Avoid these Mistakes When Leasing a New Office
When it comes to leasing a new office, there are a few common mistakes to avoid we have seen in the past. Millyard Technology Park lists 4 things you should be prepared for.
- Not conducting sufficient research.
Take the time to do in-depth research, or at the very least assign this duty to a team member. Your budget, how much space you need, and your business’s location are all key aspects to consider. Additional site study may be necessary for specific industries, such as logistics and transportation, as particular locations will likely support the stated enterprises better. Even before personally seeing the offices, we recommend making a list of shortlisted offices that suit your criteria. Budget is also an important consideration. A company must determine whether they have what it takes to stay in their new office space for the next few years, if not longer.
Certain elements, including layout, expansion choices, technology, infrastructure, facilities, amenities, and adaptability for long-term growth, will be crucial in evaluating if your ultimate workspace decision is the correct one for you and your team.
- Choosing an office that is too small
Most organizations underestimate the amount of space they would need. When there is a great amount of unneeded space, they are more likely to lease an office that is simply too big. As a result, a lot of money and resources are squandered. If you acquire a place that is too tiny, you may have to lease more space or possibly relocate, resulting in a loss of money and time.
The following are some of the aspects that will influence the size of your office space.
- Estimated growth
- There will be significant changes in your company.
- The estimated amount of employees you will hire in the near future.
- Prepare contingency preparations in the event that your business’s environment changes dramatically.
- Management of disasters
- Signing up for an overly fancy office.
Many workplaces have offered enticing and whimsical advantages such as plush interiors, custom-made furniture, and a variety of fancy themes such as opulent hospitality, loud and outspoken themes, and some even supplying free beer and ping pong games in an intensely competitive setting. While it’s always a good idea to set you apart from the competition by offering something unique to interest potential renters, it’s not always possible.
- You don’t know how to negotiate.
The tenant will be at a significant disadvantage if they lack information and expertise in negotiating with their landlord. First, they may be unfamiliar with typical market practice, lingo, and the intricacies of leasing agreement clauses. This brings us back to the earlier topic about working with a knowledgeable and professional broker. A knowledgeable broker will be able to point out and guide you through the whole process, from sourcing, shortlisting, and negotiating to receiving your keys and outfitting the property. Without all of the above, there’s a good chance you’ll make costly mistakes and lose a lot of money.