Leasing office space is a common business practice. But, the decision surrounding which space is best is not something to take lightly. Choosing the right space can help your company grow and prosper, while choosing the wrong one can seriously impact your bottom line.
Here are some important questions to ask yourself to get started on the right track …
#1: Is leasing office space the best option right now?
Many companies around the country are still dealing with the effects of 2020’s pandemic. If returning to the office after COVID-19 isn’t in the near future for your business, leasing office space at this time may not be your best option. Instead, you may choose to start your search for a good space but not actually make a firm commitment yet.
#2: When are you looking to move into a new office space?
In many areas, including the DFW commercial real estate market, there are a lot of office space options to choose from. That means it could take a significant amount of time to find the perfect location for your business.
Plan ahead and leave yourself plenty of time before you actually need to be in a new location. That way you’ll have adequate time to look for possibilities, ask important questions, and weigh all your options. Leasing office space is an important decision and not one to be rushed!
#3: Are you familiar with the different types of leases?
Part of getting the best deal starts with understanding the types of leases available to you. Spend some time getting to know what terms like Triple Net, Full Service Gross, Modified Gross, and others mean so you will know what lease type is best for you.
#4: Where is the best location and what should be nearby?
The perfect office space will be one that is easily accessed by both your staff and your clients (if you anticipate customers visiting your location). That often means being in close proximity to major airports or highways for easy commuting.
You’ll also want to consider what amenities you’re looking for in your new location. Depending on the office building class, some may be located right inside the building while other amenities could be close by in the neighborhood.
#5: How much will leasing office space REALLY cost you?
Cost is a major factor in many business decisions, and leasing office space is no different. It’s critical to have a good understanding of what your monthly budget is and whether or not the office space you’re looking at is affordable for you.
There are 3 important facts to know before you sign a lease that will help you understand your actual monthly cost:
- If your lease will be based on a square foot price, make sure you’re only paying for space you can actually use (not the total square footage if it’s not all usable).
- Are tenant improvement costs included in your monthly lease rate?
- Get a list of and understand what common area maintenance fees are included in your lease, if any.
Leasing office space doesn’t have to be difficult
Looking for and actually securing the perfect office space can be a daunting task, but it doesn’t have to be. At TXRE Properties, we have experienced real estate brokers who are completely familiar with the DFW commercial real estate market.
In addition, we have a host of commercial properties that we own and/or manage that could be just what you’re looking for. So, if leasing office space is on your agenda in 2021, simply contact us to set up an appointment. Your next office is only a phone call away!