Locating the perfect office for rent can be a daunting task, but it does not have to be that way.
In order to rent a small office, you should begin your search by using the internet to locate listings that not only meet the current needs of your business but take into account your growth potential and finances as well. You may also want to consider hiring a broker to help you identify potential properties, schedule tours and to assist in lease negotiations.
There are a number of things you should also take into consideration when looking for office space for rent. Among them are:
1. Evaluate Your Space Needs
Evaluate your space requirements by determining how much square footage you need and estimating your overall budget. When estimating your budget, be sure to include average local rental cost; utilities cost and maintenance fees.
Each employee will need about 75 to 150 feet of workspace, managers 150 to 450 square feet. Don't forget to include space for reception areas, kitchen and break room, restrooms and storage.
2. Determine Your Location Needs
That space evaluation will help you determine the location that is best for your business, your employees and your customers. Your private office for lease should be in an area that is convenient for your employees, customers and suppliers to get to. Consider such things as major highways, the availability of public transportation, and the number of parking spaces when making your business relocation decision. The spot should also near your targeted customer base and businesses you want to work with as well.
The amount of space you need will also help determine what class of office building best fits your needs. Class A buildings are the newest and highest quality on the market; Class B buildings are generally a few years older than Class A buildings and ay need some renovation work; Class C buildings are located in less desirable areas and need a lot of rehabilitation work.
3. Think About Time Constraints
You should also carefully consider the amount of time it is going to take you to accomplish the move and how that will impact your business. A move should not be totally disruptive to your daily business operations nor should the search for a new location take you away from your day-to-day responsibilities.
4. Hire a Broker
When you've identified locations you are interested in, it is time to figure out if you want to hire a broker. As mentioned earlier, it is not necessary to have a broker to get a new business space, but there are several reasons to have one on your side. A broker can provide you with insider knowledge on the area you are considering; can set up tours of sites; provide information on the building's mechanicals; and assist in lease negotiations.
5. Research & Tour Available Options
Now it's time to tour the potential sites you have selected. Whether it's a serviced office space to rent with plenty of amenities or a more down-to-earth location, be sure to take into consideration the surrounding area, ease of access to and from the location, onsite and offsite security features, the condition of the mechanicals, and who the other tenants are.
After you have made your location selection, organize your financials so you can be fully prepared before you start negotiating your lease. Gather together several years worth of profit and loss statements; have a current business credit report, and line up both business and personal references.
Pay close attention to the terms of the lease itself and not just the bottom line of what you will be responsible for paying each month. Be wary of early-out clauses that favour the landlord and fees for things such as an increase in property taxes that you may not have budgeted or planned for that the landlord may attempt to pass on to you.
Prior to renting out a new office space for your business, be sure to fully understand your company's current and future needs, its financial situation and plans for future growth. When you have a handle on all of these things, you'll not only find the perfect space for your business for right now but for years into the future.