Many of brokerage websites claim that their firm will find you “The Perfect Office Space.” As a successful 30-year industry veteran, I am sorry to say, that unless you have Jeff Bezos or Elon Musk type money, and cost is not a factor, otherwise the perfect space is going to be a series of well thought out business decisions and comprises.
Any broker can run a space search. That’s easy. The skill is working with the client to educate them on the market and asking the right questions in order to fine tune the requirement. The requirement is often fluid as once the client better understands the market and receives feedback from their colleagues, the search is adjusted to better reflect the true needs and priorities.
I always begin by discussing the following three categories: The Financial, The Operational and The Qualitative.
Financial: The financial considerations are not limited to just rent. The amount of construction required to make the space work is an enormous consideration in a lease negotiation. How much is the work going to cost, and how much of it is the Landlord willing to pay for? The cost of the work is going to significantly impact the economics of a deal. Other financial considerations in a lease negotiation include, the annual escalation, the real estate taxes, electric, office cleaning and carting, and miscellaneous charges such as water and sprinkler.
Operational: I don’t care how beautiful and well-priced a space is. If your business cannot operate in the space in an efficient manner, then the space simply does not work. End of story! Is the space the right square footage, does the space allow you to create your desired layout, does the space work for fostering collaboration and productivity, does the space allow for future growth, etc.? What are the hours of heating and cooling? How old is the air-conditioner? What is the fixture count in the bathroom? Your business will likely remain in a space for 5-10 years, so all of these items need to be well thought out from the start, or those 5-10 years will be very long.
Qualitative: Does the location work well for all the employees? How close is to the building to mass transit? Is it easy to visit clients or for clients to visit you? Are their good dining and take out options in the neighborhood? Does the building have amenities? What is the reputation of the Landlord? Has the lobby and elevators been renovated? How is the light and views. Getting this right will make everyone much happier working in the office.
Working with an experienced broker to help navigate this process is essential. The perfect space may not be completely apparent in the beginning, and the first preferred option may ultimately not make the most sense when further evaluated. The key takeaway should be, there most likely isn’t a perfect space. There is a space that makes the most sense for your business when taking into account all the above considerations.
I would be delighted to discuss your occupancy plans and provide my thoughts.
Many of brokerage websites claim that their firm will find you “The Perfect Office Space.” As a successful 30-year industry veteran, I am sorry to say, that unless you have Jeff Bezos or Elon Musk type money, and cost is not a factor, otherwise the perfect space is going to be a series of well thought out business decisions and comprises.
Any broker can run a space search. That’s easy. The skill is working with the client to educate them on the market and asking the right questions in order to fine tune the requirement. The requirement is often fluid as once the client better understands the market and receives feedback from their colleagues, the search is adjusted to better reflect the true needs and priorities.
I always begin by discussing the following three categories: The Financial, The Operational and The Qualitative.
Financial: The financial considerations are not limited to just rent. The amount of construction required to make the space work is an enormous consideration in a lease negotiation. How much is the work going to cost, and how much of it is the Landlord willing to pay for? The cost of the work is going to significantly impact the economics of a deal. Other financial considerations in a lease negotiation include, the annual escalation, the real estate taxes, electric, office cleaning and carting, and miscellaneous charges such as water and sprinkler.
Operational: I don’t care how beautiful and well-priced a space is. If your business cannot operate in the space in an efficient manner, then the space simply does not work. End of story! Is the space the right square footage, does the space allow you to create your desired layout, does the space work for fostering collaboration and productivity, does the space allow for future growth, etc.? What are the hours of heating and cooling? How old is the air-conditioner? What is the fixture count in the bathroom? Your business will likely remain in a space for 5-10 years, so all of these items need to be well thought out from the start, or those 5-10 years will be very long.
Qualitative: Does the location work well for all the employees? How close is to the building to mass transit? Is it easy to visit clients or for clients to visit you? Are their good dining and take out options in the neighborhood? Does the building have amenities? What is the reputation of the Landlord? Has the lobby and elevators been renovated? How is the light and views. Getting this right will make everyone much happier working in the office.
Working with an experienced broker to help navigate this process is essential. The perfect space may not be completely apparent in the beginning, and the first preferred option may ultimately not make the most sense when further evaluated. The key takeaway should be, there most likely isn’t a perfect space. There is a space that makes the most sense for your business when taking into account all the above considerations.
I would be delighted to discuss your occupancy plans and provide my thoughts.