Tue, May 07
Find Small Office Space: How to Find Office Space for a Small Business
By Signs of growth may be inclusive of increased sales and
How to Find Office Space for a Small Business
From a one-(wo)man show to a small business owner, business
growth is likely among the list of main objectives. Signs of growth may be
inclusive of increased sales and revenue, demand for products or services, and
the need to hire employees.
Another indicator of growth is the need to lease a small
office space, which can be quite a daunting task.
In comparison to other rental experiences, leasing office
space can be complex and stressful on various levels. There are overhead costs
and other expenses, lease negotiations, putting forth the effort to search and
find office space, planning for future growth, and the list doesn’t stop there.
Keeping this in mind, entrepreneurs, small business owners,
and companies looking for office space must be patient, and take the time to
research and plan before signing on the dotted line.
Finding the right balance between affordability, location,
accessibility, and amenities is crucial. Why? Once everything is said and done,
your business will have to live at that location for the life of the lease, so
do your due diligence.
The excitement surrounding the search to find office space
is understandable, but don’t let that blind you into prematurely signing the
wrong lease. Empower yourself with as much information and as many details as
possible. The more prepared you are the more leverage you will have as you
begin looking for small office space.
Below are some of the major considerations that go into
finding a location to meet your business needs.
Find a Small Office Space
Ask yourself, “Do I need an office space?”
Assess the requirements of your business, and the needs of
your team and clients. This includes evaluating the amount of space needed to
accommodate a specific number of team members, office equipment, and possibly
housing your own technology.
Also, think about the type of office model your business
operations require – a traditional office setting, a co-working space, or a
fully serviced office suite. To gain more insight before making a decision, it
may be helpful to find similar businesses and discuss what swayed their choice
in office model.
Lastly, nearby amenities, travel, and commuting
conveniences, for both employees and clients, should also be factored in.
Budget concerns
Thinking beyond your monthly rent is paramount, as there are
numerous influences that will affect your budget.
Aside from examining current expenses, it’s a good idea to
get the price per sq. ft. for office space in your geographical location and
calculate your estimated monthly rent.
Additionally, account for costs such as, office furniture
and supplies, office infrastructure (i.e. hardware/software, security, phone,
internet), moving expenses, insurances, maintenance, and various utilities.
Your growth trajectory
Think ahead – what does the future hold for your business?
Are you looking to expand within a specified period of time? Does your
determined square footage include expansion or will you require less space in
the future?
How to find office space for small businesses
Whether using traditional methods or technology to your
advantage, here are some of the common ways to search for office space:
Word of mouth
Local and/or community newspapers, mailers, and guides
Take notice of ‘for lease’ signs on buildings in your areas
of interest
Use online resources like, Craigslist, traditional real
estate sites (i.e. Remax, Long & Foster), real estate portals (i.e.
Loopnet.com, Officespace.com), local community forums, and of course, Google
Enlist a reputable and trusted commercial real estate agent
like Thomas Mensendiek, who has a vested interest in the reputation of his
company, which ensures the delivery of quality, personal service
Narrow down, view, and choose
Gather all of your research and/or the information from your
agent, create a list of your top 5-8 locations, and begin outreach and
scheduling tours. Other tips include:
Create a list of questions for the landlord
Take notes and photos during each walk-thru for later
reference
Take notice of the office space itself, common areas, and
amenities
Evaluate the surrounding area – nearby storefronts,
restaurants/cafes, financial institutions, parks, available street parking and
garages, etc
Be aware of your competitors sharing the same building
If possible, visit the locations of interest multiple times,
at the beginning and end of the workday
Inquire with other tenants about their experience in the
building and their relationship with the property manager or landlord
Once a location has been chosen and before you negotiate
lease terms, organize your business financials. Where possible, locate 2-3
years of tax returns, bank statements, a list assets and liabilities, P/L
statements, balance sheets, as well as references.
To find office space is fairly easy. The challenge starts
with determining the specifics, and ends when all documents have been signed
and you’re moving in.
In closing, this guide is designed to make you aware of
things to consider when scouting for office space. Everyone’s situation is
different, thus, everyone’s process will be different.
If you have any questions about San Francisco offices,
landlord services, or are in the market for a small business office space, feel
free to reach out to Thomas Mensendiek – your go-to San Francisco commercial
real estate rental expert!