Renting the first office space is an exciting milestone for any business. However, the process of finding and securing office space can be challenging if you are not prepared. As a new renter, it is easy to overlook important considerations or end up with a space that does not suit your needs.
When delving into the realm of renting office space, savvy decision-making is key. Engaging in the process armed with insights about your requirements, feasible locations, and legally sound contracts ensures you find the ideal office space for your business. Consider consulting with a professional for comprehensive real estate copywriting assistance that articulates your chosen space’s unique appeal. Their expertise can enhance your promotional efforts and captivate potential tenants. Follow these tips to successfully rent office space for the first time.
Determine Your Space Requirements
The first step is determining how much office space you require for your operations. This depends on factors like how many employees you have, any equipment or inventory storage needed, the potential for growth, and your budget. Come up with a realistic estimate of the square footage needed and how that may change in the coming years as your business expands. Looking at properties that exceed your current needs by up to 50% is a good rule of thumb for rapidly-growing companies. Consider how the space needs to be configured to optimize work and productivity among your team as well.
Identify Your Must-Have Features
In addition to square footage, consider other features that are must-haves when renting office space. This may include details like the number of dedicated parking spaces, handicap accessibility, availability of conference rooms, breakrooms, high-speed internet infrastructure, proximity to transportation, signage visibility, and security. Determine your priorities before beginning your search to focus only on spaces that meet your requirements. Have a list of nice-to-have features as well that you would consider if they are available within your budget.
Research Location Options In Your Target Area
Explore the different areas where office space for lease exists. Look at factors such as average rent rates in different areas, accessibility from major roadways or public transit, nearby amenities like restaurants or retail stores, traffic and parking restrictions, and safety of the area. Determine locations that would be optimal for your business and that also fit within your budget. Working with an experienced commercial real estate agent in your target city can be very helpful for finding ideal areas like office space for lease in Tempe.
Tour Spaces And Inspect Them Thoroughly
Once you have found available office spaces for lease that meet your needs on paper, schedule tours to inspect them in person. Walk through each space with an eye for any issues like water damage, pest infestations, HVAC or electrical problems, or other signs of major building systems issues. Check that exits and bathrooms are handicapped accessible if needed. Make sure the layout suits your desired configuration and any sections can be walled or built out. Discuss with the leasing agent the terms of the existing lease and any restrictions or obligations upfront. Never sign a lease without seeing the physical office space first.
Negotiate The Best Deal And Terms
Do research to determine a reasonable price range for the amount of space you need so you can identify good deals. Discuss with the leasing agent your budget and priorities to negotiate options like lower rent rates, shorter lease periods like 2-3 years initially, flexible agreements for upsizing or downsizing, early termination clauses, or any landlord-provided incentives. Have a lawyer review the lease agreement to ensure the specifics and all terms and responsibilities are fair before signing anything legally binding.
To Wrap Up
Renting office space is a big commitment, but also an exciting time for business growth. By going through the process equipped with knowledge about your needs, available options, and legally sound contracts, you can feel confident finding office space that sets your business up for success. With the proper due diligence, you will find space to house your operations for years into the future.
