Most business owners don’t relish the idea of looking for office space. It can be a daunting task, especially if you’ve never gone through the process before. Thankfully, there’s no shortage of professionals who can help make your move a whole lot easier. Let’s review.
Real Estate Professional
No surprise here. A knowledgeable real estate professional not only adds tremendous value to your site selection process; they’ll also help you navigate through the negotiations of the general business terms (rent, TI, length of lease, etc.). They’ll know which terms are appropriate based on their market knowledge and experience working on other deals. And depending on the depth of their knowledge and local relationships, they might even know of spaces that haven’t hit the market yet.
Real Estate Attorney
A commercial real estate lease is a complex legal document that can dictate the wellbeing of your company. In most instances, a lease is written in favor of the Landlord. Your broker can help guide you through the business issues, but it’s your attorney’s job to help slant the lease back in your favor if possible. While you might prefer not to spend the money on legal fees, the amount of money that you can potentially save heavily outweighs your initial costs.
Furniture Vendors & Interior Designers
The workplace of 2016 looks much different than it did even a decade ago. Companies are modernizing their offices to be “cool” and “collaborative” to catch the attention of young talent and retain the talent they already have. One of the many ways you can achieve that goal is through your furniture. An experienced furniture vendor has their finger on the pulse of the latest trends and can help create an environment that helps your business thrive. Many furniture vendors also double as interior designers. Designers can also help create a space that sets you apart from your competition.
Most Landlord’s have an architect that you can use to help create a floor plan that best fits your business. If they don’t, it’s crucial to hire an experienced architect who can most efficiently layout your new space. Additionally, you may not know how much space you need. While a good broker can give you an estimate based on headcount, an architect will sit down with you to better figure out just how much space you need to ensure there’s no wasted space, which ultimately leads to big savings.
IT & Movers
You can’t get to work unless your space is wired up and ready to go. Having an IT professional who is up to date on recent technologies for your business is essential to ensure you have minimal interruptions in your day-to-day operations. Lastly, if you’re relocating your office, you need a trusted moving company with a good reputation. You don’t want to move into your office on day one to see that your expensive furniture was damaged during the installation process or installed incorrectly.
Once you’re armed and ready to go with your vendors, you’ll be on your way to finding that perfect space for your business. Some business owners prefer to do it all on their own, and that’s okay. But the right professionals will negotiate favorable rates, create the perfect environment, mitigate future risk and most importantly, save you time and money. Your time is valuable, so don’t waste it trying to navigate tricky waters that others have already mastered!
Based in Princeton, N.J., Vinny specializes in tenant and landlord representation for Colliers International, working directly with his clients in the acquisition and disposition of office space. For more commercial real estate insight and trends, follow Vinny on Twitter.