- October 23, 2018
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If the lease on your commercial office space is drawing to a close, your first thought might be to panic. How did it come so quickly? Well, before you go into a full-on meltdown, take a few deep breaths and read on to learn what you need to do so that you are fully prepared for whatever comes next for your business.
Determine Your Next Best Move
Even if your commercial office space checked off every box on your wish list at the start of your lease, chances are good that your company has experienced some changes over the past few years. These might be positive changes, such as growth or expansion, or negative changes, such as not meeting your quota or losing valuable employees. There might even be the chance that your business has remained completely unchanged. Whatever the case may be, the events that have transpired for your business over the course of its lease will be the key factors that will help you decide upon your next best move. If your company has experienced a surge, there is a large possibility that you may have outgrown your current space. Contrarily, if your business has experienced setbacks, you may find that the space you are in requires too much overhead. In either of these scenarios, it is probably high time for you to consider relocating. If your business still fits comfortably into the space you are in, however, it could be time to talk to your landlord about renewing your lease.
Get Clear on the Costs of Relocating
If it’s determined that it’s in your company’s best interest to relocate to a new commercial office space, the first thing you will want to do is to flesh out a budget for your moving expenses. There are a lot of overhead costs associated with moving an office. These might include hiring a moving company with the capability of safely transporting your valuable assets (such as office machinery), time lost from work as your office shuts down for relocation, or making any necessary repairs to get your current building in the shape it needs to be in as outlined in your lease agreement.
Start Your Search Early
Deciding to move from one commercial office space to another is not always a timely endeavor. Don’t wait for your lease end to creep up on you! Get a head start by hiring an agent who can show you some viable options for your business. The process of finding a new property, negotiating a lease, signing off, and moving in can take upwards of six months depending on the amount of work and effort it is going to take to get your new space in working condition.
Revisit Your Original Lease
The last thing that you want is a surprise when you choose to relocate to a new commercial office space. Combing back through the terms of your current lease will help you to get a better vision of what exactly is expected of you prior to moving out. If, for example, any changes, upgrades, or modifications were made to the property when you took over the lease, make sure that there is not a clause anywhere stating that it is your responsibility to put these changes back the way they were. Failure to get clear on your responsibilities can lead to fines, breach of lease, and lots of unnecessary difficulties that could hold you back from moving towards your new space in a timely manner.
Prepare Your Staff
Once you have found your new commercial office space and negotiated the lease terms, it’s time to let your staff know what’s going on! Arrange the start of your new lease so that it overlaps the last day of your existing lease. This will give you a little extra time to make sure that everything is moved with the least disruption to your business productivity. Prepare your staff to back-up any pertinent files, clean out their desks, shred outdated or unnecessary documentation, and aid in packing up the various departments of the office.
Looking for Commercial Office Space in Baton Rouge or the Surrounding Areas?
If you’re ready to begin your search for your new commercial office space, let SVN | Graham, Langlois, & Legendre, LLC lead the way. Our Advisors are ready to tune in to your specific business needs in an effort to find the perfect space that will best compliment your goals. Take a moment to peruse our database of quality office properties in the Baton Rouge area and reach out to one of our team members today to begin scheduling your showings.