Business growth is something that all entrepreneurs strive for. This is a sign that your business is on the right track, and it often signifies increasing profitability. Nonetheless, business growth often also brings growing pains. One of the most common sources of growing pains relates to the need for a larger professional space. If you are preparing to hunt for new commercial real estate to purchase or lease, carefully consider each of these points from Brad Zackson to find the right office building for your needs.
Determine Your Need for Space
Before you begin working with a commercial real estate agent, it is imperative that you define your business's need for space, Brad emphasizes. You may think that finding a larger office simply means increasing square footage, but this is not necessarily true. Some spaces use square footage more efficiently, and you may find that a preferred layout can minimize the need to invest in additional space. Therefore, determine the ideal room dimensions and types of rooms you need, such as conference rooms, executive offices, space for cubicles and more. Keep in mind that growing businesses may expand at a rapid pace. It may be wise to obtain an office slightly larger than you currently need if you can afford to do so.
Focus on Location
The location of the office building may be important for different reasons, Brad notes. Some entrepreneurs want to be in a prime downtown location to take advantage of the clout that comes with a specific address. Others want to be in a suburban location on a busy street corner so that they can benefit from drive-by traffic or be in a convenient location for their customers. Focus on how location can benefit your business in different ways, and narrow down the areas of town you prefer to stay in.
Think About Practical Details
There are other practical matters to consider when choosing an office space. For example, you may be concerned about the size and type of signage that your landlord will permit you to have. Perhaps you need to confirm that there will be ample parking spaces for your employees as well as your clients, and you may even ask for designated parking areas. The utilities service providers, such as the Internet company that serves a specific office building, may also be a concern.
Analyze Your Budget
Lease terms for an office space can vary dramatically, according to Brad Zackson. For example, some leases require the tenant to pay for utilities and a prorated portion for maintenance, repairs and more. On the other hand, some leases require the landlord to pay for property-related expenses. Analyze your budget to determine the total amount you can contribute toward your property expenses before you begin shopping for office space with your real estate agent.
Moving into a new office can be a milestone event, but it is not a matter to take lightly. As you can see, there are many important factors that must be analyzed if you want to make the best decision about the space to lease. Explore these factors today as a first step in your search for a new office.
