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Leasing Office Space – Part 10 of 23 (Selecting Your Office)

Visit the Office Space

The next step is to visit the office space in buildings that appear to be a good fit. Reflect upon the criteria you initially establish and any issues that may have since surfaced. Take detailed notes while visiting each of the buildings. (The details of the buildings will fade quickly if you visit 3 or 4 office buildings a day.) Ask questions regarding fundamental deal points to see if the information verbally provided by the building-rep broker provides further inside into the landlord’s negotiating position. Also ask questions regarding security, crime, maintenance and any other issues which concern you.

Issues to Address for Prospective Offices

Once you have identified office space that appears to be a good prospect, research relevant issues prior to committing too many resources to negotiating a lease, and obtaining construction estimates.

Does the Office Space Meet Your Needs?

If you plan to put 25 people in 5,000 square feet of space, have the space planner for the building work with you to see if the space works? Doing due diligence and negotiating a lease are time consuming. Cull options that do not work prior to spending much time on due diligence and lease negotiations.

Construction

When office space meets the minimally acceptable standard for the previously discussed criteria, it is time to review the costs to prepare the office space for your business. In broad terms, the costs include signage (if relevant) and the cost of renovating or redoing the improvements within your space.

Tenant Improvements

At this point, you need to know the landlord's policy regarding tenant improvements. (Tenant improvements are construction performed to make space suitable for a business. It can include adding restrooms, demolishing and adding walls, floor coverings, window coverings, signage and virtually anything else related to physically preparing the office for your business.

The Market Research and Consulting division of O’Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses – multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Ft. Worth apartments, Austin apartments, and San Antonio apartments.

Author:. The appraisal division of O'Connor & Associates is a national provider of commercial real estate appraisal services including cost segregation studies, due diligence, insurance valuations, business purchase price allocation, feasibility studies, financial modelling, gift tax valuations, highest and best use analyses, Go Deeper | Website

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