Looking out for an office space? Don’t know how to start? Consider these simple tips.
Business owners generally think that finding an ideal office space for their business is really easy as there are numerous office spaces available in the market. Of course, it’s easy but they must be aware that they’ll have to take certain measures while looking out for an office space, which otherwise would end them up in a woeful space that affects their business very badly.
Here are a few do‘s and don’ts considering which you can find a perfect office space for your business.
DO: Thorough Market Research
Yes, as and when you decide to move into a new office space, you need to make sure that you explore the office space market and do a thorough research before choosing one for your business. Know the market value for the amount of space you are looking for and also the facilities you’ll be offered for a particular budget.
Why this research?
You may ask what if I feel that the first office space I look for is the right fit for my business; in such a case, shortlist the space but don’t stop your research, because you may find even better office spaces at lower rates and with much more facilities.
“Slow down, calm down, don’t worry and don’t hurry, but trust the process” – Alexandra Stoddard
Yes, more you hurry, more will be the obstacles. That too when you’re in search of an office space for your business, you have to be extra careful because hurrying to get into an office space may land you up in an unfavourable space which you might want to change again in the near future. And, changing office spaces in very short intervals is not really a good sign for the success of any business.
So take your time, find an ideal space that suits your business type, and then make your move.
DO: Hire an Agent
Why an agent?
Well, the agents obviously know the market better than you do. They can definitely help you find a perfect office space for your business. An experienced commercial real estate agent doesn’t just help you find a space, but also negotiate on the price and fix a worthy amount. This is where you need an agent the most, as they clearly know the maximum price you can offer to a particular space.
Yet another important reason for you to have an agent is, the landlord may have his own representative, and definitely you alone can never win a deal over a practiced real estate agent.
DON’T: Choose a Wrong Location
We all know that how important the location can be for a business. From bringing in the potential customers to offering easy reachability to the employees, location can play a very important role in the success of a business.
However, yours might not be a business which depends on the customers’ footfall, but why you need to consider location is to provide your employees a great work environment which reflects on their work.
For instance, when the company is not offering food for employees and there are no good restaurants nearby, where would employees have their food? They would simply look for a change, and you will lose a potential employee who can do wonders with your business.
DO: Estimate the Required Space
Before just stepping into the market in search of office space, you should clearly know how much space would be sufficient to accommodate all your employees and how much would be too much.
If you don’t estimate the required space properly, it either ends you up having unused space at office or fall short of space for a few employees. And you’ll have to think of subleasing your office space. But what if you are not allowed to sublease the unused space? You’ll simply have to pay rent for what you are not using.
So, calculate the space needed to accommodate all your employees in prior to your search of office space.
DON’T: Sign the Lease before Understanding
Sometimes, the search for office space becomes so tiring that the business owners sign the lease as and when they find a suitable space for their office without even understanding the terms which would lead to troubles later.
So, it’s advised to read the terms and understand before signing the lease instead of facing the troubles later when the situation arises.
If you can’t understand certain terms and clauses in the lease, make your representative have a second look. Furnished Office Bangalore is a skilled commercial real estate and property advisory firm who can find an ideal office space for your business while also helping you with the negotiations and lease terms. DO let us know your requirements! DON’T step into the market all alone!