Here are a few final tips to keep in mind while searching for a new office space for your small business:
5. Understand your market. It is so important for you as a tenant to be educated and to look at a lot of spaces. There are a lot of terms and nuances for small business owners to understand, such as renewals, termination rights, escalator clauses, and more—and these things can be favorable for your business in the current economy if you know how to negotiate them. It might be worth considering finding a good broker or attorney to help you with this process.
6. Investigate your potential landlord. You will want to check into the creditworthiness of the landlord—are they in any kind of trouble? Restructuring loans they can’t pay? In this economy, you need to be careful and make sure you know a little about the financial health of the property owner you are renting from.
This is a really good time for small businesses to be looking for new office spaces, and opportunities like this might not be around again for a while. The market is in transition and landlords are anxious to fill their properties, so now is a good time find space. Do a little research and put yourself in a position to find yourself an attractive deal!