Step-By-Step Guide Before Signing A New Office Lease

It can be complicated and time-consuming to move an office. You should consider many factors when signing a long-term office lease. What space will you need? How is the location? Is it within your budget? Is the office atmosphere compatible with the company culture?

It can be difficult to know where to start or what to expect when searching for an office. Therefore, we will walk you through how to find your next office.

Step 1 - Start Your Search Process Early

It is important to allow at least six months to plan and execute your office transition. You may find that the process moves faster if your team is smaller, but it might take longer if larger spaces are available to accommodate more people.

You might be wondering why it took so long. Sometimes deals can fall through in real estate. It all depends on where you live, so there may be less competition, which could cause negotiations to drag out longer. You might feel overwhelmed by all the options available and not have enough time to fully explore them all. Renovations and setup can take several weeks, even after committing to a space.

Step 2 - Determine your needs and hire a professional to help you with your search

You have the opportunity to find the right space for your company by moving to a new location. Begin by looking at your current workplace and identifying what you love and dislike about it. Next, make a wishlist of your ideal office. This list should include your must-haves as well as your favorite-to-haves.

Once you have an idea of your preferred square footage, you can calculate it. This number will help you to narrow down your choices once you start looking at them.

Working with a broker to help you find the right office space is the best way to speed up the process. A good broker will not only be familiar with the market, but they can help you find offices that match your criteria. A good broker will also alert you to potential property issues that you may not have considered.

Step 3 - Start looking at properties

Your next space location is crucial because it will affect the type of business you run, and clients who visit you. It should be easy and accessible for employees. What will their commute be like from the new location? Is the location close to public transport? Is there parking? Is it safe in the neighborhood?

You may find large empty spaces or rooms that previous tenants have partially built out in the office's interior. Again, your prior assessment will come in handy here, as you will have your layout plans and square footage already drawn out so that you can visualize how each space will look.

Step 4 - Weigh Your Options

You can narrow down your options for office leasing by asking the owners to submit proposals if you find some office spaces with potential.

Do not choose based only on convenience or cost. Think about the big picture. What space would be the best? What amount of investment is required for each office space before it can be moved-in ready?

You might need to expand your search to find available properties. Maybe you can broaden your search area. You can also bring someone with a keen eye for design to help you see the potential in an empty or outdated space.

Step 5 - Once you think you've found a match, sign up for additional help

Commercial real estate deals can be complicated and take several months to complete. A commercial real estate attorney can help you navigate the process and explain the different lease options.

Once you are ready, you will then submit a Letter Of Intent and start negotiating. Although they represent the building owner, a good broker should guide you through the negotiations. In addition, a tenant representative or attorney can help ensure that there are adequate lease protections in your office leasing agreement.

Before signing a lease, make sure you have a reliable property inspector inspect the space to ensure that it meets your standards.

Step 6 - Get to Work on Your New Place

After signing an office lease contract, it is time to set up. This step may take anywhere from a few weeks to several months depending on the amount of work required.

You might consider hiring an architect to help you plan your space, particularly if you are building walls or other rooms.