The journey toward finding the perfect commercial office space is full of twists and turns, tiny speed bumps, and a host of real estate obstacles and complications. In the grand scheme of things, there is a lot that can go wrong! Here are some of the biggest pitfalls to avoid on your search for a new commercial office.
Not Anticipating Growth within Your Company
Where will your company be in a year? In five years? Hopefully flourishing and growing according to your business plan, but what does this mean for the office space you’re currently scouting? Will there be enough space for all the people you hope to employ in the future? Is the conference room large enough to accommodate the needs of the clients you hope to have down the road? Keep in mind that you can lease out extra space if your business does not grow according to plan. Failing to consider your company’s growth can be a huge drawback for business, so be sure to take the future into consideration!
This one is a no brainer. Putting off a task of high importance is never a good idea, but it is especially risky when that task is finding a new commercial office space. The process of finding new real estate is time sensitive. This means that the small tasks – scouting new locations, contacting accountants, compiling spreadsheets – cannot fall to the wayside. The search for a new office space is certainly not the only task you have to complete, but it should be a priority.
Stopping Your Search Too Early
You may find what you think is the perfect office space. You may fall in love with the building, the location, the feng shui of the office’s interior… but don’t stop looking. Find three or four solid options, and don’t get emotionally attached to any of them. An office space may look good in the flesh, but on paper it may be out of your price range or contain hidden fees. Just as well, an office space that is not pristine when you first encounter it may turn out to be a dream come true. Until you have negotiated a lease and settled on terms you are happy with, stay emotionally neutral about all the spaces you are considering.
Going at it Alone
Finding a commercial office does not make a good do-it-yourself project. An entire complex of professionals – accountants, attorneys, commercial brokers and more – are there to help you avoid mistakes you never even knew you were making. The biggest mistake would be to overlook the services these professionals can provide! Rather than looking at hiring one as an added expense, consider it an investment. Just think – you could go through the process alone and risk wasting huge amounts of time and money, or, you could spend a small amount to ensure that your interests and finances are protected.
Choosing a new office space is a big commitment, and it should be treated like one! Follow these steps to mitigate risk and find the perfect commercial office for your company’s current and future needs.
Portia Dempsey is the Property Manager at Camroad Properties. Established in 1991, Camroad Properties is a privately owned and managed commercial real estate leasing company in Arizona with 10 properties throughout Phoenix, Mesa and Tempe. Camroad is committed to providing their tenants with the best service and accommodations possible. Want to learn more about Camroad Properties and commercial real estate opportunities in Arizona? Visit our blog or contact us today!