Office Relocation Checklist

Moving your business can be both exciting and stressful. You may find your current location is not large enough for your expanding team, or it's not the right fit for your clients. When choosing office space for their business, they should consider location, size, and aesthetics. Here's a checklist that will help you prepare for your next move if it is time to update your office space.

What Are My Options?

Coworking Space

You can use coworking spaces for a fee to access large, shared workspaces. A coworking space can offer both shared workspaces with hot desks and more private areas that give your team privacy. Most coworking spaces include WiFi, office supplies, kitchen facilities, and meeting rooms. These are great for startups with a smaller staff and less overhead. In addition, these setups offer short-term leases and fewer responsibilities.

Executive Office Suite

A great place to start your professional services is an executive office suite. These suites are often less expensive and require less responsibility. Executive office suites often include furniture, kitchens, and copiers. These amenities can be included in your rent. Executive suites are similar to co-working spaces and offer small businesses an incubation space. They also provide networking opportunities.

Shared/Sublease

A shared or sublease lease has many advantages. It is shorter-term and offers a more professional status than executive suites and coworking spaces. Although flexibility comes with being the sole leaseholder, there will still be some uncertainty regarding renewals and the length of your stay in that location.

Rent

A standard, longer-term lease might be beneficial if your company is secure in the short- and long term. These leases give tenants more security, prestige, presence, professionalism, and certainty. As the business owner, you can plan your expenses over the entire term of your lease so that you can better forecast your cash flow. You will be responsible for all office equipment, including furniture and telephone systems.

What will I need?

Cash Reserves

It is good for tenants to have enough cash on hand in case of unexpected expenses. Our clients should have at least six months' worth of expenses in liquid form as an emergency fund. When setting your budget, be as detailed as possible and make sure to include essentials like utilities, furniture, insurance, and taxes. Every business is unique, but it's a good idea to establish some expectations to help you plan for your future.

Three years of tax returns

Landlords want professionals to rent their commercial space. They're also in business. We recommend that landlords have three years' worth of tax returns. This will give them a good idea of your company's trends and performance.

Personal Financial Statement

Your tax returns will give potential landlords a good idea about your income, but a personal financial statement will tell them how much cash and assets you have to secure a lease. It is a good idea to have your CPA prepare it ahead of time so you don't get slowed down when negotiating for a space.

Credit Report

A credit report is not necessary if your personal financial statements and tax returns are positive. However, it would be good to prepare these in advance for any eventualities. Credit reports provide a snapshot of your landlord's debts and payment history so that they can assess the risk before you sign.