Mistakes are made in every avenue of business but when it comes to leasing office space one simple error could equate to big losses in both time and money.
1. Lack of Planning
Before you embark on the search for office space it is important to understand exactly what your needs are so there are no surprises down the road. Don’t budget for 12,000 square feet when you actually need 15. Do you have a safe and need reinforced floors? Knowing these things upfront will save you headaches down the line.
2. Lack of document inspection
While leasing new office spacing may be exhilarating it is important to take your time and pay attention to what it is you are signing. Attorneys, brokers, and you as a tenant should read over all documentation to ensure its accuracy thus giving you peace of mind during your leasing period.
3. Misunderstanding of terms
Do you know when your lease is up? How about the notice time needed and early termination fee if you decide to move out of your office space earlier. What if your landlord asks to relocate you to another office space in the building, how much notice do they need to give you, is this disruption even allowed within the terms of your lease? Going over your lease agreement and asking questions when they arise is critical.
4. Over/Underestimating your Location
It may be tempting to take the first place that you see, but put yourself in the shoes of your clients. Is there adequate parking, if not will that be an issue for your customers- and ultimately your business- if patrons are having to walk blocks to visit you. While a new location may be a hot spot at the beginning of your leasing period, it may turn into a desert months down the line. Although, the opposite is also possible.
5. Carving out time
Tenants often underestimate the time it takes to renew a lease or move. It could easily take anywhere from 8-12 months and you need to be prepared for what you will do until the deal on your new office space has been closed.
It’s no misunderstanding that leasing office space may be stressful, especially if it's your first time, but it's also an exciting adventure. Don’t let one of these common mistakes get in the way of you enjoying your new office space.