5 Traps to Avoid when Leasing Office Space
Finding the right office space for your business is crucial to the smooth running and ongoing success of your company. Yet many businesses fall into the same traps because they have not dedicated enough time or planning into finding the right home for their business.
Some of the most common pitfalls when leasing office space include:
Unclear about Office Space Requirements
If you don't know why you are moving office in the first place, it's unlikely you're going to make a success out of your next premises. Be clear from the outset about your office space requirements; taking into account size, location, budget, image, configuration and office facilities. And if you aren't clear about these requirements, how do you expect your Property Agent to carry out an effective search on your behalf?
Trying to D-I-Y Property Search & Negotiations
If you don't use a Property Agent to carry out your property search and negotiations on your behalf, you are wasting so much valuable time and expense. A Property Agent understands the office market and can provide you with a list of available properties that you may not otherwise know are available. They can negotiate for you and narrow down the selection of buildings that would be best for your particular business.
Not Planning for the Future
You may find the premises you choose are ideal for your business needs now, but what about in five years time? If you are signing a longer office lease, you must take into account the needs of your business throughout the entire tenancy - otherwise, you will outgrow your space too quickly and this could hamper productivity and growth for your business.
Lack of Research
Many undiscerning tenants do not research the building, the location, the rent, or the landlord before taking on an office lease. Tenants are advised to take their time before committing to anything so they are absolutely sure that this is the right deal for them. This is why early planning of an office relocation is recommended to give yourself enough time to carry out essential research and make the right, informed decision.
Lack of Budgeting
One of the biggest mistakes made by commercial tenants is overspending on office space. Many businesses fail to consider they will have to budget not only for rent, but also service charge, business rates, heating, lighting, furniture, insurance... and the list goes on! Furthermore, the rent is likely to increase over the term of the lease and this also needs to be budgeted for. Make sure you plan your office space costs with the Moving Office Budget Planner to ensure you CAN afford it!
Use the Office Space Checklist to evaluate each office property and make a considered decision.
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