Choosing the right office space is one of the most important business decisions you’ll make. Not only is it typically your second biggest expense, but it also impacts your employee satisfaction, ability to grow and is an integral part of your brand as well.
Consider these important tips before you make any decisions regarding your office space:
- Determine how much space you currently need as well as how much you may need in the years to come. A good rule of thumb is 250 square feet of usable space per person.
- Find a good commercial real estate agent. An experienced agent will know what’s coming on the market and can help you find the best space for your business. If you’ve already determined a specific geographic area it may be a good idea to find an agent that specializes in that particular part of the market. We work with real estate professionals on a daily basis. Contact us if you need a referral.
- Consider your parking requirements. In many areas, there’s a shortage of parking space and you’ll want to save your employees from the hassle of competing for street parking.
- Read a prospective lease carefully. If you don’t understand everything or feel uncomfortable with anything, it may be a good idea to retain the services of a real estate attorney. This decision could end up saving you time and money down the road.
- Be sure to take a close look at all the lease options including expansion, extension of the lease term, contraction, the right of first refusal on adjoining space, as well as security and other amenities.
Office space is an expensive and vital part of your business. Once you find the space that’s the perfect fit for your business, don’t be afraid to negotiate the best possible terms. Also, if you expect big changes to your business in the next few years, it may be a good idea to avoid locking into a five-year lease and opt for a short-term lease of one to three years.