5 Tips for Renting Office Space
Finding the right office space is a major decision for any business.
A company’s office is where its employees will work and conduct operations for many years to come. This is why it’s important to make careful decisions when looking to rent new office space—your company’s financial and business outlook depends on it.
The following five tips will help you find and rent the office space you’ve always dreamed of.
1. Make a Plan
When you’re looking to rent office space, it’s important to begin planning well ahead of when you expect to move in.
Ideally, you should start looking for new office space at least 90 days ahead. Of course, that may not always be possible, in which case you’ll need to start looking as early as possible. In other words, don’t wait until your current lease is up to panic and begin your search.
Starting early will help you negotiate a better deal and find the business office that you really want.
2. Find a Term that Meets Your Need and Fits Your Plan
The next point is to decide on leasing terms for your new office space.
Several considerations will contribute to this decision. If you’re expanding your business, then opting for a longer-term lease might be a wise choice.
HSW Associates offers one year terms. This gives our tenants the flexibility to move or expand after just the first year. Many commercial landlords in the Tampa Bay area will require a 3 or 5 year lease term. If a lease term which is shorter than one year is required, a co-work space may provide you with maximum flexibility.
3. Make a List of Requirements
Remember, your new office space will be your home away from home. It’s where you’ll be making a living and transacting business—so it will need to conform to your personal and business needs.
So when searching for a new office space, make a list of all your needs and requirements. If you need more room, include the size in square feet of your ideal office space. Also, list the amenities you’d like to have, such as the number of bathrooms, whether it has a kitchen or break room, etc.
4. Make an Offer
One of the most important tips in hunting for office space is to never be shy about making an offer.
So if you happen to come across an office space that speaks to you—even if it doesn’t tick off every box on your checklist—make an offer on it. Just because you make an offer doesn’t mean you’re locked in; it’s completely non-binding.
But office rentals—as with all real estate—are highly competitive. It’s better to make an offer and withdraw it later if you have to, rather than lose out on ideal office space.
5. Be Flexible
Finally, it should be your goal to retain as much flexibility as possible.
The reason is because no business can have absolute certainty as to what might occur down the road. And even if you have no choice but to accept a long-term lease, try to negotiate favorable clauses that look after your best interests. This can include co-tenancy and early termination, as well as the option to sublet.
Find a New Office Space Today
Tampa is a great place to do business. And it has a plentiful supply of available office space to accommodate the many businesses that call the city home.
If your business wants to relocate operations to a new space, you’ve come to the right place. Get in touch with the team at HSW Associates, Inc., and let us help you find the right office space for your business.< Back to Blog