Whether your goal is an expansion, a relocation or to open your first office, you want to find a site that will suit your company's needs now and in the future. After all, the commercial lease process is time-consuming and frequent moves impact your bottom line. Keeping the following tips in mind will help to ensure that you find a site that works for you at a reasonable price.
1. Give Your Current Location a Fair Analysis
If you are relocating to a larger office or to the suburbs from a city center, start by compiling a list of the pros and cons of your current office space and ask members of your management team to do the same. Often, companies focus solely on addressing the drawbacks of their current locations when searching for new offices. Losing sight of the positives could mean that you end up with an office that has problems your previous location lacked. Once you have a full list of the pluses and minuses, rank them to identify which ones are your top priorities to retain and fix.
2. Conduct an Employee Survey
Moving to a remote suburban location or establishing your new office in the wrong area could negatively impact employee retention. That's why it's important to solicit the input of your team before you begin your search. Put together a survey that asks where employees travel from for work each day, how they currently travel and how they would prefer to travel. If it turns out that many members of your team are happily living in the city and bike or walk to work, a shift to the suburbs becomes less appealing. On the other hand, you may find that many of your employees live within a certain suburban geographic area, giving you a place to start your site search.
3. Search for Local Incentives
Many suburban areas offer incentives in the form of tax credits or rebates to draw new businesses. Conduct some research to identify any suburbs near your intended location that do. You should also double check zoning laws and health and safety regulations for any areas that you are considering. It may turn out that some suburban communities are less friendly to businesses like yours.
4. Enlist the Help of a Tenant Rep Broker
A tenant representative broker is absolutely essential when searching for office space in the age of the pandemic. Real estate markets are going through dramatic changes with vacancies skyrocketing in many areas. There is more room for savvy tenants to negotiate than ever. With a tenant rep broker by your side, you'll have increased power at the negotiation table.
Plus, a tenant rep broker can weigh in on whether a suburban move is right for your company, help you identify your needs and get you into locations that you would otherwise never know were available. The services of a tenant rep can save you time and money, and because the landlord covers their fees, their assistance won't increase the costs associated with the leasing process.
Here are a few other articles you might enjoy:
Top 4 Ways to Navigate a Changing CRE Market
5 Commercial Real Estate Concerns You Should Know
5 Less Known Things to Look For When Finding Office Space
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