A proper office space plays an active role in employee retention, workplace ethics and intensity of productivity.
1. Think holistically about the company’s future plan
Business plans has to go symmetrically with the real estate requirement. Businessman commits mistake by taking too much extra space or no space for future initiatives and expansions. Therefore you must reset strategies and harmonize them with the office space plan before ending up the deal.
2. Figure out exact space requirement beforehand
Consider a sample and let designers assist you in designing a proper layout. These specifications need to be looked out before hand to determine the size and area you require for setting up your office.
3. Calculate the total expenses that you have to bear
There are major expenses that a company has to bear before finalizing rental office space. These are: Security deposit and rent for the first month, ready finance like personal tax returns, profit and loss statements of existing business etc., cost of data cabling and phone, insurance and other set up and installation costs.
4. Finding out suitable place for the office venue
Unearth which places will pull target customers. Not necessarily a prime location stuffed with offices and retail stores is more opportunistic. Sometimes, people are more in need of service in the places where it lacks.
5. Get broker representation
Hang on to a reliable commercial real estate consultant in the primary stages of property dealing process. A broker will position your requisites in the market and help you navigate through various offers. You do not always have to pay broker’s fee as it is paid by the landlord.
6. Start the RFP process
Tell your agent to prepare RFP or request for proposal for every property owner you shortlisted. Your RFP should have important business points like proposed date of occupancy, lease duration, leasing concessions, ‘drop dead’ date etc.
7. Compare series of properties that strikes your interest
Compare host of property agreements, meet the landlords and ask information on tenant turnover, traffic counts, leasehold improvements etc. Ask for a lease, look it over carefully and then make decisions.
8. After picking up the property, negotiate lease terms
Ask questions about signage, parking restrictions and limitations, contract renewal schemes, base rents, allowance for moving and many more legal aspects. If the landlord is not willing to negotiate, you may move on for better choices.
9. Be in touch with vendors, movers and packers
Once you know the date, you have to work hurriedly for safe and hassle free relocation. Reliable vendors will help you shift in the new location on time.
10. Hire a commercial real estate attorney to analyze the lease before it is settled.
Legal jargons are not meant to be understood by layman. Therefore, bank on an attorney for final checking, Hiring a real estate firm will be an advantage, So that you can get the best clear deal without hidden charges.