When you are first starting to look at offices spaces, it is important to compare several potential spaces on the basis of rent, lease terms, potential improvements, and other core factors that are important to your business. Here are a few final points of comparison to think about, as described in the article “Proposal Responses”:
- Effective Rent. The effective rent rate can be found by taking the average of all of the years of rent during your lease term with any free periods factored in. Sometimes different landlords use different rent structure, so by figuring out the annual cost for each response, you can more effectively compare the bottom line rental rate.
- Other Needs. Each business has different preferences for what they want in a space. Make a checklist of things that your business absolutely must have, and compare what spaces meet these needs. No matter how tempting a space might be, if it does not meet the essential requirements you laid out, it is wise to be able to walk away.
Take some time to make a checklist of things that are important to your business so that you have a set of objective criteria when looking over responses!