Since I represent both tenants and landlords, I get tons of phone calls from folks looking for office space. Here’s a typical call:
ME: Hi, how can I help you?
PROSPECT: I need an office, what do you have?
ME: How much space do you need?
PROSPECT: What have you got?
OK, let’s stop there for today. When you begin your search for office space, you need to do some basic homework before you pick up the phone or start looking at office space. Here are 5 initial steps.
- Pull your current office lease and last rent invoice. This will tell you how much space you currently have and help you determine a budget so your tenant rep broker (me) will have parameters to work with on both size and budget.
- Do you have enough space? Are you adding people? Do you have too much space? Will your office needs change now or in the next 3-5 years? How does your strategic plan for growing your business factor into your office space requirement? For example, if you need to rapidly grow, a special strategy will be needed to facilitate this.
- Do you like your office’s current location? What are the key criteria for its location (i.e. close to clients, your home, proximity to mass transit)?
- Does your office and the building project the right image for your company? Does it have enough parking, the right amenities, good property management?
Even if you just want to renew your lease, these steps are important planning tools. When you are working with a good tenant rep broker (actually, I’m great), we ask these questions and more. When both my client and I do our homework, I’m able to narrow down the options. This saves everyone time (and often money).
If you want a more extensive checklist or a free lease analysis, contact me. I want 20 new tenant rep clients for 2014. Will you be one?