As discussed in our previous post, selecting an office space can be very challenging because your decision will have an impact on your business. The wrong location could possibly cost you employees or even clients. What's more, you should base your choice of premises with your company's future needs in mind and not just your current situation.
Make sure the rental agreement is crystal clear
Knowing what’s included in the document when renting your first office space is imperative. You also need to ensure all provisions are clearly stipulated in the contract. Don’t just take your landlord’s word that some utilities are included only to be charged for them later since that wasn’t officially stated in your lease. What’s more you must know exactly in what condition you’ll receive the space.
Some offices don’t always come as advertised. And some might require a bit of work before actually moving your things in. If you want to know exactly what the space will look like if you actually decide to rent it, you have to ask those questions. Make sure you understand how the space will be delivered. Do you require improvements like paint and carpeting or do you need walls and doors moved or added? Who will pay for such improvements?
Is there room for my company to grow?
Granted, considering immediate needs is important, but company growth and other aspects that could change space exigencies over the course of the lease need to be kept in mind just as much.
If you can't afford to take extra space to give you room to grow, try to negotiate a shorter rental agreement, or try amending the contract in such a way that the wording gives you the first right of negotiation on any adjacent space that becomes vacant. Remember, a bit of extra space can be a good thing, especially if you plan to grow within the length of your lease. Even a few extra cubicle spaces or some room to add a few desks can be helpful.
Does this office send the right signal?
Think about the vibe you want to give off when you choose your location. Your office space will be much more than a collection of desks or workspaces; it also will be a sign to others of how much money you're making. On one hand, if you don't spend enough, people may wonder about the financial health of your company. Whereas on the other spectrum, some companies spend for a lavish space they're very proud of, invite clients to see it, and the clients wonder if they're paying them too much for their services. So tread cautiously on how much you want to invest. Spend the right amount, but don’t go crazy.
What are you allowed to customize?
You likely want to make your first office your own. But most landlords probably don’t want you knocking down walls and completely changing their building. So, before you sign anything, see what you’re allowed to do to the space without them charging you for damages.
What about accessibility and parking?
This is essential remember when choosing a location. Is the office building you’re considering easily accessible from public transport? Will they be able to find it easily? Parking is another important factor that might be overlooked when renting your first office space. Therefore, you need to check availability at your proposed location, and the potential cost to employees and customers.
Negotiating special employee rates and validating customers' parking tickets are good ideas, but they need to be worked into your budget. You need to make sure there are enough parking spaces nearby so that your team can actually get to work on time without much hassle. A secure parking lot or dedicated area is a plus. But if it’s difficult and costly for your employees or customers to park, understand that they might not be your employees or customers for as long as you would like.
Is the office close to amenities?
Your team will appreciate an office that’s at least somewhat close to restaurants and cafés. And if there are certain places you need to visit regularly for business purposes, like meeting spaces or banks, you’ll want those to be in the vicinity too.
Make sure you seek expert advice...
The process of looking for an office space can be overwhelming for a novice in real estate. But if you find a qualified and well-informed real estate agent who is familiar with the properties in the area, they can make the whole process far easier. Here at 77 Great Estates, we guarantee that we offer you sterling service with our experienced and knowledgeable agents, who can inform you about property available around Malta and Gozo.
We understand that renting your first office space is as exciting as it is tumultuous for your business. Choosing just any office would be a terrible mistake that could potentially translate in catastrophe. You need to make sure that your office is one that will support your team as well as allow you to grow and thrive. So allow us to support you in your endeavour in finding that ideal office for your company and employees. Contact us today for more information.
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