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Published On: Fri, Dec 8th, 2017

5 Mistakes That You Should Avoid When Looking for an Office to Rent

Office rent is one of the most significant expenses for most businesses. Picking the wrong business location can have devastating effects on your business. However, people make mistakes when renting space for their businesses. This is particularly true for companies that are just starting out and do not understand how the market functions. Here are a few mistakes that you should avoid when renting an office.

photo/ William Iven via Pixabay

Failing to read the lease terms

The lease terms will usually vary from one landlord to another. Therefore, it is important for businesses to carefully read these terms before signing. Shared offices usually have a one-year lease, but some buildings can offer shorter terms. Instead of signing a one-year contract, you can inquire whether they offer shorter lease periods. Take time to understand the fine print and policies, especially the penalties, charges and hidden fees that you may have to pay when you terminate your lease earlier.

Inquiring about access and security

Shared office spaces are perfect because they can help you to save on rent. However, it is important for you to know other people who have access to these offices. This is important because you will leave your computer and files in the office whenever you go home. You need to be sure that they will be safe because any breach in security can result in loss of important business information. Make sure you know the security measures that are in place and how the building carries out safety checks.

Additional charges or hidden costs

Most business owners do not ask questions when they are looking for an office to rent. As a result, there are not aware of the hidden charges and costs. It is important to know the additional charges that you may incur if you use the extra meeting room or surpass your allocated internet bandwidth. Some office buildings will even charge you for accessing the building at night. Asking questions will save you from lots of unnecessary expenses.

Not using a tenant broker

The flexibility and complexity of the lease will vary depending on the office space that you are leasing. If you are looking for a small office space, you can look for it solo. However, if you are renting more than 2000 square feet of office space, it is better to work with a professional. A tenant broker will represent you and will ensure that you get an office space that is within your budget and not overrated.

Procrastinating

It is important that you begin searching for an office space at least six months before the estimated date of relocation. This is important because it will give you ample time to check out different spaces and gauge the real estate market. Preparing for your relocation early is important because it will save your business lots of cash in the long run.

With the advanced technology, it is easy to view different websites that contain available office space listings. Listings can help you gauge the current office rental market. However, most information provided on these websites may be inadequate and sometimes inaccurate. If you want the best office space, go to the property directly and talk to the leasing agent.

Author: Charlie Brown

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- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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