What To Look For When Leasing Office Spaces

What To Look For When Leasing Office Spaces

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If you are in the market for leasing a corporate office space for your business, you might not know what a good price or lease is, what should be included automatically and what you should expect to pay up front.  Here is a table that you will find helpful when trying to figure out all of the details of leasing an office space.  After you take a glance through this you will be armed with some knowledge that will help you find the correct and affordable office space that will match all of your needs.

Features:

Boardroom Executive Suites:

Conventional Office Space:

What you should look for:

Space – Square Footage

Individual offices typically will range in size from 100 ft2 to 650 ft2   

A minimum of 1,000 ft2 including space for in-suite reception area etc. is normal.

Keep in mind that as a company you will grow.  It is nice to have the option to remain in the same complex as you grow.  Look for complexes that offer different sized suites.

Lease Term

These can be found in month-to-month options or typically up to 3-years.

These are not usually offered on a month-to-month basis; you are going to be looking at a lease anywhere from 3 to 10 years.

Leases should be flexible.  Look for a management company or landlord that can accommodate you, where leases starting at 6 months to a year are possible.

Lead Time To Move-In

Move-in should be able to happen within 24-hours.

Weeks or months for legal review of lease and finances of the particular business.

Look for turnkey opportunities and fair terms that make you comfortable.  Remember you’re the client, so find yourself a good fit.

Time Spent Coordinating & Setting-Up Office

About half-a-day’s work of about 4 hours.

It will take you a good week to set up your office, about 40 hours or more.

Most spaces should be ready to go and be more

than presentable as is.

Security Deposit Requirement

Around one month’s fees, it will typically range between $600 and $1600.

It will be dependent on the company and sometimes personal financials.

Look for security deposits that are around the same price range of one month’s rent.  This is possible, normal and something most business owners can handle.

Out-of-pocket expenses for space

$0.00

Upwards of $28,000 plus, depending on amount of space required.

For a conventional office space you usually should have minimal out-of-pocket expense.

Ability to customize office(s) to your preferences

Limited – Customized painting is available in some offices.

Some customization is usually available but might be limited by the building’s design codes.

Having the ability to customize your space is nice so that your environment can match the culture of your company.

Office Furniture

It is often included, but sometimes

 it is optional.

It will not be included, average single employee set-up is about $3,000.

Conventional office spaces that come with the option of furnished or unfurnished is a plus.

Conference Room & Reception Area Furniture

Included

Approximately $15,000

Look for an office complex that has communal conference rooms available for rent. That way you will have access to state-of-the-art equipment without the burden of the price tag.

Up-Front Capital Expense

Approx. $4,000.00

Approx. $50,000.00

Deposit and first month’s, just like when renting a home, is the norm.

If you are looking to rent a conventional office space, make sure you do your due diligence and shop around, because leases are slightly extensive and you are going to want to make sure that you are satisfied with your location, neighboring businesses and your landlord.  Whether you are looking for an executive office suite in fancy Scottsdale, Arizona or fashionable L.A., knowing the ballpark numbers of your area and what you should be looking for and expect is a good place to start.

Many office complexes also offer a slew of amenities that you might find will ease your day to day operations and that your clients can enjoy as well, for example coffee bars and state-of-the-art conference rooms.  As with any large financial commitment, you are going to want to make sure that you do not over extend yourself.  There are many office complexes where you can have the look and professional feel that you want at an affordable price so make sure to do a thorough search and choose the right office space for you.

About the Author

Stephanie Drescher is a professional blogger for Vision Offices.  Vision Office Suites offers conventional office spaces with an unconventional twist.  Vision Offices provide serviced offices and workspace solutions of the highest quality in terms of environment, location, facilities and flexibility.  Read more on their blog or follow them on Facebook.

Checkout Stephanie’sGoogle+ Profile

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