Top 5 Office Leasing Pitfalls
Leasing an office space may seem like an easy process, but it can be more complex than it appears. Many leasers are unaware of the multifaceted factors that go into leasing a space.Better your results by avoiding these top five office leasing pitfalls:
1. Unrealistic Expectations
Prospective leasers are often met with disappointment to their expectations—this factor is more prevalent with first time renters. Before you can successfully find the space that meets your wants and needs, you must be aware of what your budget can buy.Do your research on the different types of office space (Classes A, B and C) and work with your real estate agent to locate the properties that will best meet your needs.The most common shortfall is expecting a prime office space—either in terms of location, class and amenities—to fit within too low of a budget. Be realistic about your search, your budget and what you can achieve within that price range. A savvy real estate agent will help you make the best decision for your money possible.
2. Improper Budgeting
When you set a budget, don’t go beyond your means. Only look at properties that you can afford and assess the bigger picture.Again, a real estate agent will effectively help you with this. It’s as simple as that.
Don’t start too late. When you know you will need a new space, begin your research right away. Start by contacting a real estate agent at least three months in advance for proper lead time.Making a detailed timeline can become incredibly helpful as you begin the process of finding the ideal space. Not only will this allow you to plan for changes, it also gives your agent an idea of how fast they will need to work.
4. Not Listening to Your Real Estate Agent
Your real estate agent is there to make the magic happen. They will be able to assess your needs, work within your timeframe and expose you to locations that are within your budget.With that being said, you should make sure that your agent is someone who is reliable and can be trusted. They are there to make your search easier so when you pick the perfect agent, listen to their experience and consider their guidance.
5. Not Asking Enough Questions
Ask questions. Don’t leave anything unanswered. If something comes to mind, don’t be afraid to contact the potential landlord, your attorney or your agent.
This also goes along with the fine print of the contract. If something seems unclear to you, make sure you completely understand before signing anything. Your real estate agent, lawyers and even the landlord should be more than willing to explain anything that may seem confusing. It also doesn’t hurt as a general rule to have your attorney review the contract.
Be realistic, know your budget, manage your time efficiently, listen to your real estate agent and ask any question that comes to mind. Know what your needs are, assess your limitations, and work within the market.Do your research and stay positive about what you will find.