Are you on the hunt for the perfect office space? Whether you’re a startup looking for your first headquarters or an established business seeking to expand, leasing office space is a significant decision that requires careful consideration.
Figure Out Your Needs
The first thing to think about is what kind of space you actually need. How many rooms? What size? When planning your workspace, consider the number of employees and future hires to prevent overcrowding.
Allocate dedicated areas for client meetings, essential equipment like printers and servers, and adequate file storage. Additionally, include break rooms to foster a positive work atmosphere. It’s best to get a little more space than you currently need. That way, you have wiggle room to grow without moving again too soon.
Set Your Budget
Rent will likely be your biggest office expense each month. So, it’s smart to nail down a reasonable budget first. A good rule of thumb is to keep your total office rent under 10% of gross revenues. Any higher, and it may strain your profits too much.
You’ll also need to factor in utility costs, insurance, taxes, and association fees. Not to mention potential renovations and moving expenses! Planning for all these extras upfront ensures you don’t get in over your head financially.
Pick the Right Location
Where your office is located can make or break its success. Here are some key things to consider:
- Proximity to clients and employees; aim for a central spot to shorten commute times.
- Amenities nearby like shops, restaurants, parking, and transit options.
- Safety of the area, both day and night.
- Growth potential; ensure there’s space to expand in the same area if needed.
Don’t forget to check city zoning and permits, too. Some locations may not allow certain business types.
Evaluate the Building
The actual office building itself matters just as much as the location. Here are some factors to assess:
- Age and Condition: Older spaces may need pricey upgrades.
- Access and Flow: Ease of entry, hallways, stairs, elevators, parking availability, etc.
- Layout Flexibility: Can you modify it to suit your specific needs?
- Safety Features: Things like security, sprinkler systems, fire alarms.
- Amenities: Conference rooms, gyms, and cafes.
Of course, you’ll want to tour potential spaces in person, too. Seeing (and feeling) the office vibe for yourself is a must!
Scrutinize the Lease Terms
Once you’ve narrowed it down, read every clause of that lease contract very carefully. Important aspects to consider include the rent amount and potential increases, ensuring there are no unexpected hikes. Evaluate the length of the lease term and explore renewal options for flexibility.
Verify the types of businesses permitted within the space and clarify maintenance and repair responsibilities for both parties involved. Having a real estate lawyer review the lease can also save you major headaches down the road.
Don’t Forget about Pride
While all the practical stuff is important, you can’t underestimate the emotional side, either. You want an office space that you (and your team) are proud to work in every day. Things like professional design and great curb appeal make a difference. Don’t just look at the lease rate—look at the whole package!
Ready to find the perfect office space for your business in Austin, TX? Our team at PioneerBeck Community Association Management can guide you through the process! With our expertise in Austin, San Antonio, and surrounding areas, we simplify the challenges of leasing property. Contact us today!
