The covid 19 affected so many areas of our lives. During the pandemic, it got so bad that people lost their jobs, and those that continued working were encouraged to work from home. The transition from working in an office to working at home was not exactly seamless.
There were several hiccups in the process. Some people did not have fast internet to support the conference video calls, some had trouble adapting to the changes, and for others, the technology proved challenging.
Working from home came with its perks. People would save time they otherwise spent commuting and dressing up. Some people were more productive, and they even got time for hobbies.
By the end of the period, people had adapted to the new way of life and became productive. Some offices even adopted a hybrid work model after the pandemic. Apart from increased productivity, companies also save on costs such as office space, office supplies, and utility bills.
However, despite the perks, not all businesses can shift to a hybrid or a work-from-home model. This would necessitate looking for office space to set up your business. Finding office space seems easy, right? Do not be fooled, it might give you sleepless nights trying to find the perfect office space for your desired layout.
Everyone has their working style. Do you prefer to be away from people? Or do you feel more comfortable surrounded by people? Maybe you want a quiet, and private space so others will not be able to hear your conversations or see your screen. Perhaps you want an open layout where everyone can easily walk in, talk, and get to know one another.
Whatever your working style, taking the right steps to find the right office space can make all the difference. Today’s business climate has made starting a company or finding an office where you can work difficult.
With so many people looking for office space for rent, it can be challenging to find a place that will suit your needs as a business. Before you can begin searching for office space and negotiating the lease terms, you need to know what questions to ask yourself and what to look for in an ideal office space.
This article will teach you everything you need to know about finding the right office for your business. You will also learn how to find the perfect space for your needs and those of your network. Let us take a look at how you can find and rent an office space in today’s market:
Step 1: Understanding Your Office Space Needs
Any office space will seem ideal if you put little to no thought into your business and client’s needs. Therefore, you need to take time and establish what your staff and any person associated with your firm may need. This process will help ensure you do not overlook any important information.
One of the most important questions you can ask when searching for office space is how much floor space you need. Determine the amount of square footage you need before you begin searching, so you can avoid wasting time looking at office buildings that do not meet your needs.
Once you have determined how much space you need, you want to decide if you are looking for an office space, shared office space, or private office space. Knowing where you want to go will help you narrow your search.
Next, you need to think about the interior layout. Think about the different levels of management and space required for each to help you get a better estimate. Think about extra rooms like break rooms, kitchen, copy rooms, conference rooms, and waiting areas. This will help you get a clearer picture of what your office will look like.
Step 2: Research and Analyze the Market
When you are searching for office space, you will want to put a lot of thought into the market and research. You need to know the average lease rates and rental rates in your area and those in immediate proximity.
If you are looking for an industrial or commercial office space, you will want to look at the average rental rates in your area and ensure the space you are looking at is in a desirable location. If you are looking for office space for rent in Dallas, check out the rates in North Dallas, in places like Spring Valley Business center, versus those in an area like Gateway Towers.
You may also want to consider contacting local community centers and schools to see if they have any unused space that you could lease. You might get a good deal if you are lucky.
Step 3: Find a Location for Your Office
Once you are done researching and analyzing, you want to find a location for your office as soon as possible. If you do not, you will end up wasting time driving around and potentially missing the opportunity to find a location that works for you.
There are many benefits to relocating your office to an office park if you have an existing business. You may be able to reduce your overhead costs and increase your profitability with minimal investment.
Furthermore, you can reduce your carbon footprint by locating in an office park with a green building policy. Office parks with a green building policy will offer you tax incentives and other benefits if they are in a green building.
Additionally, office parks often offer more flexible lease terms, shorter lease periods, and lower rent than traditional commercial property. The downside of moving your business is you may lose some of your customers due to the location change.
When picking out the location, consider the location and its proximity to your clients or business. You want to be close enough to your target audience and with little competition. Also, evaluate the accessibility of the area. Is it close to major roads, highways, and foot traffic? Also, consider packing space for your clients and distributors.
Step 4: Hire a Real estate Agent
When you find a room for your office in a suitable space, you will want to hire a real estate agent to assist with the lease negotiation process. Real estate agents have access to a wealth of information about the market and can help you negotiate the best deal for your space.
Ensure you hire a real estate agent who is experienced in leasing commercial real estate. A professional agent can help you find a location that works for you. The agent will also help you find spaces that fall into your budget or even lower.
Your agent can also be instrumental in the negotiations of the lease terms. If they are exceptional they can even help you find common spaces, like a basement or a roof deck, that you may be able to utilize for free.
Step 5: Negotiating the Lease Terms
As soon as you find an office space that works for you, you will want to begin negotiating the lease terms. Chances are there is another interested party also looking to get the same space. You should negotiate the rent amount and the length of the lease. Also inquire about the length of any free common areas, and the length of any free parking spaces.
Many office spaces come with free parking at first, which is then charged later on. Therefore you should negotiate how long the lease will last and how much you will have to pay each month. Keep in mind that the longer you sign a lease, the more money you will have to pay in the future.
Therefore, consider signing a shorter lease if you are looking to get out of the lease as soon as possible.
Step 6: Look into the Maintenance and Repair Standards
If your lease agreement includes an obligation to maintain the office space. If the maintenance and repair standards are reasonable, then you should feel comfortable signing off on these obligations.
Whenever you sign a lease, make sure you understand what responsibilities you have just agreed to shoulder. While you should be prepared to repair any damage that occurs in the office, you do not want to be responsible for repairing items that break outside of your control, like termite damage.
Therefore, take your time to look into the lease agreement and speak up if there is an issue of concern. Doing this will save you from losses and any other inconvenience that may arise.
Conclusion
Finding and renting an office space can be challenging. This article covers everything from finding the right location for your office, negotiating the lease terms, and taking care of maintenance standards once you have rented office space.
Before you can begin searching for a space and negotiating the lease terms, you need to know what to look for in an office space. Also, take your time to explore the market and see the different prices in different areas. When you are ready, get a real estate agent to help you with the groundwork and negotiations.
