Choosing an office for rent in Wall Street is an important decision. Your space will serve as the physical representation of your brand. When conducive to working, it will help stimulate productivity. If you plan to spend a lot of time on it, it will be your home away from home for a significant part of the day.
Whether you’re launching a startup or expanding your company, you need to select your office carefully to meet your business goals. To do that, avoid these common mistakes:
1. Thinking Less About the Location
In real estate, your location is everything. Select an area that makes sense with the nature of your business and the kind of employees and customers you’re trying to attract. Commercial spaces are not equal; each has its own set of traits that reflect the companies situated in it.
Apart from the business district itself, consider the building amenities you deem necessary for your company. It’s ideal for some enterprises to be nearby the public transit, but others need plenty of parking space.
2. Underestimating Space Needs
Those that forgo the services of a space planner usually end up with regrets. Many business owners often confuse rentable with usable square feet, which can ruin the dream design of the office. Go beyond the advertised measurements and submit to the wisdom of a professional to determine whether your prospective office has sufficient space for your business. Signing the lease without realizing which areas you can actually use to place furniture could haunt you later.
3. Miscalculating Future Growth
Always decide with foresight. It’s impractical to relocate in the middle of the lease just to accommodate your growing workforce, but neither does renting an overly large commercial space. Although nobody can tell how fast your company will grow or shrink over time, you must have a reasonable termination clause in your contract. It will give you enough flexibility to get out of the deal unscathed when necessary.
4. Ignoring Pre-existing Systems
Believing that all offices for rent are in good condition is a dangerous assumption. Truth be told, many old buildings are due for renovation. It would be frustrating to learn that the plumbing system isn’t up to code or the HVAC equipment needs replacement after signing the lease. Don’t be charmed by aesthetics alone; make sure that the toilets and air conditioners work before moving in.
5. Paying Less Attention to Costs
If you’ve never leased an office before, you might be surprised to learn that the rent isn’t the only monthly expense you have to contend with. Not all landlords are willing to shoulder most of the payment of maintenance, insurance, taxes, and utilities. Find out the expenses for which you’ll be responsible and the thresholds wherein additional costs will be applied. Study the contract to make sure that every expense-related, verbal agreement is in black and white.
Overall, your office will be the beating heart of your business. Take your time to pick the most suitable one for your company. Otherwise, your organization won’t function as efficiently and effectively as you hope for.