Finding Kansas Office Space for Rent: 4 Steps to Take Before You Start Negotiations
Before you start a serious search for commercial office space for rent in Overland Park, KS, give yourself plenty of time to really prepare yourself—especially if it is your first time dealing with a commercial lease. Your professional image, business assets and the futures of your employees are at stake in this decision, so there is every reason to exercise the utmost care. Here are a few steps to take to get ready for the process of commercial real estate negation and rental, as suggested in the article: “Your First Commercial Lease: How to Prepare and What to Expect”:
- Familiarize yourself with the jargon. Determining whether the spaces you are looking at are right for your business sometimes comes down to a matter of technical terms. Make sure you understand the different classes of commercial property, the different types of leases, and the difference between “usable” and “rentable” square footage. It is also important to understand the names of other fees associated with a lease, such as Common Area Maintenance (CAM) costs, as all of these things ultimately affect what you are paying for and your experience of the property.
- Assess your budget. In addition to knowing the names of the various costs, you need to know whether your business can handle them. This means first looking at the financial status of your business, your projected growth and the level of risk that it is safe to assume in a lease.
- Seek professional guidance. One thing to seriously consider in order to make the process a bit easier for you is working with a real estate attorney or broker to help you understand the details of your lease. While this is an added expense for your business, it might pay off in the long run if you can get a better deal and avoid some serious leasing pitfalls. Be wary of the brokers that are brought on by the landlord, as they are not objective third parties or interested in the most favorable terms for you. An experienced professional hired by you will have the best eye for details that a first time lessee might miss.
- Consider the growth of your business. Another thing to think about is the growth of your business in the upcoming years. If you anticipate your business getting bigger, it is important to look for a space that you can grown into, or a lease with an option to expand. Most new and growing business also opt for shorter term leases (1-3 years) with an option to renew.
- Evaluate your brand. A final thing to consider is how the location will affect the image of your business. Remember that even if you are only there for a few years, every place you choose will contribute to the brand image your business is building, and certain neighborhoods or properties convey different messages. This factor is more abstract than just the budget numbers, but take the time to include it in your overall strategy for finding office space for lease in Overland Park, KS.
Before you even start looking for Kansas City office space for rent, do the necessary homework to make sure you know what to expect from the process and what is best for your business.