8 Steps to Leasing Office Space
This 8-Step Guide to Leasing Office Space will help you end up in the right office space with the best office lease deal possible.
Every tenant’s "wish list" when looking to lease office space, would be to end up in the right office space in the right location and with the best office lease deal possible. To help office tenants achieve this, we’ve put together a handy 8 Step Guide to Leasing Office.
Step 1 – Contact a local Property Consultant
The first stage in the process of finding the right office space is to enlist the support of a local Property Agent. This will not only save you considerable time, but will also save you money over the terms of the office lease because a) they know the local market and have details at their fingertips of every office property on (or off!) the market and b) they are experienced in negotiating the best possible office lease deal suited to your business needs.
Step 2 - Calculate your Office Space Requirements
You will need to have a clear understanding of your office space requirements. Your Property Consultant will help to establish these with you, or you can use our free Office Space Calculator to work out how much office space you are going to need. It is important to think 3-5 years ahead and how you see your business developing. Do your requirements allow for business growth and flexibility?
Step 3 - Search for Office Space
Once you have determined your office space requirements, the search for suitable office properties begins. Your Property Consultant will draw up a shortlist for you to consider with office properties that match both your space requirements and rental budget.
Step 4 - Viewing Office Properties
You are likely to see a wide range of office properties matching your criteria. This will enable you to narrow down the options to, ideally, 3 office properties that satisfy your requirements. Identifying 3 options gives your Property Agent the leverage to be able to negotiate and see which ones provides you with the best “deal”.
Step 5 - Submitting Proposals to Lease & Negotiation
Once you have identified a “short list”, your Property Consultant will then provide you with a detailed cost analysis on these preferred options (to help you assess the pro’s & con’s of each). They will then begin the necessary negotiations to help you evaluate and compare the options.
Step 6 - Space Planning & Office Design
Tenants would be well advised to get their Office Design Company to accompany them on a tour of their shortlisted properties before they go firm on which office space take. Why? Because your office design company can provide invaluable advice & insight into the suitability of each shortlisted space in terms of space planning & office layout issues (which can usefully contribute to your decision as to which space is going to work best for your business). Anyway, once your business has agreed on the right space for your business your Office Designers will get to work on how best to create the right office environment for you (one which showcases your brand & culture - and allows your staff to be as productive as possible).
Step 7 - Negotiating the Office Lease Agreement
The office lease that you will sign is a legally binding agreement that sets out the terms & obligations that will govern your tenure at the property. It needs to reflect the detail of the deal that has been agreed between you and the landlord. You will therefore need the professional advice from a Property Solicitor to ensure your company’s best interests are maintained.
Step 8 - Close the Deal
Having successfully reached this point the transaction can be executed and you can begin to make your moving-in plans.
When it comes to finding the right office property and securing the best deal, you’ll need to find a Property Consultant who knows your local market. Find one here.
