How to Know When it’s Time to Lease Commercial Space for your Business
Leasing commercial space for your business is a big step. It can be a daunting, expensive process requiring careful consideration. Knowing when the right time is to take the plunge and sign a lease is essential. After all, you don’t want to regret your decision down the line – and find yourself strapped with unwanted space. So here are a few things to think about before signing the dotted line.
You’ve outgrown your space.
The most obvious sign that it may be time to look into commercial leasing space is if you’ve outgrown your current workspace. For example, if your team or client list is expanding, but you don’t have enough room to accommodate them in your current location, commercial leasing space might be the best choice for future growth. Additionally, renting commercial space might be a smart option if you need specific amenities unavailable in your current workspace.
You’re expanding to another location.
Another factor that should influence whether or not you consider leasing commercial space is the geographic scope of your business. If you want to expand outside your local area and plan on opening other locations or serving multiple regions, renting an office could provide more stability than working from home or relying on coworking spaces. This will also help build credibility with potential clients and partners who will appreciate the professional setting that comes with owning or renting office space.
The size of your budget
The size of your budget should also impact whether it makes sense to rent commercial space versus staying put in an existing workspace. There are several costs associated with leasing office space — including rent, furniture, and utilities — so make sure you research all possible options before making any decisions. In some cases, such as if you already own real estate that can be used for business purposes, it may make more financial sense to stay put rather than lease office space from someone else.
Your design needs
It’s also important to consider how much control you want over your workspace design when determining if now is a good time to lease an office or remain in an existing workspace. For example, commercial leases generally include provisions related to decorating and tinkering with the layout of the space — permission that often isn’t granted when working from home or in a shared coworking environment.
Ultimately, deciding when it makes sense to lease commercial space for your business depends on many factors unique to each business owner’s situation — factors like budget constraints and geographic scope being particularly significant elements worth considering in-depth before leasing office space. So before taking the plunge and signing a lease, make sure you research all possible options to make an informed decision regarding what works best for both yourself and your business goals.
Every brick-and-mortar business needs a place to call home, and we here at HSW Associates can help guide you in the right direction. We have been in the real estate industry for more than 40 years and have the experience it takes to find your next business location. Contact us today. We have the expertise to help you find the right commercial property to make your move!< Back to Blog