Location, Location, Location
The perfect office space can lose its charm almost immediately if it’s in the wrong location. A myriad of factors must be considered before putting ink on a lease. Are you and your employees close to the space? Will clients be visiting your office and will it be accessible to them? These simple questions often make a large impact when finding the right office space to fit your business needs. A dream office loses a lot of its charm if the commute is over taxing.
Know What You’re Getting
Before signing a lease, make sure you know exactly what you’re getting! With so many factors to consider before choosing your space something can be easily overlooked. Commodities to solidify during negotiations include the parking spots received, the condition of the space upon move in, and what will you be able do to customize your space? Taking the word of your landlord is much less reliable than seeing it clearly laid out in the lease. All parties need to be in understanding and agreement.
The square footage is crucial when leasing your office. Take an honest look at the needs of your company as it is, and then try to predict the foreseeable future. Will you be holding meetings? A conference room will be needed. Looking to expand down the road? Account for this growth by increasing initial square footage so desks and cubicles can be added with ease. Consider your work environment: will you require larger collaborative workspaces or does something more reserved where employees can work privately better fit your needs?
Before signing your lease imagine breaking it. An infinite number of factors could lead a tenant to break a lease. You may find yourself in this position. What fees or penalties will be assessed on breaking your lease? All things to consider before even signing.
Keeping Up With Appearances
If you anticipate clients in your office, try to imagine your office from their point of view. Their image of your company begins the moment they enter the building, how would you like them to perceive your company?
If image isn’t important and only employees will work in the space, certain amenities may not be as necessary. If clients will visit frequently, your image and the way your client perceives your company become more important. An elegant lobby area makes a strong impression. In your office, optional commodities such as signage and a reception area may cost more initially but the image portrayed to your customer can pay out in the long run.
Assuming you’ll be spending a fair amount of time at or around the office, consider the surrounding area where you’ll be spending all of this time. Simple things like a package pickup service or restaurant in the building can make time at the office more enjoyable, while hopefully allowing day to day operations to run smoother. When visiting a space initially, visit the convenience store, cafe, restaurant. Can you picture yourself getting lunch here regularly? Amenities like this, a workout facility or even a laundry service can really add to making an enjoyable workplace for you and your company.
Also consider the surrounding area, will you be in a more commercial district with lots of restaurants and amenities? Being close to public transportation, restaurants, and entertainment are all added benefits of the surrounding area, these can prove most important when choosing between two locations.
The Lease of Tomorrow, Today
The length of the lease may be the single most important factor when considering choosing your office space. Realistic expectations for your company are crucial when choosing the length of a lease. If you’re unsure of where the size of your company is headed, a more moderate short term lease may be more appropriate. If stable, steady growth is in the horizon then a long term, larger lease would prove more beneficial, as many concessions are proportional to term length. How many employees do you need to account for today versus how many will you need to account for tomorrow? Extraneous square footage could be a costly wasted space, but the opportunity to add more desks and employees may outweigh these costs. Not hiring an employee due to lack of room is an issue no business owner should face if they had considered their future before committing to a lease.
The right broker can be the ultimate tool when working with a landlord over the course of your lease. A trusted broker is the best resource for helping you, the tenant, in finding the office space right for you. A reputable broker will be your go to advisor. They are the best resource when it comes to landlords and any issues that could arise. With as much time and work as you’ll likely be putting in at your office, you want a broker that has your best interests in mind. With trusted brokers connected to landlords across the Chicagoland area, Tenant Advisors has become the most trusted resource by tenants in helping them find their perfect office space fit.