5 Tips for Renting Your First Office Space
Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.
This article was updated on 7/27/2023.
Your business has reached that point in its life where you believe it needs a home, and you're on the prowl for an office space for rent. Now, how do you go about finding that home without breaking the bank or locking yourself into a bad deal?
You should ascertain whether you truly need an office space. Most especially after the Coronavirus Pandemic swept in and changed our lives forever, many entrepreneurs are now opting to work from home offices; in fact, during the pandemic, entrepreneurs in the U.S. started a record number of new work-from-home businesses, and the popularity of the work-from-home movement still continues to dominate in 2023.
But working from your own home office does carry its fair share of downsides: For one, your personal address becomes your business's address. And, if you're responsible for a family who's also living at home with you, it may be difficult to find the private, quiet time you'll need to concentrate and/or answer phone calls.
So, with all this in mind, let's get into the top 5 things you should consider when looking for an office space for rent.
#1 – Know What You Need
The first thing you should do when looking for an office space for rent is create a list of everything you want and/or need that space to be. Do you need a smaller or larger office space? How big is your team? Will your team share a co-working space while you get your own? Are you looking for a short-term or long-term lease?
You should also keep in mind the physical location of the office space you want and its proximity to popular locations of interest. Will you be able to walk to lunch with the team or will you find yourselves ordering in more often than not? How far are you going to ask your team to drive to get to the office?
Answer as many of these questions as you can before you continue your search.
#2 – Find an Experienced Commercial Broker
While you could go about your search for office space for rent alone, it's best to work through an experienced commercial broker. The reasons for this are simple: 1) It's better to be safe than sorry, and 2) an experienced broker will know how to:
- Negotiate your lease;
- Check for any out-of-order terms;
- Build your leverage; and
- Represent your best interests.
Brokers and investors alike can browse office space for rent right here on the MyEListing website. We ask listing agents to include everything about the property you'll need to know as well as the right contact information so everyone is on the same page.
Another important benefit of using a commercial broker to find office space for rent is that your broker will help you avoid making impulse and emotional decisions. More often than not, emotion makes a business deal messy. Having that second set of eyes on your paperwork will pay off in the long run.
#3 – Take Time to Understand Your Lease
If you work with a commercial broker, this is something they can help you with. Ask your broker or landlord as many questions as you possibly can about the lease while you review it. Are there any provisions that are unclear to you? Does the lease make the long-term expectations your landlord will have of you clear as well?
After that, read through the agreement carefully. Do not skip pages or sections. It may seem like boring, mundane work at the moment, but you want to make sure that any and all provisions the landlord mentions to you verbally are included in your lease. Do not simply take their word for it. Consider the length of your lease and if that's something you're comfortable with also; what will do you when your lease expires if you choose not to renew?
#4 – Budget for Repairs & Emergencies
You may have an emergency budget for at-home repairs and emergencies that pop up unexpectedly. The very same thing applies to your office space. You should set aside a budget for repairs and emergencies so they may be resolved as quickly as possible, especially if downtime means money lost for your business.
On top of that, you'll want to know who exactly is responsible for your office space repairs. If it's your landlord, make sure they can resolve any emergencies posthaste; if it's you, line up a professional and set aside some cash so you can take care of things as quickly as possible.
#5 – Create an Alternative Plan of Action
If worse comes to worst and you have to exit your lease, create a plan of action for doing so. Make sure you're ready to absorb the penalties and fees that may very well come along with a premature exit. Where else will you take your business should you have to bail? Will you shift to a totally remote company or simply look for another office space for rent?
Find & List Office Space for Rent on MyEListing.com for Free!
You can find and list office space for rent right here on our website. Receive customized notifications about property types that you select and browse with ease with filters, both basic and advanced.
Check it out and get started today!
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