Renting or leasing office space is a very important decision for your business. When engaging in the process it is very important that you are prepared so that you can ensure your company gets the best deal possible. You do not want to saddle your business with unneeded space or overhead. After reading this article you will be able to put together a step-by-step plan for finding the best Office Space in Pasadena
Determine Your Budget
Understanding your budget is the first step in narrowing down your options. There is no point in considering office space that is not within your budget parameters. You may be able to negotiate a price down, but you do not want to waste your time obsessing over a space that is not realistic due to your cost constraints. Take a realistic view of your budget and be sure not to overextend your business.
Decide How Much Space You Need
You will want to plan to make sure that the space available will be enough for the duration of the lease agreement. If you plan to hire more employees or expand, you do not want to be stuck in a long-term lease that limits your options. You also do not want to get a space that is far too big and pay for space that you clearly do not need. Again, take a realistic view of your space needs over the next few years.
Identify 4-5 Options
Do not focus on only one option. You should identify multiple options that may fit your needs. You can then make comparisons, as well as obtain more leverage for your negotiations. Some great ways to locate available space in Pasadena include:
– Local Brokers: They have a great deal of knowledge about the local area.
– Real Estate Websites: They can provide a lot of information as well as pictures and comparisons.
– Subscription Services: You can skip the brokers and use the service they use. However, this can be a more expensive option.
Pick the Best Fit for Your Business
You must visit each of the locations and decide which one will work best for your business. You will want to not only consider the building itself, but also the surrounding area. You should ask questions like:
– Is it close to where my employees live?
– Is it close to freeways and public transportation?
– Is it convenient for my customers?
– Is it convenient for vendors?
– Does it provide opportunities for collaboration with other businesses?
Negotiate the Terms
After choosing the location it is time to negotiate with the building owner. Generally the longer the commitment you are willing to make, the better price you will be able to get. If the owner is using a standard contract make sure that you read it carefully and understand all of the terms. There are also common clauses that you can request to be added that can provide better protection for your business. These include:
– Sublease Opportunities: Provides you the opportunity to generate revenue from outside companies.
– Exclusivity: Prevents owner from leasing other spaces to your competition.
– Co-Tenancy: Allows you to break a lease if the property depends on a large store or business to bring in customers.
You also need to make sure that the contract outlines your exact move-in date, any repairs that need to be made prior to move-in, and how any disputes will be handled. Make sure these points are all clear so there is no ambiguity.
Renting office space is a big step for a business and can be complicated. If you use the information above, you will have a solid plan to ensure that you make the best decision possible for your business. This is the best way to find the right office space in Pasadena.