The Office Leasing Process At-A-Glance
Author: Jeff Pollock
You’re in the market for a new office. But, before you embark on the journey, just what are you getting yourself into and what can you come to expect along the way? Following is an overview of the office leasing process at-a-glance.
DISCOVERY
During the first phase of the office leasing process, it’s important to think about your goals and objectives for your office relocation. Begin by asking yourself why you’re seeking to relocate. Has your staff-size grown and you need a bigger space? Maybe you’re seeking to move your office closer to your customer/client-base. Consider your needs and desires when looking for a new space. And, before you go out looking, be sure to research all the options. You can search listings online or contact a local commercial real estate broker like us! Finally, when you tour new office spaces, be sure to know your criteria and measure them each equally.
PLAN & REVIEW
Once you select the best option(s), you’ll want to request and compare proposals from each of the building owners. You can review and counter the offers you receive and repeat as necessary until you’re able to reach the terms you and the landlord can agree upon. But, because it’s not all about cost, you’ll likely simultaneously be planning for your new space. After all, you’ll need to consider the intangible costs and benefits of each property. A workplace designer can be very helpful in evaluating each option’s workspace efficiencies as well as potential tenant improvement design projects.
Having a better sense of the space and any improvements you’d like to make prior to the term agreements can go a long way when you begin reviewing the financial commitment you may soon make. And, as much as you will be reviewing the property proposal, the landlord will also be conducting a financial review of you, the prospective tenant.
SIGN, SEALED, DELIVERED
So, you’ve made your selection and it’s time to sign the lease. This may sound like a simple step; but, the reality is there may be several drafts of the lease before you officially sign the dotted line. Reviewing and commenting on the lease can take anywhere from a week to several months depending on the extent of your negotiations and/or issues with the lease. Once you and the landlord have reached the lease agreement, it’s time to execute the lease. The signing of the lease can happen overnight or take weeks until all parties are able to complete the signing. The construction and design period will follow the formalities of paperwork and may take additional time depending on the necessary permits, materials, design, and build-out. But, at last, your move-in day will arrive, and business will soon proceed as normal (in your new office)!
The process of new office leasing can seem daunting. But, there’s a lot of help available if you need it. At Pollock Commercial, we offer support through our Tenant Representation services. Finding your new office location shouldn’t be a pain; with expert assistance and guidance, it can become a part of the exciting story of your growing business!