What to Look for When Leasing Office Space

Choosing the best office space to lease can make or break your business. This is what you need to look out for when leasing commercial property.

In the United States, there were 5.9 million commercial buildings in use in 2019, containing 97 billion square feet of floor space. Because there are so many different types of commercial real estate you can use for your business, you must learn to identify the factors that high-quality commercial buildings have. 

Do you want to learn more about what to look out for when leasing a commercial property? Keep reading this article to learn more about the best characteristics of buildings for your commercial office space.

Location is Key

One of the biggest factors you need to consider before you lease commercial property near me is the location. While you may be able to find your dream space, if it is not accessible or close to your suppliers, it will not be a good fit. 

Something that impacts the location and convenience of your office space is accessibility. Is it near highways or important roads? Can it easily be accessed by public transportation? Similarly, you want your office space to be visible to help build your brand image and attract new customers. 

Typically, you should find office space that is centrally located near your target market. 

Consider the Costs and Other Fees

Cost is something else that plays a significant role in the types of office space you can lease for your company. Depending on the size of the building and the other amenities offered, the cost will vary. 

Typically, your rent should cost a small percentage of your business income. This percentage can be anywhere from 2% to 20%. Other fees for your office space include a security deposit, building taxes, maintenance, and more. 

Learning about these fees can help you find a high-quality building that fits your budget. 

However, you shouldn’t choose office space on cost alone. A building that charges less for rent may not be in good condition. While you would save money each month, you may not be able to impress your clients if your building looks unprofessional. Buying your own office furniture from https://www.officemonster.co.uk/ could be a great solution here, as you can stick to your budget while impressing future clients with your new office.

Is it Big Enough? 

Next, you need to make sure that you find office space that is big enough for your needs. However, you also don’t want to rent commercial real estate that is far too big for your needs. Just make sure you have enough space for each of your employees, for clients that come to visit, and more. 

Similarly, you need to consider how many floors are in the building and how many tenants are renting space. When you have a commercial office building in a busy part of town, you will likely be sharing the space with dozens of other companies. 

If you are on a tight budget for your office space, you may also need to be more creative in the ways that you use your square footage. If you need a lot of private workplaces or offices, you should make sure there is enough space to meet your needs. 

Does it Include Other Amenities? 

When you are looking for the best office space, you should also see if it includes any other amenities. For example, some commercial office spaces provide a doorman for the lobby, security personnel, and more. 

Others offer an on-site gym or other benefits for your employees. Although the amenities are not the most important part of your office space, they can make it worth your while to rent the space. 

Find the Best Layout for Your Needs

As you tour different options for your commercial office space, you need to pay special attention to the layout. Different companies require different layouts, so buildings will not be a one-size-fits-all choice. 

For example, some organizations require more privacy. If you work with confidential information, you will need more private office space in your layout. On the other hand, many startups prefer to use an open-office floorplan

Consider what your needs are for your business and find a layout that will accommodate these needs.

When Can You Move In? 

Something else you need to consider is your move-in timeline. Looking for commercial office space can take several months, so you must look for a space before you actually need it. Working with a commercial building tenant broker is an easy way to find the right space that will be available when you need it. 

They will also know the real estate market in your area and will know what spaces are available to lease and can help you with other office space services

If you need to move into your office space immediately, you may not have as many options for your office space. 

How Long is the Lease Term?

Finally, you need to learn more about the options for lease terms. For commercial office buildings, lease terms are typically anywhere from three to five years long. If you are starting a new business, this can be daunting.

If you don’t know where your business will be in a year, you may want to find a lease that has flexibility with the terms. One thing that you may consider is an office sublet, where you can rent the office from a tenant who has the lease. 

Finding a lease term that fits the needs of your company will give you peace of mind and can save you money in the long run. 

Need Help Leasing Commercial Property?

Leasing commercial property for your office space is a big commitment. To get the best options for your business, you must pay attention to each of these factors before making a choice on your office space needs. 

If you enjoyed learning more about choosing the right office space for your business, we have more articles about business, real estate, and more.

Check out the other articles on our website for more information!

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