Tips on How to Find Great Office Space for Your Business
Selecting an office space for your company is a huge step, especially for small businesses and startups. There are many things to consider such as finding the perfect location, hiring a real estate broker and finalizing lease options among others. Read this guide for tips on how to find offices for rent and sale in Pakistan.
First, you must decide how much space you will need to start your operation. You must be realistic in making this decision as you could lose a lot of money on rent if you select a larger office than you need. If your company is small, you may want to go for a smaller office space.
Once you’ve finalized how much space your business needs, you must figure out your layout requirements. If the existing layout of the office matches your requirements, perfect. But if not, you will need to renovate it according to your needs. Find out if the landlord is willing to pay for the costs of the improvements. Sometimes, landlords are willing to share the costs if you agree to rent the space for a long-term lease.
Here are some tips to keep in mind that will help you discover and compare office space for your business:
- Don’t choose a place without comparing it with at least two or three others, even if you think the first one is perfect for you. You never know what you may find if you keep looking.
- Every property has different expenses such as taxes, insurance, utilities, grounds keeping and maintenance among others. Don’t hurry into signing a lease without knowing the total costs of all expenses involved. Until you see the entire picture, you’ll be unpleasantly surprised with additional costs. The costs you’re responsible for should be clearly spelled out in the lease you sign.
- Many people develop emotional attachment with a place even before they’ve bought it or leased it. Avoid doing this before you’ve negotiated all lease terms and finalized your decision.
- Request the lease’s pro forma copy ASAP and go through it carefully. Each commercial lease is different.
- Create an Excel worksheet and add details of all the places you’ve finalized for your business. These details should include pros and cons of each place, lease term required, expenses, unit price and square footage of the property.
Once you have at least three or four properties listed in the sheet, you need to start the elimination process. Since every place is different in price and size, you need to know the unit lease price i.e. price per square foot per year. Once you’ve found out the unit lease price, simply multiply the numbers and divide by 12 to find out the base monthly rent.
Spend some time and effort carefully reviewing each entry of the Excel sheet and discover which pros and cons are important for you. Take numbers into account as well as your preferences. Now, you should be able to finalize which office space is best for your business.