How to lease an office space

Finding an office space for lease in PJ might be more difficult and frustrating than locating an apartment. The many nuances of commercial real estate can be confusing, and mistakes can lead to being duped by a broker or landlord.

List your requirements for office space

Write down your preliminary criteria first, keeping in mind that they may change as the process progresses. However, you can speed up your search by removing some gaps from your list more quickly. A list is simple to distribute to other stakeholders, such as brokers, for their opinion. Additionally, it aids in the quicker memory of your needs, enabling you to seize the opportunity of open office space. Start by considering the fundamentals, such as size (or square footage), location, and lease term (or the length of your lease), and then add any “must-haves,” such as “must have a minimum of three bathrooms,” and so on. You can then add any nice-to-haves to the list after that.

Start as soon as possible

It can take more time than you might expect to find new office space—on average, two to eight months for companies with specialised requirements. Three things primarily determine where your search falls inside that range:

• the demand for offices in the area you want to live in
• your needs in terms of space
• building vacancy rates that you are thinking about

It is advised to begin your search six to twelve months before your current lease expires. Making sure the new space will meet your company’s needs requires creating a fit plan with the aid of a design team or software that has been specifically created for this stage. There are other time commitments to consider besides the quest for office space. The process of reaching a lease agreement might take many weeks, and depending on your demands and goals for the buildout of your new location, you may also need to refurbish the area.

Select a lead to ensure continuity

Appoint a trustworthy person to lead your office search. Just be careful of the time commitment you’re taking on, on top of your already lengthy list of commitments, if you’re the only person that fits that description. Think about giving it to a trusted right-hand resource. This individual should take part in all office tours, manage interactions with the broker, and coordinate all internal stakeholder feedback. When the designated point person is unable to fulfil these obligations, they should designate a suitable replacement and give regular updates on the search’s progress and priorities. You don’t want various individuals visiting various locations and providing feedback of their own opinions regarding the leading candidates for renting space. That will guarantee a difficult, drawn-out search.

Don’t be afraid to make an offer

Don’t lose time if you locate an office space you like, even if you’re not certain it’s “the one.” Offer something. As part of the leasing procedure, doing so is optional. The offer is low-risk and proactive, and you can withdraw it at any point without incurring any penalties. Additionally, even if it’s not your first choice, you have a better chance of getting an office space the more bids you place on existing options.