What to Look for When Buying or Leasing Office Space
The traditional office space model has gone through many changes in recent years. While it’s true that remote working has exploded in popularity, that does not mean in-office working is completely outdated. Besides, only 16% of companies work remotely full-time.
If you own a business that works in-office either some or all of the time, you know that choosing the right office space is a big decision.
Your office space impacts everything from day-to-day operations to long-term growth. Whether your business is a startup or an established company, understanding what to look for in an office space can make all the difference. From location and layout to amenities and lease terms, several factors must be considered to ensure that your new office aligns with your business goals and needs.
Let’s explore some of these considerations.
Location
Location is the most important factor when buying or leasing office space. The right location creates better visibility, accessibility, and efficiency, but the wrong one can pose challenges that hinder your business’ success.
Two things to keep in mind when choosing office space are parking availability and traffic patterns.
- Find an office space with many parking spaces if your business requires heavy traffic. Limited parking can be a major inconvenience and might deter potential clients from visiting your office.
- Traffic patterns affect how employees, clients, and visitors access the office. If the office you’re looking at is difficult to navigate or in a less desirable area, it may deter potential employees, clients, and visitors. Heavy congestion during peak hours discourages employees and may scare off clients from visiting your business during regular working hours.
Depending on the type of business you own, you might consider an office’s proximity to new area development plans. Developments happening around the location of your office can affect costs and scalability and promote growth.
Amenities and Technology
Look for spaces that offer the right amenities for you. Some amenities are more standard, while others are bonuses that elevate your business and brand.
Standard amenities include high-speed internet, HVAC systems, and energy-efficient lighting. Additional amenities might be on-site fitness facilities or access to shared meeting rooms. Green and sustainable features promote long-term savings and positive environmental impact.
Having the right tech upgrades in your office space means that your business enjoys top-of-the-line equipment. Make sure your office is equipped with a strong and reliable internet connection and room for IT equipment.
Technology upgrades go together with security as well. Office spaces with options for security camera systems, access control systems, and alarms should sit higher on your list of choices. You want to keep your employees and business safe, and the latest technologies and security will help you achieve that goal.
Lease Terms and Flexibility
Lease agreements are binding contracts that dictate the conditions of your occupancy, so thoroughly review and understand all the terms before you sign.
Consider the terms of lease duration, rent escalation clauses, and specific responsibilities for maintenance and repairs. Understand triple net lease implications because in these types of leases, tenants are responsible for property taxes, insurance, and maintenance. These things seem small, but they do affect the cost of doing business.
Not every lease is created equal.
Also, think about the flexibility of your lease. Options that allow for subleasing or assigning the lease to another tenant are sometimes available. These are safety nets if you decide to relocate or downsize. Be sure to inquire about the possibility of negotiating a shorter lease, or including a break clause, which would let you terminate your lease early if need be.
Tenant improvement of your office space is also available in certain cases. Some landlords offer tenant improvement allowances, which means that your office can be perfectly designed for you, just the way you like it, prior to moving in.
Flexibility in lease terms offers peace of mind. A lease with favorable terms and built-in flexibility can provide more financial stability and operational agility, so don’t be afraid to ask questions.
