Are you looking to upgrade your office space? Or maybe you are planning to move to a better location soon? Leasing your office space is a practical move, as it is comparably cheaper than buying a commercial property. It is also a considerably strategic option because leasing an office space allows you to choose a prime location for your company’s headquarters. Another perk of leasing is that it can free up your working capital, allowing you to allocate funds to other areas of your business, as you will not be tied down by the debt you incur when buying an office space. Lastly, it provides peace of mind, as you will be able to focus more on your business instead of juggling real estate concerns.
To help you lease your office space in no time, we created a guide of the most important points you should keep in mind before signing your name on the dotted line.
Selecting the Size of Your Office Space
One of the major factors you should consider when selecting an office space is its size. Remember, a conducive working environment offers opportunities for movement and collaboration, so your office should have ample space to accommodate these needs. Working in a cramped office can cause stress, which can affect your employee’s health and work performance. Hence, you have to take into consideration the number of your employees, the layout of your office, as well as your office furniture and equipment.
Evaluating Your Office Space Needs
Before you can select the ideal office space for you and your team, you must identify your employees’ and company’s needs first. Every company is different, so to make sure that you will be leasing the right office space, you have to take note of some important factors that will affect your team’s morale and motivation. One of these needs may include parking availability for both your clients and employees. Other needs may include access to a kitchen, mailroom, gym, and other facilities.
Ease of Access and the Importance of Location
Another important factor to consider is the location where you want your headquarters to be. Location matters for every business, especially if your company thrives on image and reputation. Your office space’s proximity to your employees’ homes also matters. For instance, if you need your employees to relocate in a residential area close to the new office in Washington DC, you can read up information on a brokerage website to help you assess your options. Some companies may offer residential relocation services, which helps ensure a seamless residential relocation process for your employees.
Establishing and Sticking to Your Budget
Aside from the location and needs, your budget is another major factor in your journey to leasing your office space. To create your budget, you first have to do your research on the average cost of leasing or renting in your target area. Apart from determining the rental cost, you should also add the cost of maintenance and utility fees to your budget. When setting up a budget, you have to make sure that it is realistic and attainable. Once this is done, you will be able to shop for office spaces that fit within your budget.
Setting a Timeline
Preparing a timeline when leasing your office space is a great strategy, as it helps you stay on track and handle any challenges you might encounter. It will also help you set your expectations throughout the process of leasing your office space. The timeline should allow for needs assessment, property tours and short-list preparations, negotiation, as well as move-ins, and occupancy. Being aware of your time constraints helps you identify your options, and ultimately, select the best office space for you and your team.
Prepare Your Financial Records
Your financial records prove your ability to fulfill the financial obligations of a lease. To make the leasing process easier, you have to prepare your financial records before you enter the negotiation stage. Compiling your balance sheets, tax returns, and other important financial documents will help you expedite the process. Other things you should take into account are your credit score, contact references, and personal guarantee. It is recommended to prepare financial documents as far back as three years.
The office space you choose to lease should meet your business’s and your employees’ needs. Aside from that, your estimated budget and timeline should also be taken into account to avoid potential problems down the road and minimize stress. In a nutshell, it takes careful planning and consideration to lease the ideal office space.