Looking for office space can be a lengthy process and entering into a lease agreement with a landlord is a weighty decision, particularly given the time invested in the property search and the outlay of cash once you’ve signed on the dotted line. While site selection can be tedious, it can also be fun when you keep a few things top-of-mind:
Perform a thorough needs analysis – Determine what your company requires in terms of space for present staff and for future growth. Can the space be altered and/or configured to meet company needs while maximizing function and productivity?
Create a team – Whether your team is internal, external, or a combination of both, tenants should select individuals who will guide them through the leasing process from beginning to end. The team may be comprised of an architect, landlord, property manager, real estate broker, and/or project manager. Rightsize has a track record of working collaboratively with tenants and leasing teams to create affordable workspace environments.
Consider costs – Tenants should consider both one-time and ongoing costs when leasing commercial space and factor them into a budget. One-time costs include the security deposit, the move itself, construction and architectural needs, and furnishing the space. Ongoing costs include base rent, utilities, taxes and operating expenses. The fewer charges included in base rent, the better. Costs for services such as electricity and cleaning may be difficult to assess when they are factored into monthly rent and the tenant has no control over them.
Office space alteration – Determine who is responsible for build-outs and renovations. What can be salvaged from an existing space and what restrictions will be placed on the tenant regarding planned alteration of the space? Staying on top of all the details can be daunting. Rightsize can act as a liaison between vendors, subcontractors, and internal personnel to ensure that all aspects of the project are handled with priority and professionalism.
Once office space has been selected, the lease will contain vital information ranging from cost per square foot to the taxes and operating expenses as well as any other concessions. The lease is the single most important real estate document for your business. A broker can help you negotiate the key transaction points, while a real estate attorney should review the document before you sign.
Ready to make a move? Contact Rightsize to schedule a free space plan consult. Our team can not only assess office space for your company we can be your single source to PLAN, FURNISH and SERVICE your office expansion, relocation, or consolidation.
