Leasing office space is one of the most challenging decisions to be made by a growing business. It is very easy for this decision to be based on business operations and revenue generation and not enough attention is given to the entire leasing process. When more Plano office space is needed, it is important to understand how to find the right office space for a growing company. Since renting office space is one of the most expensive challenges in running a business, it is imperative that careful attention is paid to all of the significant factors that will be crucial to this kind of decision.
- Location – First and foremost, deciding to move to a new location is the most important decision that must be considered when expanding. Finding the right location will guide the rest of the decision-making process. When transferring to a new location, thought must be give about pedestrian traffic, competitors, and logistics to name a few.
- Finances – The success of renting a Plano office space depends on the ability of the company to finance the move. A commercial lease is expensive so it is imperative to consider the amount of money that will be spent throughout the duration of the lease.
- Terms – Unlike a residential lease, a commercial version can last for several years. It is essential that careful consideration be given to the number of years the business will occupy the space. It must be decided whether a short-term or long-term lease is needed for the new location. It is also important to know and understand the terms of the written agreement, such as the monthly payment and lease duration. A written contract warrants that the tenants have the right to utilize the space as long as they abide by the terms and conditions of the agreement.
- Safety – It is essential to consider the security of all personnel who will work at the new location, so it may be necessary to research the crime rate in the area. Safety not only affects the employees, it also affects the clients or customers who will visit the new location.
- Competitors – Money is generated through competition. The presence of competitors in a certain location is a strong indicator that there are many potential customers in the area. If there are only few competitors, it should be decided whether moving to a new location will actually help generate more income.
- Accessibility and Convenience – It is wise to choose a location that is accessible to pedestrian traffic. Consumers must be able to easily locate the business so if they are in the neighborhood, they can just drop by to check out the products offered for sale by the company. An adequate amount of parking spaces are also important for customers who drive to the location.
- Zoning ordinances – Before signing an agreement, it should be determined that the location of a company in a certain area is compliant with the existing zoning laws. This kind of law regulates business operations. Zoning laws often restrict the size and physical appearance of the building, parking spaces and signs. These regulations can also restrict the sale of certain products.
It is important for a potential tenant to realize the necessity for flexibility when leasing a Plano office space as well as what factors to consider in the decision-making process. These important considerations require thorough planning and negotiation in order to reach a satisfactory conclusion for both landlord and tenant!