- July 19, 2018
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If your company is ready to make the move into commercial office space, congratulations! This is a big leap that can help catapult your business to the next level. That being said, there is a lot that you need to know in order to make the transition as smooth and effortless as possible. Leasing commercial office space is much different than a traditional real estate transaction. Read on to learn what factors you will need to consider before you begin your search.
Leasing a commercial office space can be a relatively lengthy process. For one thing, you will want to do market research to determine where will be the best place for you to set up your new office. Then, you will have to tour properties, figure out which space can be best utilized for your purposes, negotiate the fine print of the lease, and eventually move in. In fact, the whole transition process can take up to six months from start to finish, so make sure that you factor in enough time so that you aren’t scrambling and don’t end up settling for the first property that you find.
When you are looking to lease commercial office space, don’t fall into the trap that many new lessees have before you. Just because a space seems to fit your current needs does not mean that it will be the best space for your business a year, two years, or even five years down the road. Commercial leases typically run anywhere from three to ten years, so make sure that you will be able to utilize the space for the entire term you agree to. Take some time to determine whether or not you plan on expanding your business down the line. If so, you will want to find a space that has plenty of room to accommodate your future growth.
This may seem fairly obvious, but unfortunately many business owners lease commercial office space without giving this as much attention as it deserves. Failure to be crystal clear on your budget can result in serious detriment to your business down the line. Remember that your overhead costs will likely be more than just your monthly rent. You will need to prepare for the possibility of paying utilities, insurance, property taxes, renovation costs, and common area maintenance fees, to name a few, depending on what type of lease you sign with your landlord. If the space has been used for something different in the past, your renovation budget, in particular, can end up carrying a hefty price tag. You may also be responsible for repairs to the building throughout the course of your lease, so you will want to include the possibility of this in your long-term budget.
Parking & Proximity to Major Roadways
When you are looking for commercial office space to lease, you will have to think outside of the box. Your business will be more than just the four walls of the interior. You will need to have parking available for employees and anybody else who may come to visit your space. Additionally, you will want to make sure that your property is conveniently located close to major roads or public transportation, making it easily accessible for commuters.
Understanding the Americans with Disabilities Act is another important factor you won’t want to overlook when searching for your commercial office space. This civil rights law requires that any operating business that is open to the public must meet the standards set forth within it. You may want to consider hiring an ADA consultant who can help to ensure that your property will be able to meet these standards. Failure to do so could come at a great cost to your company.
Unlike a residential lease where prices are relatively fixed, a commercial office space lease is highly negotiable. In other words, don’t be tempted to settle for a lease that feels mediocre or unfair. The best way to negotiate your lease is to hire a professional commercial real estate Advisor who has your best interests at heart. They will work diligently to ensure that your lease is fair, ethical, and reasonable.
Interested in Leasing Commercial Office Space in Baton Rouge?
If you’re going to work with a professional, it only makes sense to work with the best that Baton Rouge has to offer. At SVN | Graham, Langlois, & Legendre, LLC, we use our combined 99-years of experience to ensure that our clients find the right property and get the most outstanding deal. Our number one goal is to make the process of finding and securing commercial real estate fast, easy, and efficient for our clients. Take a look at some of our available commercial office spaces today and contact a team member for more information on how we can serve you.