Leasing executive office space in downtown St. Louis or elsewhere is one of the most important business decisions you will make. The majority of your working time will be spent in your office. Your best creative thoughts will be hatched, your most important client meetings will be held, your biggest deals will be made – all in your office. Therefore, finding the right office space for lease is a critical decision.
Following a methodical process when searching for office space will help you find the solution that’s right for you. Here are some things to consider when leasing office space:
Gain an understanding of what your requirements are. Do this before doing anything else. Consider your business needs (square footage, room to expand, parking, location, lease term length, ground floor or a higher floor). A good space requirement rule of thumb is to look for around 200 ft of office space per employee. When searching for a location, consider locating close to where your clients are. If you’ll be entertaining clients, look for office space near the restaurants and pubs you’ll be taking your client to.
Contact the leasing agent of the spaces you’re interested in and ask for rates and terms. Also ask any other pertinent questions you have. Find out how much the space is per month, what deposit is required at the time of lease execution, the term of the lease, etc. If you’re using a real estate broker, they can assist with this step.
Visit the spaces you’re interested in to see if they meet your needs. Amount of space is important, but so is “look and feel.” How do you feel in the space? If you need access to a break room or a kitchen, does the office suite offer such access? Is there a reception area? Also look around to ensure that the space has proper storage for files and office supplies.
Identify any space improvement needs and speak with the landlord about them. At a minimum, the space should be in proper working order, unless you mutually agree with the landlord to take on improvements yourself. Many landlords offer a build-out allowance, also called TI (Tenant Improvements). Depending on your needs, you may negotiate this with your landlord.
To save money, consider sharing office space with a partner. If you can find someone or an organization that you and your staff can coexist with, this may be a great way to get professional space without paying a premium. Keep in mind the downside of such an arrangement – your office partner might want to leave before you are ready for them to go. This could leave you paying for the entire space yourself.
Consider all-inclusive executive office suites. Often called business amenity suites, legal suites, or office suites, these are a great solution for the independent attorney, architect, CPA, or consultant that needs professional space. For one all-inclusive price, you can lease an Internet-ready space that includes furniture, live telephone answering with reception services, a conference room, on-site security, telephone and long distance with dedicated phone number, secretarial services (word processing, copies, postage), and janitorial services. For the independent or small businessperson, an all-inclusive full-service office suite can give you everything you need for one price. An added benefit: renting such an executive office suite can give your business a more professional image.
Try to speak with some of the current tenants of the building. If the landlord balks at this request, it could be a red flag that something is amiss. Most landlords will give you some tenant references.
Review your lease very carefully before signing. Understand your rights with regard to the use of common areas, the type of security provided, what is included (taxes, insurance, repairs, utilities?), your security deposit, who will make and pay for improvements, your rights to expand in the future, future rent increases tied to inflation or CPI, provisions for exiting the lease early, provisions for contraction (reducing your square footage), right of first refusal on adjoining space, and provisions for extending your lease term. Here is where you might consider working with a real estate attorney.
If applicable, review and understand any rules or restrictions on signage.Depending on the size of your business, you might be in line to have exterior signage. At the very least, you’ll want proper branded signage at the entrance to your office suite.
If you decide you want the space, your potential landlord will want to learn about your company’s background and fiscal history. While the list below is not exhaustive, having this info ready for your potential landlord will expedite the application process. If you are lacking some of the below information, or if you have damaged credit, it may still be worth exploring your options with landlords. The market is tough right now, and landlords may be willing to work with you. When you’ve decided to apply for a particular office space, have the following ready for the leasing agent:
A completed tenant application – your landlord will undoubtedly provide this form to you.
Contact info for your previous landlord and/or previous creditors. Your new landlord will likely want to check references.
Your Dun & Bradstreet number
Several prior years of tax returns
Audited financial statements, if you have them
Finally, before signing a office space lease, ensure that the person signing on your behalf is authorized to bind your organization to the terms of the lease.
Conducting your office space search using the tips provided above should give you the best chance to land the executive office space your company needs.
Source by Chris Reimer
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