5 Questions to ask before signing up for new office space
Whether you’re a first time tenant or just signing a new lease, it’s important to be prepared. Second to paying employees, real estate is the most expensive investment a business can make. To make sure you are educated, here are 5 questions to ask before signing a lease.
- Will the space work for your business throughout the lease term? Whether you’re signing a two year, five year or ten year lease, it’s important to account for growth in the company. If you’re expecting to bring on 20% more talent within the first year, then it makes sense to account for those extra people in the initial square footage. Conversely, if the growth is projected to be more gradual, take a close look at your option to expand, extend and terminate the lease. These provisions can add flexibility to your lease term, so that you can accommodate the changing size of your team over the course of your tenancy.
- Have you budgeted for rent escalations and other expenses? When projecting lease expenses, oftentimes businesses forget to take into account the rental rate escalations, taxes, operating expenses and other costs like insurance and equipment rental. Make sure to put together a budget that outlines the full scope of the office expenses so you can be prepared.
- Will your current furniture fit into the space? For those moving into a new space, think about how your existing furniture will fit into the office. This requires enlisting the help of a designer who can help layout the existing furniture, and determine which items might need to be purchased. If you’re opening a new office, then a designer can review the entire office layout and design a furniture solution that works for your business.
- Is the space wired for technology? Before signing the lease, make sure to have someone review the space’s wiring and technology capabilities. For companies that rely heavily upon data management, then they might require a more robust server and internet speed. Outfitting an office for technology isn’t quite as simple as setting up wireless through Comcast at home. Plan accordingly so that your business can be up and running right when you move in.
- Have you budgeted for moving expenses? The last thing you want as a business owner is to be hit with unexpected costs. Don’t wait until the lease is signed to line up the moving company. Get bids for the relocation costs, appoint an in-house project manager to oversee the project and obtain the necessary approvals so that everything runs smoothly.
For more information on how to prepare for new office space, please contact us here. Our team is well-equipped to outline the scope and budget of a project to make sure that there are no surprises during your office relocation. About Rightsize: Rightsize Facility Performance, headquartered in Chicago, IL, is a nationwide office interiors and facilities services firm serving corporate clients in transition. Founded in 2004, Rightsize employs an industry leading “Design/Furnish” approach to ensure seamless workplace transitions and is a single source for interior design, furniture procurement, delivery and installation, asset disposition, facility decommissioning and ancillary project services. Through its Office Furniture Center brand, which includes OfficeFurnitureCenter.com and a 200,000-square-foot showroom, Rightsize also provides a single source for quality workstations, desks, seating, filing, conference and reception furniture. For more information please visit www.rightsizefacility.com.
