The goal of every prospective tenant is simple: to find the best office space for their budget. In order to achieve this aim, the tenant has to understand what constitutes office space costs and how to handle these costs effectively. Another important aspect of this equation is seeking professional advice throughout the leasing process, which helps tenants – especially those new to the commercial real estate market – to make solidly informed decisions. Here are three factors to consider when trying to understand the bottom-line cost of an office space, as suggested in the article “Office Space, If You Only Do Three Things”:
#1 The Location
One of your top priorities should be to thoroughly search the market for the most cost efficient but visible locations. Remember that location will have an effect on both your rent and the cost of labor. These kinds of costs will vary greatly based on the market or a property owner’s situation. It is important to thoroughly evaluate a marketplace go to make sure that you will be satisfied with the office you choose and to let landlords know that they have competition for your tenancy.
#2 The Lease
The next step in managing costs for your office space is the actual lease transaction. Make sure that all of your objectives are met by the lease and work on negotiating favorable terms with an eye on current market conditions. Sometimes great deals are available in unexpected places with a solid negotiation strategy. In poor markets, landlords often are more willing to offer concession packages or flexible terms to put tenants in their buildings. Look for ways to create leverage and take advantage of market conditions by doing research and considering your timing.
#3 The Layout
Finally, it is important to remember the effects of design and construction on your costs. You want to position yourself to be as in control of these processes as possible. Build out costs and office space efficiency can be major contributors to the cost of an office space. Consider ways that you can do more with less space by taking the time to evaluate the most efficient design for your space and the most cost-effective construction options to save yourself significant costs in the long run.
The process of achieving cost efficiency in an office space requires professional help. In the leasing phase a broker or tenant representative can help you identify an ideal space and negotiate a favorable lease. For projects revolving around the design of your space, having an architect or space planner in your corner can help you make decisions about build outs based on space efficiency strategies. During the actual buildout process, working closely with a construction manager can also result in you getting exactly what your business wants for the best price. Consider also the possibility of legal counsel with experience in real estate to help you finalize a lease contract.
Acquiring a good lease for your business takes a lot of time, research, and planning. It is important to identify exactly what your major expenses are going to be and seek the proper guidance to help you manage these expenses. Taking the time to do this legwork before signing a lease can help your business’s finances in the long run.
If you are interested in business space for rent in Overland Park, give us a call at 913-685-4100. We can also help your business calculate square footage needs so that you know the size and kind of space that your business requires. Call us today to set up a tour or talk about how we can help design and office space to meet your business’s needs!