Essential Questions You Should ask before Renting a New Office
Published on Wednesday, 18 July 2012
The office location is an important part of your business success, especially if you work with clients. Finding the best office location for your business could be a very difficult thing. But it is not only the location that is important. The building, the space functionality, the interior are all factors of high importance. You need to consider and balance between many things to find the most proper office space. Your whole business depends on such a decision. So you have to carefully take it. Do not rush into things and act with proper care and attention. Make sure you discuss your choice with your partners and employees. You should know what the right questions to ask are before you take such a decision.
The first question should be directed to yourself as a boss and to your employees. By a constant dialog together you have to find the best location for the new office. The place should be convenient to your clients and for the business field you are in. It should also be close to public transportation and main road arteries so your employees can get to work easily. If there is a subway near the building it would be perfect. You should also consider if the neighborhood would land prestige to your business. For example, if you are in the insurance business and you find a convenient office space in the rich commercial area of the city this would definitely describe you as a prestige insurance company. Once you have defined all your requirements you can proceed further and start looking for an office. It is really essential to be aware what exactly your company needs as an office space because this way you will save a lot of time and resources.
When you find a potential office space that meets all your needs and requirements the first thing you need to clarify how much exactly is the rent. Then ask for the security deposit - how much it would be and what precisely it would cover. Make sure you get familiar with all the additional payments you will have to make - broker commissions, utility costs, repairmen costs, buying new furniture, if needed, etc. You have to carefully plan your budget for relocation so it does not affect your business activities and finances.
The next questions you should arise are for the parking places. You need to make sure that your employees and clients can easily park near the building. Usually office buildings have parking ratios. So make sure you understand what exactly yours is and how flexible the land lord is if you exceed it. This may save you a lot of money.
Once you are aware with all the financial parameters and you know you can afford it you can ask for the lease terms and conditions. Find out how long the lease term would be, what the procedure would be for ending it early and what the penalty would be. also find out what the procedure would be to extend the lease. Require a copy a week before the date of the actual signing of the contract. Have your attorneys to carefully examine it for you and make sure all the conditions are clear. a small omission may cost you thousands or land you in court.
Leasing the space for your office is one of the biggest expenses that your company will have. Therefore the most important is to ask all the right questions you can so you will be better prepared to make the best decisions.
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