If you are looking to rent office space for your business, you may feel overwhelmed. There are lots of factors to consider, and it can be hard to know where to begin.
Before signing a lease, take these five steps to make sure you’ve found the best office rental for your business’s needs:
1. Determine Your Budget
The first thing that you need to decide is how much money you can afford to spend every month on your rent.
Your rent will be affected by the quality of the building, the length of the lease, whether you have exterior views, and Common Area Maintenance (CAM) charges, which are fees extracted for upkeep of shared areas of the office building, such as bathrooms and the parking lot.
Ultimately, the type of lease that you sign will determine the exact amount of rent that you owe each month.
As you begin to search for offices for rent, having your budget in mind, factoring in extra costs, will help you to narrow your search and avoid wasting your time looking at spaces that are too expensive.
2. Figure Out How Much Space You Need
Think realistically about how much space you need, and how you can use space wisely. When you view a space, think creatively about how you can use it to maximum, yet comfortable capacity.
Rent only as much space as you need. The amount of square feet that you rent in the office will be a huge factor in how much monthly rent you pay. Renting more space than you need will waste a portion of your budget on unused space.
3. Find Your Perfect Location
Think about where you want your business operations to take place. Is the location that you are looking at near your employees and workforce? Are there potential future employees and customers in the area? Is the office space easily accessible, located near public transportation and/or major highways? Are specific business needs, such as partners or locations you will need to visit often, located nearby? Is the location safe? What is the overall atmosphere of the location?
In our hometown of Red Bank, NJ, for example, office spaces are surrounded by a thriving shopping, dining and cultural hub that brings in business and keeps employees happy.
4. Hire a Local Broker
A local broker who knows the area and possibly also operates out of the same location, will have a handle on the pro’s and con’s of the locale, as well as expertise on local laws.
When looking at a lease, an experienced commercial real estate broker can help you to sniff out any hidden or extra fees that may come into play from month to month, including CAM charges, repair charges, and utilities. For example, is internet access included in your rental fees, or is it an extra charge? An expert broker can help you to ask the right questions and find answers.
5. Negotiate the Lease
You need to make sure that you understand every word of your lease, so that there are no surprises down the road.
One thing to think about is the length of the lease. While a longer lease will give you more negotiation options, you may want to have the flexibility of moving to a larger space as your company grows in a year or two years.
You must be clear on what your rent includes. Are utilities included in the monthly rental fee? Property taxes? Repairs and property upkeep? Is subletting allowed?
Again, an experienced broker can help you to ask the right questions and decode every word.
Office Rentals in Red Bank, NJ
If you are looking to rent office space in NJ, you might want to think about finding an office in Red Bank. Check out our blog post to learn more about Red Bank, and browse our local listings of offices for rent. For more information, call us at 732-747-5575, or contact us online today.