Mar 8, 2018 Blogs Office Space

Few mistakes to avoid when leasing an office space

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Being human beings, we all make mistakes but when it is all about leasing an office space, making a mistake can cost you big dollars. So, you certainly need to be informed and conduct a fair amount of research in order to avoid any mistakes while leasing an office space. Renting any commercial office certainly has several advantages. Thus, leasing can offer a business certain levels of flexibility by testing the waters in any specific location. Leasing a serviced office space does require a certain level of planning and research in order to do away with the risks of financial catastrophes. Here are few of the mistakes which you should avoid while renting an office.

1. Choosing a space whose image is against your business – The first impression is the last impression and you can’t go against this cliché. The place where your company’s office is located determines how greatly it has the ability to influence the potential clients and investors and their perception. You need to certainly ensure that the chosen office space should ideally represent the company’s vision and mission and talk volumes about the service quality that your organization offers. You should be very judicious regarding the image of your business as your office speak volumes about your business.

2. Opting to compromise on the convenience and function by settling for lower rent – By opting for a remote or non-posh area to set your office, you may end up saving some money but you would eventually suffer as your business’s image would suffer considerably that way. If you lease an office space in some rural area or in the outskirts of a city, then your office would not be easily accessible by public transportation. While finalizing to lease an office space, you should necessarily keep in mind the conveniences that your clients, employees, and associates expect from your business. Ignoring this would maximize the chances of business to suffer considerably.

3. Thinking or planning short-term – You necessarily need to plan things ahead and then judiciously determine the upcoming future requirements of your business. You may find an office space ideal for present requirements but that does not mean that it would be relevant even after 5 or 10 years in the future. So, you should never consider signing very long-term leases as this would lead to creating a negative impact causing your business to suffer in the future. A serviced office comparatively have more flexible terms and thus if you are looking for a serviced office, then you may consider a long-term deal. Opting for a serviced office has become a major trend in the present times and thus you can safely catch up with this trend.

4. Disregarding the budget – Leasing an office space is undoubtedly an exciting proposition but you should spend keeping in mind the budget that you have. If you are over-excited and end up spending more than your budget, then this may prove to be disastrous for sure. Your chances of getting trapped into debts increases if you over-spend on leasing the office space. This would eventually harm your business. Leasing an office space is not all you have to do for setting up a proper office. Following the leasing process, you have to spend on the furniture rental, insurance, and other miscellaneous expenses. You can save a considerable amount of overhead by opting for serviced offices or furnished offices.

5. Settling for improper office setup – In case you are a startup entrepreneur, then you probably would not have spare budgets of remodeling our office space or maybe that the contract with the office provider restricts you from remodeling the office. So, you should finalize the office space for rent only when you are absolutely sure that it is the
most suitable or appropriate layout for setting up the ideal office for your business. If you make the mistake of investing in an office space which has got a wrong setup, then it maximizes the chances of affecting the work of your employees and can also create a hindrance in effective communication amongst the employees. In case your nature of the business is on the creative side where the team requires exchanging ideas and interacting with each other a lot, then an office space which has several partitions is not at all suitable.

6. Not checking the lease terms thoroughly – Prior to finalizing an office space for rent, you necessarily need to thoroughly read and completely understand each and every lease term mentioned in the lease contract. You should judiciously determine whether you are comfortable with the notice period and other lease terms before finalizing the
contract.

In any case, if you are not confident about choosing the right office space for rent, then you should ideally seek the assistance of an experienced and reliable real estate broker rather than committing any mistake while finalizing the lease. Best of luck!

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