Finding and renting a new office space is a significant milestone for any business. Whether you’re a startup looking for your first dedicated space or an established company seeking a new location, the process can be both exciting and daunting. Here are some of the steps I took when I was searching for my personal studio/ office space.
1. Assess Your Needs
Before you start your search, it’s crucial to assess your business’s specific needs. Take the time to determine the amount of space you need based on the number of employees and the type of work you do. Be sure to consider potential future growth of your company and what that looks like to you. Also consider the best location for your business and your clients/ customers wants and need. Think about proximity to clients, employees, and public transportation. Establish a clear budget, including rent, utilities, maintenance, and other potential costs.
2. Choose the Right Type of Office
There are various types of office spaces to consider: Are you looking for a more traditional office space, something thats ideal for businesses that require privacy and a permanent setup. Do you want a space thats fully furnished and equipped offices that offer flexibility and additional services. What about a shared workspaces that provide a collaborative environment, often favored by startups and freelancers.
3. Engage a Real Estate Agent or Broker
A professional real estate agent or broker can be invaluable in your search. They have market knowledge, can negotiate on your behalf, and often have access to listings that aren’t publicly available. Or in my case, reach out to a business that owns several properties that can show you multiple locations and help you pick the best one based on your needs. Let the team at The Focal Point group help bring all your business dreams to life. They are there to listen to your wants and needs. They will take the time to fully understand what you are looking for in a space, budget, location, size, etc and help bring your new space to life. With a partner like the FPG, who fully understands your unique needs, possesses valuable experience, and prioritizes transparency, you can embark on a journey with confidence, knowing that your business is on the path to a space that fosters growth and success.
4. Conduct Market Research
Understand the local market conditions. Its helpful to know the average rental prices in your desired area to ensure you’re getting a fair deal. You dont need to have a major deep dive into the rental industry, but having a general idea of that places charge per square foot can help. Be aware of the availability of office spaces in the location you’re targeting.
5. Create a Shortlist and Visit Potential Offices
Based on your research, create a shortlist of potential office spaces and then schedule visits to each location to evaluate. Play close attention to the condition of the building, ensure the building is well-maintained and meets your standards. Check for amenities such as parking, security, internet connectivity, and meeting rooms.
6. Review the Lease Terms
Once you’ve identified a suitable office, carefully review the lease terms. This is where you want a company you can trust, like the team at the Focal Point Group. They can help determine if the lease term aligns with your business plans. They will ensure you understand how and when rent increases might occur. And they are there to clarify who is responsible for repairs, maintenance, and utilities, etc.
7. Negotiate the Lease
Don’t hesitate to negotiate the lease terms. Key points to negotiate include trying to secure a lower rent or request rent-free periods. Ensure there are provisions to exit the lease early if necessary and negotiate who will cover the costs of any improvements or modifications to the space.
8. Plan for the Move
Once the lease is signed, start planning the move. This is the exciting part. Create a timeline for the move, including notifying employees and clients. Arrange for moving services, including packing, transportation, and setup.
9. Settle In
After moving, take steps to settle into your new office: Conduct an orientation for employees to familiarize them with the new space. Collect feedback from employees about the new office to address any issues promptly. Establish a routine for office maintenance and upkeep.
Finding and renting a new office space is a complex process that requires careful planning and consideration. By following these steps, you can ensure that you find an office that meets your needs and supports your business’s growth. Happy hunting!
