The office space market is booming. The opportunities for renting or leasing office space have never been better. Two years after the COVID pandemic, most businesses have shifted back from virtual to physical office spaces. In fact, the office occupancy rate increased by 84% in all metro areas in the US. But with a booming market comes a lot of competition.
It can be difficult to find a new office space that is both available and affordable. Too many people are chasing after the same few spaces that are already taken in the main city. And in some cases, the space may be available for a second, but when you go to check it out, it is already booked.
But don’t lose hope of finding a home for your business. There are still plenty of office spaces for rent out there. You just need to know how and where you can find one. With that, here are some tips for how to know if the office space for rent you have your eye on is available.
What to Look for in Office Space
Finding office space for rent requires a lot of planning and consideration. You’ll be working in that area for a few months or so. You need to make sure that it is the best choice you have out of all the millions of office space listings available.
The right office space has everything that your business needs. There are office spaces that have a lot of attractive features, such as a lounge area or a gaming room. But if that’s not what your business needs, then it’s not worth your money. With that said, here are some things you should look for in an office space.
1. How Much Space It Covers
The first thing you should have in mind when looking for an office is the space it covers. The office space should have enough room for your company to expand. If there is extra space, check if you can afford to occupy it. Allow at least 70 square feet of space for each person who will be at your workplace.
You can have a meeting room or a kitchen area, but that depends on why you’re renting the space. Some businesses rent office spaces for meetings, while others do so for their freelancers. In this case, you don’t need a meeting area if there are only a few people working in the office.
2. Where It Is Located
Location continues to be an important part of how people view a company and its standing in the industry. A high-profile business location can send the message that your company is of high quality. But prominent areas often cost a fortune. Partner with real estate agents to get the best deal out of these office spaces.
3. How Close It Is to Your Clients
Every form of business relies heavily on networking. So you want to establish a good relationship with influential figures in the industry. For instance, if most of your business is in Dallas, you should move to an accessible area of town. This way, your clients can get to your office quickly.
4. How Close It Is to Your Employees
It’s also important that your office is close to your employees, especially if you require them to work in the office. After all, they are the ones who keep your business running and advance your goals.
You can also rent office space for team meetings, even for your remote employees. Just make sure that the place is near a subway stop or a bus stop.
5. How Safe and Secure It Is to Work in The Area
Security should also be a factor to think about when choosing new office spaces. Each of your employees deserves to feel safe at work. Not only that, but a safe workplace can help boost their productivity.
To ensure that the area is safe, you can check out the security measures in place, like:
- If a security officer is present at all times
- If people need a keycard to enter the place
- If the doors have metal detectors
These things play an important role in choosing a new office. But this still depends on the type of company and your security threats.
How to Find Office Space for Rent
Once you know what your business needs, it’s time to look for office space in your target area. There are a lot of ways to do this, and you don’t need to do it on your own. Keep in mind all the characteristics you should be looking for in an office when you start your search. These will help you find the right one for your business.
Connect With Other Business Owners
You know how important networking is to you as an entrepreneur. If you are renting office space, you use the same strategy. Talk with other business owners you know. At least one of them will know of a place that you can rent.
You can also ask some who are within your target area. So if you’re planning on moving to Dallas, check out some businesses that reside within the area. There’s a huge chance that they have scouted the area for other available office space to rent. They can tell you what’s great about the area as well as which landlords are great to work with.
Search Online
You might not need a broker to discover commercial property if you’re just starting your search. Perhaps all you want to do is see what’s available or get an idea of rent prices.
Some property management companies have a search feature on their website. This way, you can find available office spaces for rent that the company specifically manages.
Working with a property management company has its perks. They can help you move into the property with ease. And, if the place is great, you can ask them to help you expand or renovate. Since they manage the property, their top priority is to meet all the needs of the tenants.
You can also visit other sites like Loopnet, CREXi, and Craigslist. These websites might not contain all the data you require to decide, but they have enough to help you decide. Loopnet and CREXi let you search by product type, available square footage, and other features like amenities.
But do make sure that you include your target area. If you need a place in Dallas, remember to type “rent office space Dallas” in Google’s search bar.
Drive Around Your Target Area
If all else fails, it’s never too late to visit the area you have in mind. This way, you’ll be able to see firsthand all of the advantages and disadvantages of working there. You can also take a stroll in your neighborhood, depending on where you reside. It’s sometimes better to check out the area for yourself rather than just reading about it online.
When you’re driving, you’d want to look for buildings with boarded-up windows. You’ll also find empty parking lots during busy hours or “for lease” signs in the windows. These are signs that the place is up for lease. Make sure to take note of any other details, such as phone numbers and the name of the manager.
It might take a lot of time to drive around your market, but it can also be incredibly rewarding.
Work With Commercial Real Estate Agents
All the above options let you look for office space to rent on your own. While it’s great to make your choices personally, it won’t hurt to get professional help.
Commercial real estate (CRE) agents have access to a database of suitable postings. They know which rentals are available now, which are coming up, and which you should avoid. You also need help negotiating lease terms and rental costs. In this case, these agents can do so on your behalf.
Ways to Find Out If The Office Space Is Available
Even after you’ve identified what you need for office space, there’s still one thing left for you to do. That is to make sure that the area is still available when it’s time to make a deal.
This happens because most businesses gather as many options as possible when they start looking for office space. After all, it’s not wise to jump on the first office space you see that meets your needs. There will be some that have a better deal than your first choice.
If you are looking for office space to rent, you need to know if it is available. It would be a waste of your time and money to visit the place only to find that it’s not available anymore.
But don’t fret since there are a few ways to know the availability of the office space. Here are some pointers to consider when inspecting the office space you intend to rent.
1. Look At Their Website
Commercial properties are most likely posted online. So the chances of finding the availability of the property on the internet are high. This is a great option if office space is hard to find. It is also the first thing you need to do before calling the property manager.
Landlords often post all the important details of the office space they’re leasing. This includes where the property is, who to look for, and how to contact them. If the office space is available, you can then contact the office manager and set up a viewing time.
2. Contact The Office Manager
Websites are important for the real estate industry. In today’s age, people prefer companies that make their products and services available online. Such is the case when you’re scouting for an office space to move into. As mentioned before, real estate websites can give you all the details you need in one place.
But there’s no guarantee that the office spaces listed on their websites are up-to-date. If that is the case, you need to contact the office manager. By doing so, you’ll know for sure that the office space you’re looking for is available.
When you’re speaking with the manager, you should also ask other things, such as:
- What are the terms of the lease?
- Will they handle the expenses of maintenance and repairs?
- Do they increase your rent each year?
- What are the specific dimensions of the office?
- Does the space have other features like conference or break rooms?
- Are there penalties when you decide to terminate the lease early?
- What are the policies for moving in and out of the office?
This is also the best time to build your relationship with the office manager. If you have a good relationship with the manager, they can give you more details about the office space. You can also contact the building manager to know if the office space is available. This is a good option if the office manager can’t give you enough information about it.
3. Ask A Real Estate Agent
As mentioned, real estate agents often work with landlords and property management companies. So they’ll know if the office space you’re about to rent is available.
Just make sure that they work in or are within the area of the office space for rent. Dallas real estate agents would know if office space for rent in Dallas is available. If your target area is in New York, work with real estate agents in New York.
Final Thoughts
Looking for an office to rent is hard, and making sure it is available adds a challenge to the process. Despite this, it is possible to locate the right office space for you. You only need a few tips and some help finding them.
You can start the search on your own or leave it to the professionals. Use their knowledge and expertise to find available office spaces in your target area. Whichever you choose, remember that the effort you put into all of these will come to fruition one day.