AdvantEdge understands that the search for new office space can be one of the most stressful parts of starting a new company or relocating an existing one. So, we want to offer some insider tips to help guide your search for the perfect office space. Over the past 30 years we have gathered feedback from countless clients who once were in this exact position. The tips below concern issues which we found are often overlooked until the very last steps of the search process:
Be Conscious Of The Security Deposit
One of your first questions should be to ask how many months’ rent are required as the security deposit. This number has the potential to drastically affect your overhead cost and should be factored in as soon as possible.
Factor in Setup & Installation Fees
What setup fees are required to move into the space? These can range from general charges (eg. a per person ‘office setup’ fee) to more specific installation charges for equipment such as telephone and Internet connections. These can quickly add up and also directly affects overhead.
Read the Fine Print on Your Lease
Is there a specified percentage in your lease regarding the rental increase rate upon renewal, or is it subject to the more general ‘renegotiation’ at expiration?
Do your research on the space before you tour and prepare some questions to ask during your viewing. Some examples include:
- What amenities are included?
- How accessible are the location(s)? Is parking available and if so, what are the rates?
- Are any special location or building amenities included with your office (fitness center, rooftop patio, terrace, etc.)?
Asking the right questions will not only help you choose the best space for your needs, but will also ensure that are no unpleasant surprises after you’ve already signed on the dotted line.
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