Whether you’ve decided to rent your first office space or relocate to another one, there are many things that you should take for consideration in terms of commercial leases.
The process of renting an office can be complex and lengthy but, if you keep the following tips in mind, you’ll be able to find the best one suited to you and your business needs at a reasonable price:
- Be Knowledgeable about Rental Office Space
To ensure that you rent an office that’s right for the growing needs of your business, you should start the hunt equipped with knowledge about rental office space. Begin by analyzing the current needs of your business—don’t forget to consult your team for input—and compile your priorities.
You must also consider how your strategic plan could impact your needs in the long run. Plus, you should take time to conduct market research in the place where you’ll search for an office so that you know the trends in terms of amenities and rent.
- Check the Nearby Amenities
When you’re renting an office, you should know your desired amenities. Being close to restaurants, cafés, or boutiques may boost your foot traffic while keeping your employees happy. Being close to shops may also help, but thinking about your daily activities is a different story. Oftentimes, you have to do regular visits to the banks or some meeting spaces.
Being close to the homes of your employees may broaden their modes of transportations. For such reasons, it’s crucial to consider some factors such as a secured area for vehicles and parking stalls.
- Rent More Than the Space You Need
If you and your business can afford it, you may want to consider renting an office with more space than you absolutely need. Having built in extra space means it will be easier for your business to grow in the future and accommodate new employees and more extensive operations. So, get an office quickly with more space as it may come in handy in the future, even if you don’t need it right now.
- Make Flexibility Your Top Priority
Since no company may predict the future accurately, it’s essential that you leave a bit of flexibility in your lease. If you prefer going for a long-term lease to get an edge during negotiations, you must fight to have clauses added that may future-proof the agreement. Some examples may include co-tenancy, early termination, or the right to assign and sublet.
- Opt for Longer Rent
The commitment of longer leases that span 5–10 years might seem intimidating—but there are benefits that come with long-term rental agreements, like being able to get the space for a lower rental rate, which can save you money in the long run. It also gives you space and time to grow your business over time.
- Avoid Any Legal Pitfalls
When renting an office space, remember to consider the lease’s terms carefully and pay attention to the length of your lease when it starts and check if there are renewal options.
Moreover, does the rent include maintenance costs, property taxes, and insurance? What are the areas included in the rent? You should also know if there’s a security deposit and what conditions should be met for its return. Knowing such things will help you avoid any legal pitfalls in the long run.
- Know about the Maintenance and Security Features of the Property
Security and safety must be the main priority when renting an office space. Regardless of where you end up renting, you and your employees must feel protected. You should also ask about the security measures in place. Usually, these measures would involve keycard access, different safety procedures in case of an emergency, and security cameras. You must also ask about the ways the property is maintained. It’s a good sign if mechanical or technical issues are resolved immediately so that they won’t affect your daily activities.
- Choose the Best Location
In cities, renting an office space can be expensive, while in rural areas, it can be challenging to find an appropriate space. If you have a team of employees, choosing a central location is a good idea. The city centers tend to be upscale, prestigious, and have benefits of convenient neighborhood, transportation, bars, gyms, and shopping areas, which may be beneficial for those who want to socialize and unwind after work.
If your concern is your budget, branching out to the suburbs can be a great way to get an attractive and affordable office. However, if you don’t mind about the price, you can always choose the areas near cities because they’re worth it—depending on the agreement you have with the office landlord.
- Know What You’re Responsible For
Before going ahead and signing a lease, you should read it thoroughly and ensure that you understand what you’re responsible for, most particularly in terms of repairs. If you have to handle everything that goes wrong, you have to ensure that you have the budget for it. If the landlord will be responsible for the repairs, ensure that they’ll complete the repairs as soon as possible.
- Never Hesitate to Ask Experts for Help
It’s never easy to rent an office space, especially when you’re surrounded with options. It can get overwhelming, especially for people who haven’t done it before. With this in mind, you might want to find an expert, like a real estate agent, for assistance. These experts have more experience and knowledge that would make the process much easier.
Once you decide to rent an office space for your growing business, you must always do it wisely. Keep your workers in mind. Remember that younger professionals tend to be more comfortable in trendy office spaces while older employees prefer the privacy of a separate office.
Your business culture also depends heavily on the ambiance and configuration of the surroundings. The more at home or comfortable your workers are, the happier they’ll be. Their happiness would reflect in their overall health and quality of their work.