Much has changed in the business world since the beginning of the pandemic of 2020, but businesses are and will remain in need of new office space in the future. Planning for post-COVID office space is essential when searching for a new office space. This article offers 3 key tips for finding the right office space for your team.
Get an Early Start on Your Search
Begin your search at least six months early, especially if you have a large team. So much can occur during a commercial real estate buying process: Deals fall through, competitive sparse markets strangle supply, and long, drawn out negotiations complicate the journey to closing. Sometimes markets offer so many options that it’s difficult to know where to start and how to filter through your options. It takes time to explore and select the best office building for your company. Another issue to consider is if you choose an older building, you will need to plan for possible renovations which can take weeks or even months to complete.
Plan and Ask Questions
At the beginning of your search, write down all of the questions that come to mind when choosing a new office space:
● Is this building in your price range?
● What is the location like? Are there similar businesses close by?
● Will the office space align well with your company’s culture?
● Will the office space meet your future needs in size?
● Is there sufficient parking?
● Are renovations needed? If so, how much will this cost?
● What is your preferred square footage?
● Is the office building close to public transportation?
Remember to set aside plenty of time for planning and setting up your office space. You may want to enlist the help of an architect or perhaps use special office layout software to plan the layout of your office. This will be of great help, especially if you’re planning to erect walls and build rooms. This will also help you plan for expenses.
Consider the Level of Foot Traffic
Before you buy or lease office space, think about how much foot traffic your business needs. If your company is one where potential clients may drop in without appointments, then you may want to consider a well-walked area of the city. For instance, if you’re running a real estate business, you’ll want to attract potential “walk-in” customers, so a high foot traffic location would be ideal. However, if you’re running an appointment-based business like a law firm or doctor’s office, there is no need to be located in the heart of the shopping or business district of the city.
Once you find an office space that meets your business needs, it’s time to request proposals from commercial real estate property owners. Cost and convenience of location are important factors, but keep the big picture in mind. Try to look at your options as if money is no obstacle. Ask yourself how much investment will be required before the move-in date.
A Commercial Real Estate Expert Can Help
If your initial search doesn’t yield any winners, try expanding your target area. This is when an experienced real estate agent with an eye for design comes in handy. A realtor specialized in buying and selling office space can offer you their honest opinion about an outdated or empty office space. They can see the potential in an office space and also spot the problems of a poor quality one. As you know, commercial real estate transactions are far more complex than residential ones and they require a strong negotiator who is well-versed in the intricacies of handling office leasing contracts.
Jolene and Josh Baijot have many years of experience handling commercial real estate transactions, specializing in office space purchases and leases. Call them today at (360) 223-4501 or (360) 820-4501 to discuss how she can walk you through the process and understand the options.
Hi! We’re Josh and Jolene Baijot, the creators of this website. We’re also Commercial Real Estate Agents in Washington State. Thank you for taking the time to read this blog post. We appreciate your time spent on this site. You can connect with us on Facebook, Instagram, or contact us through this website.
