As a corporate company, whether just starting out or long-time established, one of the most critical decisions you will make will be renting office space. Not only are there several corporate real estate renting mistakes that can drastically impede the success of your company, office leasing is usually one of the highest expenses as well. For these reasons and more, it is important to do your research before finalizing any office space leases as a corporate tenant.
Continue reading to learn some of the top corporate real estate leasing tips you should consider and discuss with your commercial space planning and permitting consultants.
When it is your duty to find a new location for your corporate office, be sure to keep these cost-saving tips in mind:
✅ See the Unit in Person
Especially with the current epidemic underway, many commercial brokers are doing business online. As a result, it is becoming more common for commercial proprietors to sign a lease for office space they have never actually seen in person. Although this is deemed acceptable by a large market of tenants, it can be a devastating mistake. Always view and tour a potential office space on-site, not just over the phone or via online listing.
✅ Rent the Right Amount of Space
When it comes to finding an office space, consider the Goldilocks rule. You want the right amount of space that is neither too small and nor too big. Not only can the wrong amount of office space hurt you financially, both short and long-term, it can also cause additionally risk to various aspects of running a business, such as accident liability, building codes, and more.
✅ Do Not Focus Solely on Cost
There is a lot more to renting office space responsibly than just your budget. By leading your search on a budget-focused agenda, you could be putting yourself at a disadvantage. Although budget is an important standard, there are other factors can determine the value of an office space, such as amenities, price per square foot, surrounding community traffic, and more.
✅ Probe the Surrounding Community
On the topic of the surrounding community, be sure to set your sights on other factors that influence an office space other than the actual location. Not only should you be looking at the office space in person, you should also be looking at the surrounding area. You will want to consider the average commercial rental rates, average annual income among residents, crime statistics, nearby businesses, neighboring competitors, and more.
✅ Read the Fine Print in Full
When it comes to leasing a new corporate office space, one of the most vital tasks is to read the contract in full. Commercial leases are much more complex, and require acute attention to detail and fine print. You will want to understand lease clauses, key dates and deadlines, tenant improvement allowances, and more. You should also hire a commercial real estate lawyer to translate any confusing parts of the lease to you.
Commercial Real Estate Space Planning and Permitting in Indianapolis, Indiana
Contact BAF Corporation at 317-253-0531 for trusted commercial space planning and permitting services in Indianapolis, Indiana and its surrounding locations. Our expert space planning and design teams ensure all aspects of your commercial construction and post-occupancy business objectives are met in an ordered fashion, on time, and within budget. We serve all corporate, commercial, and industrial industries in Indianapolis, Indiana and its surrounding districts. Call today to request free information or to schedule a consultation.
