Real Estate Articles

Finalizing an office space: what should you consider?

Your venture is all set to take off and you are expanding the team. If the team is expanding, there is naturally a need to move into a new office space. However, office layouts, blueprints, cost-per-square feet, lease agreements, etc. are sure to take your time because they are concepts alien to you and not easy to understand for everyone. It is an exciting work but also a challenge. There are some things you should consider before finalizing an office space. We give you a lowdown on some such points.
Commitment Term
The minimum commitment for most office leases is a year, the maximum being 10 years also. You wouldn’t want to sign a long-term lease only to realize later that the space does not fulfill all your criteria. Sign the lease considering the duration you wish to use the space for and whether it suits all your requirements. In many cases, it is a good idea to opt for a co-working space if you are looking for a value-for-money proposition.
Office rentals and maintenance make up for about 30% of business operating costs. Getting a huge office space may burn a hole in your pocket. Calculate your rent budget and other office-related costs before you make a choice. Rent a space that falls within this budget if you wish to save money.
Office lease paper work
Buying an office space involves more paperwork than renting one. It is important to make sure that the seller has his paperwork in place, be it government clearances, property tax receipts, or clear transfer documents from the previous owner.
Definitely, one of the most important considerations, ease of access and location go hand in hand. Some points to be kept in mind include accessibility to bus stops and metro stations. An office location is also governed by the nature of your business.
This may sound trivial, but for any office to function well today, internet connectivity and mobile network are of utmost importance. After all, technology is what drives many businesses today.
Whether you need a cool-looking workspace or a basic one with basic amenities, it is always good to plan on the kind of workplace facilities you will require, beforehand. This will make it easier for you to brief sellers as also determine costs early on. The style of the workplace matters because an office space is as important to brand building as anything else.
Credentials of the Consultant
Never fail to ask and clarify all doubts with the consultant. Authenticity, terms, and reliability are the three important considerations while dealing with Consultant. It is also good to work out his commission and level of intervention beforehand.
In conclusion
Technology has made it easier to locate and finalize properties online. If you are using a website to compare locations, it is good to understand their terms and conditions and check past track record in dealings. A service provider like Realty BNB, for example, is adept at providing end-to-end solutions for all commercial property needs. When a venture finalizes an office space, they are not just investing time and money, but also defining the company and work culture. Make sure to consider all the above points and arrive at the right choice.

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