Points to Consider while Booking an Office Space
It’s an exciting time when you reach a position where your business is about to move from your home to a more formal office space, or your small office is to be moved to a larger space. It means that your business is expanding and you are starting a new chapter in the development story of your company. Though the market of office spaces is restoring in the last some years, leaseholders still have remarkable leverage and you need to consider many strategies while looking for office space and discussing upon your lease. You can get an excellent Lakewood CO office space courtesy of CorporateOfficeImages.com who is providing Virtual Office and Executive Office Suite Services for 17 years to clients across the Denver metropolitan area. You should approach such a reputable company to get an office space. Let’s see what other points to consider.
Decide Upon Your Requirements
You must decide upon what type of working area you need, the number of spaces, arrangement for staff, seating arrangement and amenities you will require like conference rooms, lunch/break chambers, etc. You must also take into consideration if your business requires a creative space or a traditional one. A creative space usually provides a more open environment, can enhance staff communication and usually sports a more modern air. A cost-effective option is cubicles for employees, but if there is a significant interaction with customers involved in your business, privacy needs may decide the design of the space.
Option for Expansion
Potential for fast growth is one of the common features of startup businesses. To get an office lease executed for a stipulated amount of time and space, and then experience fast growth with no potential to expand or break your lease would be the last things you might want. Look out for landlords and buildings that enable you to get the type of flexibility you might require.
Term of Lease
If you have just started a business, you may not wish to commit to a very prolonged term of lease. That could considerably reduce your choices for office space because several landlords will sign only multi-year leases. However, there are still numerous landlords who particularly provide short-term space. One shortfall of this is you have a fewer chances to get much of bargaining leverage in the terms of the lease. But it has a benefit of not being locked into a multi-year term of lease when the future is not certain. On the contrary, if your company has experienced growth already and has shown staying power, you might be prepared for a long-term commitment.
Understand Your Market
While starting up a business and booking a space for it, it is recommended to be educated. You have to take a look at many options before making a decision so as to get the best deal and seek an optimal space. Working with a professional real estate consultant is the best way to do this. Most small business owners think that they can seek space and negotiate by themselves. But you should take into account the many nuances, like renewals, escalator clauses, expansions, tenant improvement allowances, free rent, and the potential termination rights, that may favor you if you are aware of how to ask and the market comps of your area. As the landlord pays a tenant’s broker and not the tenant, tenant has an opportunity to benefit from being represented by their own professional real estate agent and get the most profitable deal.