Purchasing Office Space: 5 Things to Consider

Finding office space for your business can be difficult in today’s market. There is plenty of space available, but the majority of it will not be sufficient for your needs, and may be outside of your budget altogether. What works for others may not be right for you. In order to find a space that works for you, remember to ask yourself these important questions before you start touring properties.

  1. How Much Space Do You Need?
    When you search for office space, you are searching for space. You need enough room to accommodate your entire business and set up a comfortable yet professional headquarters. Think carefully about how much space your business needs. What equipment will you be moving into your new office? How many employees will you be accommodating? How much growth are you anticipating in the future? It’s important to find an office space that meets your current needs, as well as offering you room to expand in the coming months and years.
  2. Where is Your Ideal Location?
    Does your office need to be immediately accessible in the center of your city, or will a more out of the way location suit your needs just as well? Some businesses have clients coming in for regular visits and face to face appointments, and this often leads to the necessity of a highly accessible office space in a major center of commerce. However, if your business does most of its conferencing and negotiating over long distances, then you won’t be able to reap the benefits of a centrally located office.
  3. How Long Will Your Lease Be?
    You may not want to stay in your new office over the long term; in fact, you may not even want to stay there for more than a year. Think about your time frame for this office space. Are you looking for a transitional office to serve as your headquarters while your business expands and moves on to bigger things? Or are you looking for a long term commitment in your new office space? The answer to this question will determine the length of your ideal lease, which can be a major deciding factor in your office space purchase.
  4. What Can Your Business Afford?
    Of course, you should never forget the bottom line. Office space is an investment and an expense, and you need to figure out how much your business can afford to spend. Office space in NYC and other major metropolitan centers can be very expensive, while a space just outside city limits is much more affordable. Decide how much your business can afford to spend on office space, and try to avoid overshooting your budget.
  5. How Competent is the Property Manager?
    Every time you tour a property, be sure to take note of the property manager. An ideal landlord is knowledgeable, active, and ready to work for you. If problems arise after you get settled in, you want to feel assured that your property manager will be there to handle your concerns. A seemingly ideal office space can become a nightmare in the hands of an incompetent property manager, so be sure to include this is your list of considerations.