Whether you need more room for your business or a better location, the current market is a good time to find and negotiate for a new business space. In case you have not embarked on this search in a while, here are a few initial steps, as seen in the Forbes article How to Lease Commercial Real Estate Space: Part I, to take care of when beginning your quest for the perfect office space
- Find two or three potential options. Do not stop looking for spaces until you have at least two or three that you know could work. Creating options for yourself will pay dividends later.
- Wait to sign the lease. Do not sign a lease until you have established exactly what the expenses will be, including maintenance.
- Do not get attached. Avoid emotional attachment until you get to a point where you have terms you can live with. You should only be considering whether customers or clients will be excited about the location, and not discarding your business sense for your feelings about a space.
- Get a copy of the lease. Ask for a pro forma copy of the lease as soon as you can get it. Read it carefully—each commercial lease is unique.
- Compare. Create a comparables analysis in a spreadsheet that will allow you to look at the details of each potential space side by side. Include categories such as square footage, unit lease price, lease term, added expenses, and any other pros and cons.
Approaching the search in a systematic and detached way will help you make the most logical decision for your business.