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Mistakes to Avoid When Finding a New Office Space

Posted On Saturday, 05 December 2020 22:30
Mistakes to Avoid When Finding a New Office Space

Moving into a new office space is a decision that can make or break your business. You have to consider several factors before making your choice, including cost, accessibility, size, availability of sufficient parking space, office design, and scalability. All these considerations can yield a lengthy filter-down procedure and make it virtually impossible to find an office space that ticks all the right boxes. This article discusses common mistakes business owners make when moving into new office spaces and how to avoid them.

1. Overlooking lease terms

Lease terms refer to everything you can and can’t do with the property between the day you sign on the dotted line and the day you move out. A lease document shows who is responsible for what, whether or not you can use the office for other businesses, whether there are landlord inspection clauses, the terms for lease termination, and the presence or absence of landlord insurance. Consider hiring a lawyer or commercial real estate expert to assist with interpreting the terms and negotiating office lease terms for you. Doing it alone may prove a mistake in itself.

2. Insufficient research

Failure to conduct proper market research is another big mistake small business owners make when looking for an office space. The point of research is to ensure you know all of your options before committing. A good office is one that is strategically located, affordable, accommodative, scalable, and safe for your employees and customers. Proper research helps you find an office with the best balance of all the above qualities.

3. Failing to plan

Many tenants do not know what they want when looking for an office space. You need to know the amount of space you need and your budget frames before getting on with your search. Get down to the bits of what makes your business different. Check if you have special electricity or telecom needs. If you have special vehicles that need extra parking space, keep it in mind. Failure to understand your needs and laying out a plan that takes those needs into consideration can take a toll on your operations and even prompt you to plan another costly office switch.

4. Trusting a biased broker

Tenants are often made to believe that hiring a renowned real estate company translates to better representation automatically. This is wrong and misleading. Established companies representing both landlords and tenants might subtly side with the landlord because landlords are long-term clients, and you aren’t. They might recommend an office space that doesn’t suit your specifications just to impress their more important client. For this reason, it’s worthwhile to look beyond those huge names and find a company whose survival and reputation hinge on your satisfaction.

Endnote

Finding a good office space is often easier said than done. There are simply too many factors to consider, and those perfect offices don’t bring themselves on a silver platter. The above are some of the common mistakes office hunters are guilty of. Avoid them, and you will have a better chance of success.

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