Finding office space to lease, especially in the city, can be trickier than you would think. CRE is an entirely different beast from residential real estate or even residential rentals, coming with its own set of rules, questions to ask, and more. This big step for your business can quickly turn from exciting to stressful — if you don’t know what to look for or the right questions to ask.
Wondering what to look for when shopping for an office space lease? Read on to learn more…
1) A space that fits your actual needs
One of the biggest mistakes that you can make as a new tenant is starting your search without a clear idea of exactly what your business needs. The first step is to determine how much square footage your office will require. A word of caution: be realistic. Renting more square footage than you actually need can be a tremendous deficit, especially to a new business. Taking on too large of a space — and the rent that comes with it — will quickly eat away at your profits.
2) Access to sufficient parking
While it may not seem that important when you’re checking out office space, you’ll want to be sure that you and your employees have access to nearby, safe parking. And factor in realistic expectations of future growth — will there still be enough spaces for everyone? Also, keep in mind that some of your employees may choose to ride a bicycle to work. Is there adequate parking space for bikes, such as a bike rack?
3) Nearby amenities
Another feature that will be important to your employees is the availability of amenities nearby (or the lack, thereof). While it may seem trivial at first thought, you will definitely come to appreciate having an office that is close to restaurants, shops, doctors’ and dentists’ offices, and other conveniences. Your employees will appreciate being able to get important things done on their lunch break, and you’ll appreciate how much paid time off it will save you.
4) Expert help
Possibly one of the most important things to look for when shopping for office space is help from the experts. Whether you are renting commercial real estate for the first time or the tenth time, the process can be overwhelming and confusing. If you choose to work with a CRE expert, he or she can help make your process smoother by guiding you through each step of the process. Not only is their knowledge of the current market second to none, they’ll have the inside scoop on current and future listings, as well as the necessary skills to help you negotiate the best deal on your lease. Talk about money well spent!
CRE Leasing: Do Your Homework
While there are many factors to consider when leasing office space, a little prep work will go a long way. Know what you need, what you’re looking for, and ask for help along the way — and you’ll be moving into your new office space in no time!