Tips to Prepare You For Your First Commercial Office
If your business has been growing, you might be ready to move into your first office space. An office space can give you a great base to continue expanding your business, but it also comes with a lot of added things to manage.
It’s important to understand what you are getting yourself into, so you can make sure you are ready to handle it all.
Here are some of our tips and suggestions to help you prepare for your first commercial office space.
Identify Your Needs
One of the first steps on your commercial rental journey is to identify the needs of your business. This is going to help set you up for success, so you can make smart and informed decisions.
Whether you are a large or small business, it’s important to consider what size office space you need. If you are just starting out, you may want to begin somewhere small. However, it’s also important to not go too small to start with, so you might want to consider getting a space that you can grow into.
You’ll also want to decide what type of property you will need. Whether it’s a retail space, a warehouse, or an office building.
If you are planning to have clients or customers visit you, you’ll want to make sure you pick an area that suits those needs as well.
Research Your Area
Once you’ve identified which area is best going to help your business grow, you should start researching that area.
What is the property market rent like in this area? How are other businesses doing?
This kind of research can help you figure out the best suburb or district for your office space, so that you can give your business the best chance for success.
For different industries, location will either be more or less important, so it’s always important to consider what is relevant to your industry, not just businesses as a whole.
Plan For Potential Fit Out
Depending on the office space you end up choosing, you may also need some fitting out done to your space. If your space does require a fit-out, that may come with additional costs.
Some agreements will see the landlord paying for the fit-out either in part or full, whereas other agreements will mean you have to pay for it yourself.
This can have a big impact on the commercial space you end up choosing. You may want to choose a space that is already appropriate for you, or a space that doesn’t need much work.
If your industry requires very specific equipment and structures, then you may be prepared to take on this fit-out yourself, or find a space that is already specialised to your needs.
Once you start paying rent, that will be another expense to add to your growing list. Before signing your commercial lease agreement, it’s important that you estimate your future expenses.
Depending on your agreement, you may take on some of the operating expenses of your commercial property, such as rates and utilities.
In our opinion, you should discuss with your accountant or financial advisor about what kind of costs you can expect from your new office space, and whether your business is fully equipped to handle these.
Talk To Englander Principal
At Englander Principal, we understand that some businesses may be ready for their first office space, but not quite ready for the financial burden that comes with it.
That is why we work with you to negotiate the best lease terms on your new commercial office space. This might mean rent-free periods, half price rent, or any other equivalent we agree upon.
With money saved on rent, you can free up your business’s cash flow and invest into growing yourself even further.
We can help you understand your lease terms, as well as helping to get you the best deal possible on your new commercial lease.
Englander Principal are not commercial real estate agents, we don’t find you the property or manage the property, however we can help you get in touch with real estate.
We help you negotiate with real estate and landlords to get the best deal.
If you want to learn how the process works, and save money on your next lease or lease renewal, book your FREE consultation today!