If you are looking to move your business into a new office rental space, check out these fundamental real estate hunting rules to keep in mind when looking at your options, as suggested in the article “How To Lease Commercial Real Estate: Part 1”:
- Create Leverage – don’t stop your search until you have found several places that meet your basic requirements. This will provide you with a bit of leverage in negotiations and give you some safety nets if a space falls through.
- Use Your Head – do not get emotionally attached to any location until you have logically determined that the lease terms are good for your business.
- Know the Expenses – do not sign a lease until you know exactly what expenses you will be responsible for, including maintenance.
- Be a Good Reader – request a pro forma copy of a lease from a potential landlord and make sure you read through it very carefully.
- Analyze Your Options – make yourself a spreadsheet that includes all of the details of properties you are interested in. Some of the things it should include are unit lease price, square footage, incremental expenses (i.e. maintenance), length of lease term, and any pros and cons.
An organized and thorough search process will only benefit your business in the long run!