What to Look For When Renting Commercial Office Space
If you’re looking to rent commercial office space, it’s obviously important to make sure that you find the right spot. The worst thing you can do for your business is to a settle into a space that you quickly outgrow, forcing you to uproot and relocate. To avoid making this mistake, there are a few things you will want to make sure your new space offers.
The Right Location
It’s been said time and time again that location is everything when it comes to real estate and commercial office space is no exception to this rule. Finding the right location will help to ensure that your business is in close proximity to the clients, vendors, and employees that will help it to grow and thrive. Different types of businesses will have different needs here, but some are more universal. Nearness to major roadways and public transportation, for example, is imperative to make your business easily accessible to those who will need to find you. Having proper exposure will start your business off on the right foot.
The Right Size
Renting a commercial office space that is too small will leave your business no room for growth. This could leave you in the predicament of quickly outgrowing your space. A space that’s too large, however, could also mean setbacks for you as it can eat up a large portion of your budget unnecessarily. Determine how much usable square footage is realistically required, while still accounting for potential future growth prior to beginning your search. Also know what sort of common areas you will need within your space. For example, you may want a space that includes a breakroom, mail room, or staff kitchen. Storage space will also be necessary within most offices, so make sure that you include this in your estimation.
The Right Budget
Having a firm budget in place before you start searching for your commercial office space will help you to stay grounded and not get sucked in by spaces that are well beyond your means. Your budget should not only take into consideration your monthly rent, but also any extra expenses that might be associated with the property. This could include insurance, electricity, water, other utilities, CAM (common area maintenance) fees, cleaning, landscaping, et cetera. While many properties will include some or all of these costs in their listing price, each property is different in what expenses are and are not covered in the lease.
The Right Neighbors
When it comes to commercial office space, many of the properties you look at will be in shared buildings. If that’s the case, you will certainly want to know a bit about your building mates and the types of businesses they run. You won’t, for example, want to rent a space in a property that has two or three competing businesses already leasing space. While a little competition is healthy, too much can cause a saturation that will leave your business blurry to the consumer, rather than allowing it to stand apart. It’s also important to know your neighbors because the nature of their business could affect yours. If, for example, you are looking for an office space to do one-on-one work with clients, you will likely be seeking a quieter environment. That may be hard to accomplish if your neighboring businesses keep their music loud or cater to a lot of in and out traffic in their office.
The Right Lease Terms
Negotiating the right lease terms for your commercial office space is absolutely the most important thing you need to consider. It can be tempting to glaze over the fine print here, but you are highly advised to ignore that impulse, as failure to truly understand the terms of your lease could make or break your leasing experience. Your lease will outline your monthly rent, additional expenses, build-out policy, opt-out options, among many other things it is imperative for you to understand. If you don’t know what you’re reading, don’t sign the lease until you do.
The Right Broker
The best way to know you are getting into the right commercial office space is to hire a skilled broker to work with you. This person will take the time to understand the needs of your company and will work diligently to represent your best interests in the negotiation process.
Looking for Commercial Office Space in Tampa or the Surrounding Areas?
When it comes to skill in the Tampa Bay commercial office space sector, you need look no further than John Milsaps. John has dedicated his career to understanding the nuances of this market and has left behind a trail of satisfied clients that have helped to make his name a key player in the local commercial real estate game. He continues to grow and learn as the market changes, ensuring that he can pass down the most valuable market knowledge to his clients. Take a look through some of his available properties today and contact him to start searching!