Leasing office space?
Leasing office space is different than leasing other types of commercial real estate. Especially for new businesses, finding and leasing office space that is specific to what your company wants and needs can be a challenging process. When leasing office space, make sure to first ask yourself these three questions in order to make the process smooth, and result in getting exactly what you or your business needs.
How much space will meet my needs?
This may seem like an obvious first step, but fully understanding your exact plans for your business is crucial to finding and leasing office space. Do you plan on expanding your brand or business to produce millions in sales and have hundreds of employees? Or are you planning on keeping your business a smaller operation? For example, a small web design business that only handles a few clients won’t need the same space as a large medical office planning to grow. Brainstorm and write down an extensive business plan, be sure to include your projections for where you and your business will be in 1, 5 and 10 years. Leasing lengths vary, so keep that in mind when shopping and deciding exactly how much space you will need.
For more help on this topic, including a space calculator, view our previous post on the subject here.
What location works best and why?
With the multitude of different types of businesses, not all need the same location. When leasing office space, be sure to factor in your specific niche for your business, and where you need to be to accomplish your goals. For example, a law firm would probably need a centralized downtown location with private offices and conference rooms for meeting with several clients a day, whereas an app developer may not need to be near a large number of people.
Another aspect when determining what location works best is the parking situation. If you are a highly customer-focused business, having free and accessible parking is vital to your customers. Costly or inconvenient parking situations are bad for businesses that can only make a profit with customer interaction. If you only need one or two parking spots for your business, you would be looking for a completely different type of location for your office space. Determining your type of business and importance of location and client accessibility will help you tremendously when narrowing down your options and leasing office space.
What type of equipment can the space hold?
Again, knowing the goals and plans of your business will determine what type of equipment you need in your office space. For example, a marketing firm won’t be needing an office space that can handle special chairs and equipment that a medical office might need. Do you and your two employees have your own laptops and technologic equipment, but just need an office to work in? Consider a co-work or community office space. Do you need state of the art computers, smart boards, and high-end technological equipment? Make sure you search for office space compatible with that. Perhaps you need space for a call center and having an office space that can equip a complex phone system is vital to your company success. These are all aspects that should be considered when leasing office space.
When leasing office space, start by asking yourself these three questions. Make sure you know how much space you and your business will need, what location will be able to sustain your business, and what type of technology or equipment your space can hold. By answering these, you will have a better idea of what you’re looking for when leasing office space. And, if you need help just give us a call!
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About Us – The team at SVN | Graham, Langlois & Legendre has over 99-years of combined experience helping clients across the Baton Rouge market get the most value out of their CRE investment. Contact one of our dedicated CRE professionals today with any questions you may have and start seeing the returns in a market that will make sure to give today, tomorrow and for the extended future. To reach us, you can call us at 225.367.1515 or you can send us a message on our website. You can also follow us on Twitter at @svngll or on Facebook.