The Three Pillars of Securing an Office Space
Securing a commercial property or office space is no easy task. The process is lengthy and keeping track of all the moving parts can feel overwhelming. That doesn’t mean it’s impossible, however. Regardless of the state of the market, excellent offices and commercial properties can be found and secured if you follow the three fundamental principles below.
Location, location, location. The adage has now become cliché, but it’s still true. The location of a business is the foundation on which everything else depends. Make sure you conduct extensive research to pinpoint the best value for the lowest price. It’s always important to “know before you go,” especially in regards to what neighborhood or district your prospective property is located. Ask yourself the following questions: How much are other properties in the area going for? Is there growth expected for the area? If so, how much? Landlords will almost always list a piece of property at the maximum price that they possibly can, so arming yourself with knowledge of the location is essential.
The physical layout of your office is crucial to minimizing costs and utilizing every inch of space. Having too much space can be as detrimental as having too little. Remember to take your time in the design and construction of your office and work with professionals like those at New Vistas Corporation. A few extra moments spent ruminating over a particular design element could save you thousands of dollars in the end. Businesses today are putting an extra focus on space utilization rather than space maximization. For example, many businesses are purchasing large, open warehouses and redesigning them from the inside out to fit their needs. Realistic expectations, careful construction, and excellent design will yield savings that appreciate over time.
Effective negotiation in your lease starts with knowing what you want and having realistic expectations about what you can get. Having a sound understanding of your market and industry will go a long way in negotiating with a landlord as well. Most landlords assume buyers will be too busy to do adequate research—but that doesn’t have to be the case with your business. Landlords today are more flexible than ever, and if you bring a good amount of information with you, you’ll have far more success during negotiations. Don’t be surprised if a landlord is willing to give up a little on their end in order to get a long-term renter.
New Vistas Corporation is a leader in asset management, construction and development, and brokerage services across the lower Northeast. If you’re looking for a new space for your business, get in contact with New Vistas Corporation. Visit our website for complete information on our services.