Choosing office space, much more so than finding an apartment, can be an unpleasant and time-consuming process. It’s challenging to negotiate the various ins and outs of commercial real estate, and mistakes can lead to a broker or landlord taking advantage of you. Here you will find a complete guide on discovering office space to rent to assist you along the process.
Make a List of Your Needs for Office Space
To begin, make a list of your primary criteria, considering that they may alter throughout the process. However, the faster you make a list, the sooner you’ll be able to eliminate specific gaps from your search. A list is simple to share with other stakeholders, such as brokers. It also aids in the recall of your requirements, allowing you to seize accessible office space like office space for rent in Chicago sooner. Start with the fundamentals, such as size (or square footage), geography, and lease term (or the length of your lease), and then add in any “must-haves,” such as “at least three bathrooms,” and so on. Following that, make a list of any nice-to-haves.
Choose a Lease Period That Works Best for You
The typical office lease length is three to five years. For some tiny or early-stage businesses, it might be a difficult period, especially if they are unclear where their firm will be in a year, much alone three. If you only require a few desks, for the time being, sublets or shared spaces like co-working can be the best solution. Both provide flexibility and seating at a lower cost than a traditional rental. They have disadvantages, but their transience makes them excellent. Both may be found.
Make an Offer
Don’t bother wasting your time if you locate an office space you like, even if you’re not sure it’s “the one.” Propose. It’s a non-binding stage in the leasing procedure to do so. You may cancel the offer at any moment without incurring any penalties, making it a low-risk, proactive action with a significant potential payout. Plus, the more bids you make on vacant commercial space, even if it’s not your first pick, the more likely you are to receive one. Even the most secure purchase in commercial real estate may go through at the last minute, which is a sad truth. In that situation, be prepared to relocate to the next most OK office space.
This individual should be present for all office visits, manage broker correspondence, and coordinate all internal stakeholder feedback. If the point person cannot meet these obligations regularly, they should select someone else to fill in and offer a clear update on the search’s status and goals. What you don’t want is for multiple different persons to look at various places and come back with their own opinions on the rental space front-runners. That’s a formula for a messy, time-consuming search.
Internalize Your Feedback
You may have a good idea of what your business wants in its future office space, but including other members of your team in the conversation might help you save time and money later on. For starters, it aids in the establishment of shared priorities within the team, which in turn fosters favorable attitudes regarding the search and the final place you select as your future address. Is it the commute that people are most concerned about? How close are you to your partners and clients? Do you need more meeting space? Of course, you won’t meet everyone’s preferences, but the more inclusive the process is, the more pride and ownership your employees will feel in the new workplace. Plus, they might be able to provide some helpful advice.
In your search for a commercial space such as office space for rent in Chicago, you’ll be able to manage the search process like an expert if you follow these guidelines.