Choosing a new commercial office space is an exciting moment for many business owners. It’s a time to think about the future and consider carefully what may be in store for you company. It’s a time to make plans and turn dreams into reality. It’s also a time that can be rather stressful. There are many important factors to consider, and it can be difficult to keep them all straight and prioritize correctly. In this article, we will briefly cover 4 factors that all business owners should consider when choosing a new commercial office space.
- Where do you see your company in X years? Depending on the duration of the lease you will be singing, it’s important to think about how much you plan on growing. There’s no point in signing a 5 year lease on a space you will outgrow in 2 years. Likewise, if you think there’s a possibility you may sell your company, it’s important to include language in the lease that makes clear how the lease will be transferred.
- Is this the right location for my employees? Though you aren’t going to make everyone happy, it’s probably a good idea to confer with your employees (especially the most important ones) in order to ensure that your new location won’t be too much hassle for them. Many a great employee has been lost due to a long commute.
- What about clients? If clients regularly visit your office space, it’s important to consider how your location will affect them, as well.
- Are there peripheral costs you’re not taking into account? Parking, construction, high utility prices, lack of ADA compliance, moving expenses, and any other additional expenses should all be taken into account.
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