Business owners need to be very careful while choosing an office space for their businesses. Choosing a wrong office can cause serious damage to the business amounting to the loss of both the clients and valuable employees. While clients might prefer to take their business elsewhere due to the constant inconvenience caused by your office, employees might want to join some other business that is more feasible for them to work with. As most of the property owners prefer to sign a lease of three to five years, one should choose an office that could accommodate both the current and future needs of the business. With that said, here are few things to watch out for when taking offices for rent:
Is there any room for your business to expand?
An office space should not just address the immediate needs of a business, but also facilitate the future growth of the company. Therefore, before signing a lease, make sure that there is enough space to facilitate future expansion of your business. If you cannot afford to invest in a larger space at the moment, try to negotiate with the landowner for a shorter lease term or make him add terms that give you the first right to negotiate on any adjacent space that becomes available.
Are your key employees comfortable with the office space?
An expensive and time-consuming commute can push your employees to reconsider their employment with you. The office space should be convenient and easily accessible.
Is the location accessible for clients?
The increasing costs of transportation and logistics make people think twice before traveling. If you have an office present in a distant location, some of the clients might not be willing to have regular business dealings with you. While it is true that video conferencing and Skype have reduced the need to meet with the clients in person, they are no substitute to face-to-face meetings.
Is the office sending right vibes to your customers?
Your office is much more than just a set of cubicles. Clients and investors estimate the financial health of your business seeing the office you have acquired for your business. In order to earn the trust of the investors, it is necessary for the office to send the right vibes to the individuals that look at it both from inside and outside.
Have you considered hidden costs?
Before deciding on the property, estimate the full and final cost of the rented space, including the utilities, rent, moving expenses, construction costs and other restoration costs that are not apparently visible. For long-term success, your business must be in a position to easily afford the overall costs of moving and operating from a new space.
What is the parking situation at the location?
You do not want to deal with the bad parking situation after moving into the office. Therefore, make sure that there is enough parking space for your needs and the money charged for it is affordable for people that come to your office on a regular basis.
Is the rented office space disabled-friendly?
Making an office disabled-friendly can cost you a fortune. Therefore, make sure your office space is already in compliance with the norms of your state. For starters, you can ensure that the doors are at least 32 inches wide and need fewer than five pounds of pressure to open.
What if I have to sell my company during the lease period?
In most cases, the lease agreement clearly states that the original owner will be responsible for the default made by any other business entity operating from the space given under the lease agreement. So, if you plan to sell your business in the near future, make sure that the lease is prepared accordingly.
How secure are the rental rates?
You clearly won’t want the landowner to start charging you atrociously after the initial lease term is over. Vacating the office after the end of the lease term is also not an option. Hence, make sure that you include the renewal clause in the initial lease that is prepared. You can also ask your landowner to not increase the rent by more than 5% every year.
Keeping these pointers in mind will surely help you book an office that is fit for your needs without falling prey to any legal complications. Regardless of the size of business you have, an office is always a crucial ingredient of the recipe for business success.
