Office Space Investment Rules To Remember
Before investing in an office space, you need to do a little bit of planning to be sure you are paying a fair price and that the office space will fit the needs of your business and your employees. Investing in an office space is a huge step for any business so before reaching out to a real estate broker or start searching for an office space, there are a few rules you need to consider.
Be Sure You Know How Much Space You Need
The first thing you need to be aware of before investing in an office space is how much space you need. To determine this you need answers to two simple questions “How many employees do I have?” and “How do I want to arrange the office?”. With an open space setting, each office will require about 12m2 and the same thing goes for cubicles. If you want private offices for management, make sure you write down how many private rooms you need and calculate the spaces needed for the open space offices. Meetings require larger rooms so be sure you take that into account as well before talking to a real estate broker.
Hire a Broker
After determining how much space you need, hire a broker and discuss all the details. It’s not recommended to look for an office space yourself because that requires a lot of time and energy you can invest in your business. Also, having a broker will make the negotiation process easier, especially if you find a broker that represent buyers, not sellers. The broker’s job is to negotiate the best deal for the client and to take care of all the contracts and legal aspects involved in the transaction. They also have access to listings they can curate for you so you will save a lot of time if you work with a real estate broker.
Create A Checklist And Bring It With You At Viewings
Even though the broker curated a list of properties that fit your business’ needs, you need to make sure you know what to look at during the viewings. Try to picture the space with all the things you want to move from your old location. Also, make sure you ask questions about utilities and other important aspects that will make your decision process easier. After each viewing, make sure you take notes and write pros and cons columns to remember the property’s features.
Find The Perfect Time To Make An Investment In An Office Space
If you rented your old office space and you work on a particular timetable, start looking for a new office six months before your lease expires. In this way you will be up to date with the real estate market and you will know the right price for your investment without feeling rushed. If you are not pressed by time, make sure you choose the right time for investing in an office space by doing online research and making sure you can afford the investment.