Today's Tenant Rep Tuesday Tip topic: When to Look for Office Space
Searching for office space may not be at the top of a company's list of exciting things to do. Unfortunately renting office space is necessary if your business wants to grow. There are many things to consider when leasing office space such as size, location, amenities, employee needs, timing, etc. however the FIRST question is when should the principal of a company start looking for office space to rent?
Here are some general guidelines:
- 6 to 12 months Before You Need Office Space Start Gathering Information – Which city do you want to have your office in and in what location? Which class of space makes sense for your business (class A office, B, or C), What types of amenities do you want or are interested in? Which office buildings or areas of town? What will your growth needs be in 2-5 years? Are you willing to sign a long term lease or do you prefer short term office leases?
- 3 to 6 months Out Start Actively Searching for Office Space – Every city is different as some have less vacancy than others. Also some spaces may need more improvements than others which can take more time, so you want to make sure you have plenty of time to look at and compare your options.
- Have your Financials in order 2 to 4 months Before you Rent Office Space – Landlords will want to see your financials so make sure you have them in order. You also want to review them to ensure you can afford a new office or larger office. Bottom line just make sure you have your financials in order months before you are ready to lease office space.
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