Renting office space can feel ominous if it is your first time because you have more to consider than your style. That is especially for startups that, for them, having on office can be a significant financial responsibility. While it shows that a company has grown beyond the garage or home office, it can bring with it responsibilities that go beyond the lease and to ensuring safety for all using the office space. This article will, therefore, act as a crash course as to what to keep an eye on as you prepare to leap.
Find an experienced broker
The money that a company would spend on a lease or rent requires that they know they have found the right property and it is worth what they are paying for. A Toronto GST lawyer, or yourself, branching out into new territory will require finding someone who is experienced. At a very basic level, they ought to know what organizations under various industries expect. They should also be able to anticipate their needs and have an extensive network that allows them to know almost every commercial space available in town. That way, they can give their clients more properties to choose from.
Know your growth potential
The hope with any startup is growth. There, however, needs to be a real sense of what the potential and period are. If your financial projections show that you’re not able to afford to hire more people in a few months down the line but maybe one or two, then getting an office that only accommodates that is what you ought to get. Remember that with real estate, every extra square inch you get means more out of your budget.
Know your needs
Finding the right space is a joy, but before you knock down walls or add them, know if the lease accommodates tenant’s improvements. That helps you know if you should keep looking or if they are willing to foot some of the costs. As with everything detailed here, the fine print matters as you might need to make unforeseen changes in the future and you wouldn’t want to be restricted. In the same way, you want to get a lease that can allow you to move when you need to instead of being tied down to space longer than you wished to.
Do the total
When looking at the cost per square footage, also look at the various costs that exist. Some include the cost of common maintenance, security, and other costs. Other expenses could also include furniture if space comes with or without them. These fees tend to add up and therefore should be looked at before closing the deal.