate what size office best suits your needs.