A wonderful workplace need not be expensive. A great business location can help any company increase its profits and provide good benefits to the employees of this company. So what should be considered and looked for when considering some new office space?

Checklist of Items

It is difficult to look for a great business location if a determination has not yet been made by the company of the important items that need to be at the front of such a list. Listed below are some items that should be given serious consideration when looking for that next outstanding office space.

• Adequate Room - Make sure there is enough space to accommodate workers and clients in an area that allows for sufficient ‘elbow-room’ for each party.

• Budget Pleaser not Breaker – Placing certain monetary constraints on how much can be spent for this office space can only be beneficial to a business and should prevent overspending for this need. Establish a set amount for the rent expense and other lease fees.

• Location - Seriously consider how much a great office address will mean to employees and clients. Give highest consideration to security, convenience and accessibility.

• Parking spaces - Parking spaces for employees and customers are a necessity these days. Be sure to find an office space that provides enough parking spaces for everyone.

• Adequate Facilities - Make sure there is adequate and working heating and air conditioning in the building. Be sure to know what other amenities will be provided by the landlord as part of the lease agreement being signed.

Considerations before Negotiations

Being equipped for lease term negotiations is very important for the tenant. Consider the items listed below before the arrival of the time for negotiations.

• Real Estate Broker - Investing time and effort in multi-million dollar commercial or industrial real estate deals can significantly impact a business. If any business is in this process, it is important to ask the agent or broker about the whole leasing process: from site selection to lease term negotiations; occupancy certificates, etc. Also ask the broker to provide as least three market surveys of similar office spaces around the area. This will provide an idea of the available office space located within the area for comparison purposes.

• Research for Hidden Costs - There are expenses that change such as property taxes, charges for common areas, maintenance fees, etc. Be sure what expenses are included in the contract for both the tenant and the landlord so hidden costs don’t appear at a precarious time during the lease agreement negotiations.

• Examine Premises Condition - There are instances when the condition of the premises is not listed in the lease agreement. It is in the best interests of the tenant to have the condition of the premises included in the contract negotiations as well as to have written into the contract that any expenses for necessary repairs to the premises are the responsibility of the owner and cost for such will be deducted as incurred by the tenant from the monthly lease amount.

Expense Analysis and Decision

When all of the above information has been obtained, it should be tabulated and reviewed to prepare an overview of anticipated monthly costs for any office space being considered. Look at it monthly and compare that with projected earnings each month. This evaluation should then be compared and used to help make a final selection for new office space that will fit a projected allowance for building expenses. Hopefully, all of the above will help determine which location is the best one for you!