Ideally, office spaces are charged per square foot per month.
There is a myriad of ways to find and lease office space. In some instances, you can find lease spaces on the dailies, billboards, brokers, online listings, or even through referrals. The office space you hire must be affordable, meet your business needs, and have enough space to cater for expansion. This post details four simple steps to find and lease office space.
Determine Your Business Needs
When finding an office for hire, the first factor to consider is the business needs. Business needs include:
- Employees – how many employees do you have, how is the office layout for them, are workspaces enough, what of the kitchen, washrooms, and boardrooms?
- Clients – determine the need for waiting rooms, parking space, washrooms, meetings, boardrooms, etc.
- Space – ensure the office has enough working space to accommodate your employees and equipment—also, factor in room for expansion.
- Location – ensure that the office is easily accessible through the standard means of transport, either road or railway. Additionally, ensure the office is located close to your target market.
Assess Your Budget
Ideally, office spaces are charged per square foot per month. But, again, the price for rentals varies in different locations. A quick search will reveal the average cost space in the area of your interest. Having gotten a rough estimate of your space, you can approximate the cost of the office space by multiplying the space and the location estimated price per foot. In addition to office space costs, consider utility costs such as electricity and water. Also, remember to assess common area maintenance fees.
Locate Office Space That Meets Your Specifications
After establishing your office space and budgetary needs, you can find offices with such specifications. A fast way to do this is by involving a tenant broker.
Tour The Office Space & Negotiate Your Lease
Once you have identified a few suitable office spaces, the next thing is to tour them. A tour is essential to ascertain the advertised features, the building condition, and surroundings. In addition, you can check on security and the available means of transport and utilities.
After you find a perfect office space, organize for negotiation of the lease. Note that commercial leases are sophisticated and may necessitate a broker. However, when negotiating it yourself, the rule is to divide the building’s operational cost between you and the tenant.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.