When you're in need of commercial office space, you're often facing a time-sensitive deadline. While you're likely going into the search for commercial real estate with a sense of urgency, it's vital that you still make a wise decision when it comes to site selection and the terms of your lease. Following these tips will help you to make the best decisions when it comes to commercial real estate.
1. Know Your Goals
Whether you're looking to relocate all of your operations or expand to a second location, you have a general reason for looking for commercial real estate, but it's not enough to just have a vague idea of what you need. Determine exactly what you are hoping to gain from a space. What requirements are you trying to meet from your new space? What functions will the space serve? How will the space contribute to the success of your company overall? Have a clear vision for what you need and what you're hoping to gain before you even begin to consider properties. Once you have a full view, you'll be able to focus on the options that are the right fit for your company.
2. Start as Early as Possible
It may not always be possible to plan in advance, but it's always best to be looking for commercial real estate before you need it. Start considering what you'll do about properties in your portfolio a few months before the leases are up. Not only will this give you ample time to search for a new location and prepare for a move, but if you ultimately decide to remain where you are, you'll have the chance to renegotiate your lease early, which could save you money now and in the long run.
3. Involve Everyone
Discussions about commercial real estate shouldn't just involve your commercial real estate team. Consult with the managers of the departments or business units that will be using the real estate. Ask them to identify their needs and the needs of their team. You may even want to consider conducting an employee survey to gather input from your employees. After all, you want to ensure that the space that you choose will provide an environment and a location that promotes job satisfaction and productivity.
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4. Don't Go It Alone
Commercial real estate is complex, and most companies do not have the right level of expertise to fully understand the market. A commercial tenant representative can help you navigate the world of commercial real estate, giving you insights into the market and helping you find properties that you may not otherwise discover. The tenant representative is paid by the landlord, not by your company, so enlisting the help of one won't add extra expenses to your commercial real estate search.
5. Examine the Numbers
Today, commercial real estate market data is accessible to everyone with the right software programs and information services. Do your homework and know the market before you start looking for properties. This will give you more leverage when you negotiate with prospective landlords and help you identify properties that offer value for the money.
6. Know What You're Signing
Last but not least, when you reach the stage where you're ready to sign a lease, scrutinize it carefully. Make sure you know precisely what you're signing before you agree to any contract.
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