The Best Time to Start Out Trying to Find Office Space
The best time to start out trying to find office space is hugely hooked into your own situation. Real estate brokers and landlords alike are going to be pushing to shut a deal as soon as possible, but remember one thing: you recognize your business better than anyone else. There’s a particular level of gut feeling that goes into making such a considerable investment. With this guide, you’ll be better equipped to decide when you should begin looking into additional office space and establish a foundation for your company’s future.
When’s the proper time to start trying to find Office Space
The common agreement in seeking new office space is this: you can’t start early enough. Most commercial land transactions take several months and involve a bevy of execs. From building inspectors, local permitting, land brokers, and contractors, you’ll likely be waiting to maneuver into a replacement space a minimum of 3-6 months after you’ve signed a lease.
Even if your company isn’t quite able to enter a replacement space, your sales and growth projections should show exactly when you’ll be outgrowing your current space. Utilizing those figures, you’ll have a clearer picture of when is that the right time to maneuver locations – but that ought to include the search process. Once you’ve hit your goals and have reasonable growth projections nailed down, you’ll want to start out trying to find new office space directly.
Of course, your company’s finances will determine just what proportion you’ll afford, so before you start your commercial land search, it’s important to scale back any financial liabilities on your books. That could include business or personal debts, loans, or lines of credit fastened to your company and its stakeholders.
In order to urge a clearer picture of your company’s ability to lease a replacement property, you’ll want to use a business analyst, a tenant rep broker, and a real estate attorney to assist you negotiate a lease agreement within the future. As for your company’s participation, the simplest plan of attack is to designate a little committee to start checking out a replacement property a few years from a desired move-in date (ideally, this is able to closely coincide with the termination of your existing lease agreement). Set a criteria: desired square footage, budget, lease term, conveniences, nice-to-have features, and essential components for your next space.
How to decrease the Length of the Search Process
While it’s easier than ever to seek out suitable commercial land spaces, the most important deterrent to a speedy transition is that the lease negotiation process. That’s why it’s so important to make your company as attractive as possible to potential landlords. That means getting pre-approved for business loans, establishing your needs and priorities when it comes to a particular space, and showing a willingness to move quickly in order to get a deal done.
Moving quickly requires expertise, and a tenant deputy broker has exactly that. With their experience in the market, relationships with other landlords, and savvy with the transaction process, they should be able to take your lead and get a deal done fast – to your ultimate benefit.
However, an eager potential tenant could show desperation in the eyes of a landlord and could hurt you in the negotiation process. It’s a difficult tightrope, but having several options available to you throughout the negotiations will help with leverage and supply a fallback just in case things go south with one option.
What to stay in Mind While You search for New Office Space
There’s no thanks to tell exactly what your company needs without knowing the character of your business and your culture. That’s why it’s so important to usher in your internal team for the search process. Creating a search committee within your existing organization won’t just be a great asset for you when looking for a new property, but it will create a sense of incorporation in finding your next home.
Aside from the personnel considerations, you’ll want to think about each property that supported your needs. If you merely need an office space, determine what priorities you’d wish to set to enhance conditions for your team and make the simplest use of the available – and hopefully – larger space.
If you’re operating in a specialized industry, search for opportunities within the vacant space to enhance and upgrade to best fit your needs. Obviously, if you’re working in manufacturing, you’ll want space to put in equipment and store your products. But the best option is to go with your interior: does the space feel right? Can you envision working here for several years? Is there room for expansion and growth? These factors don’t always make it on the commercial lease agreement terms, but you’ll know the proper spot once you find it. After all, you know your business better than anyone else.
How to Deal with Your Existing Landlord
During your search process, you’ll want to confer your existing lease agreement: does it contain any language about assignments? What about subleasing? Either terms contained within your lease agreement may contain constraints about your ability to lease your existing space early. However, if there’s no language about subleasing or assignments, you’re welcome to try to do either at your discretion – but this is often rare. Landlords want to regulate the standard of the tenants occupying their space; others will flatly reject a tenant’s ability to assign or sublet a rented space. In some lease agreements, landlords will allow sub-leasing with their consent and approval. If you’ve got an honest existing relationship together with your landlord and have found a subtenant that might suit their needs, you shouldn’t have a drag. Otherwise, you’ll get on the hook for early termination penalties do you have to vacate the property prematurely.
You’ll also get to provide your landlord with a written notice of your move (usually 30 days beforehand and by certified mail). The notice should include the following:
- Today’s date
- Name of landlord
- Property address
- Notice of intent to abandon and at which date
- A forwarding address
- Signature of tenant
Your landlord will likely reply by mail or email and discuss the next steps. Be aware that they’ll want to place the property on the market as soon as possible and start showing the space to possible tenants.
Ensuring a Smooth Transition to a replacement Office Space
If you’ve never relocated to a replacement office before, you ought to know one thing: starting early is your easiest method to avoid headaches. Planning, searching, making decisions, and finally executing the plan could take over a year – and that’s charitable for small-to-medium sized businesses.
The most important part of starting an office move is to communicate clearly and honestly with your team. Not only will this move affect their workspace, it’ll impact their commute and daily routine, therefore the more notice you give, the more excited they’ll be a few shiny new offices.
You’ll need help dealing with the nitty-gritty details of the new space, so recruit some of the more excited employees to help manage seating arrangements, purchasing new furniture, equipment, and decor, and inventory existing possessions that may be obsolete or unneeded in the new space.
You’ll also want to make sure everything is packed, moved, and unpacked consistent with your needs once you get to the new office. Because continuity of business is vital, having someone there to supervise the movers and ensure everything is about up correctly for day one will help avoid a painful first day. Getting necessary base like internet, phones, and cable connected before the move-in date goes without saying.
Lastly, looking back at the old space, hiring a knowledgeable cleaning service will help once you’ve cleared out your equipment and furniture. Any unneeded or unwanted furniture should be donated, recycled, or sold at warehouse auction – and you’ll need someone to assist organize that, too.
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