What should you consider as you look for a commercial lease?

Many businesses start small and take time to grow, until in what may like seem like overnight success to others, your hard work, sacrifice and dedication result in greater needs. You might need to expand staffing. And as your business takes off, perhaps you will need to find an appropriate office space.

Many business owners do not know what to look for in a location. On top of that, it is often difficult to weigh your desires against your budget. As you look for a place to expand your company, do you know what you should consider before you enter into a commercial lease agreement?

How might you choose your office space?

When you begin looking for an office space for your business, you might have a certain layout or concept in mind. And while you know location is important, there may be other considerations you find more necessary for your business at this time.

Things you might want to think about as you look for an office space include:

  • Everything is negotiable. You can always try to reduce the rental rate or ask for a free month. Depending on the market, you may be able to get into your preferred rental place well below its listed price.
  • Consider your employees. Looking at where your employees live, in regard to your potential office location, could help your employees understand that you value them, and finding a place where you believe those who work for you will be comfortable could help you retain talent.
  • A co-working space might meet your needs. Why pay for space you do not use on a regular basis? If you will only need a meeting room on occasion, a shared work environment may be sufficient for your team.

As you look for a new location for your company, asking questions and remaining open to sound advice could not only help you find a place where you can grow your business, but also avoid future disputes, should questions about your lease agreement arise. And throughout the process, it might be good to build a relationship with a trusted agent - you never know when your business will outgrow this location and you will need to look for a larger one.

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