Bring a Date to Find Office Space

by SmartSamantha and Bo Keatley, NAI Brannen Goddard

You don t have to tell many entrepreneurs that one of the highest costs associated with running a business is renting office space. Those already in business know.

So, one of the smartest moves you can make as a budding business owner is bringing in a professional P-Partner in your search for office space.  Remember you will be spending days and nights in this office space so thinking of it as a dating process to find your perfect office space match.  

Partnering with such representation means less legwork for you and it doesn t cost you a thing. That s because a tenant representative (the official name of your office space date) acts as what is called a buyer s agent and is service is paid for by the landlord/property owner. Better yet, business owners who use a tenant representative see significant value in the process. They also receive helpful information covering a wide range of services including:

• How big is your first space? (Tactical and strategic planning)
• Where is your first space? (Demographic and location consulting)
• How long might you stay at your space and can you grow? (Renewals and expansion)
• What spaces are out there I might like? (Survey and building selection)
• Can I afford my dream space? (Space and financial analysis)

Plus, there are different types of office spaces.

Executive Suites

A temporary and all set up for you office solution commonly referred to as executive suites.  Executive suites are flexible in lease terms. Plus, you can find leases for as short as 6 months. They re most beneficial for small companies with fewer than 3 employees. You ll pay a higher rent for an executive suite, since you re only renting by the office, so it doesn t make sense to choose this option if you have more than 3 employees.  The cost to rent three offices, or more, at an Executive Suite Operator will be at a higher cost (one with flexibility though) than a sublease or direct office space.

Direct Office Space

This represents the least flexible and most permanent choice- you must rent for a minimum of a 3-year lease.  Or you can find a sub-lease which is leasing from another person who signed the lease on your potential office space.  They may need to move because their business got bigger and you can take over their remaining lease.  This may be 1-3 years.  

Lots to think about when finding your perfect office space, so consider P-Partnering on the decision with a tenant representative.

BIZDOMS "! are for informational purposes only and are not intended to provide any legal, financial or other advice.  You should consult with a professional in such fields before acting on any information on this or any other website.