Avoid These 3 Common Mistakes When Leasing Office Space

Posted on: 23 April 2020

Renting out an office space is a sensible option for many growing businesses; an office suite rental can give your company a physical location in which to gather, conduct business, and be productive. Meanwhile, renting office space as opposed to buying it outright requires less of a commitment on your part.

Still, there are a handful of common mistakes business owners make when seeking out an office rental. By being aware of these mistakes and how to best avoid them, you can have an easier time finding the office rental that's right for your organization.

Not Knowing Your Space Needs

Lease an office space that's too small and you'll quickly run out of room for your employees and equipment. The more common problem, however, is actually paying for an office rental that's much too large for your needs. While it's true that you probably want an office space that's a little bigger than what you need at the moment (to allow for scaling and growth), going too large can waste your hard-earned money. Consider working with an architect who can provide you with an inexpensive (or free) space-needs analysis so you know what kind of property size your business requires.

Overlooking Property Comparisons

At the end of the day, the main priority of an office leasing manager is to make money. This means it's up to you and only you to make sure you're getting a fair offer on your rental. A good way to get a better feel for whether a property you're looking at is priced fairly is to run comparisons on similar office rentals nearby. You'll also want to review your lease terms to make sure your security deposit and other fees are on-par with other rentals in the area; if not, don't be afraid to negotiate here.

Waiting Until the Last Minute

Depending on the local market, it could very easily take several months not only to find an office rental that suits your needs--but to finalize your lease agreement and get the "green light" to move your company in. With this in mind, it's a good idea to start looking at office rentals sooner rather than later. Working with an experienced commercial broker can also help you stay on top of new listings as they pop up; plus, a broker will be able to help you with other aspects of your search, like figuring out how much space you need and what's considered "fair" market pricing!

For more information on renting an office, contact companies like VegasOfficeSuites.com.