5 Mistakes to Avoid When You Are in Search of Office Space

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5 Mistakes to Avoid When You Are in Search of Office Space

It is human tendency and we are all bound to make mistakes. But simple mistakes in a business can cost you a lot that sometimes you’ll not be able to recover from the loss. Finding the right office space is a crucial time where the business owner has to make the move carefully to avoid costly mistakes.

Here we’ve discussed 5 common mistakes business owners do while searching for office space, avoiding which can put them in an ideal office space that exactly suits their business.

1. Exploring less

One of the best ways to find a suitable office space for your business is to explore more. Most common mistake the entrepreneurs do is that they stick to a specific type of space and forget considering other spaces available in the vast market. This can often make you pay more than the amount the space is worth for.

More you explore more spaces you can find, and more will be the shortlists. You’ll have that leverage to negotiate well on the deal as you’ll have an idea about the market; so definitely you’ll be in a better position when it comes to negotiation (both on terms and price).

2. Miscalculation

Miscalculating the company growth is one of the main reasons that most of the companies these days are wasting their office space, or cramping their employees in a congested space.

How does it happen?

It’s quite obvious that when you are looking for a new office space, you’ll certainly have to consider your company growth as you may have to add few more employees to the company in future.

Calculating it without a proper base leads to such mishaps where you end up in a larger office space than you actually need. It’s simply waste of space, and you’ll have to think of subleasing it.

Always bear in mind that the ideal space for an employee at the workplace is 100 sq. ft. You have to correctly calculate the space needed for your employees considering the company growth.

3. Misunderstanding the cost

What you see is not what you pay!

Yes, office space excites business owners so much that they don’t bother to correctly understand the costs associated with the space. They just look at the rent and think that’s all they have to pay, but that’s not the case.

When you are moving into a new office space, you must also consider the extra costs like utilities, amenities, maintenance costs including which the total cost looks different. You have to be extra careful when you are renting the space in an old building, as these extra costs build up fast in older buildings.

4. Overestimating your capabilities

Leasing or renting an office space is lot more than just picking a space and setting up your business there. You’ll have to think about the designers, brokers, office planners who can help you with their prospects and settle you up in the best place.

You can’t do everything on your own. As you think, office space designing is not just picking the things that look cool; it’s something more that needs proper understanding. Also the real estate agents; they know the market better than you and they’ll help you find an ideal office space.

Decide your capabilities realistically, so that the chances of you getting into the right office space will be more.

5. Inflexibility

Instead of being stubborn with the location by just going with the impression of others, it’s always good to define the traits you want to have in your office space. Every business owner office space expects the office space to be close to transit, in a popular area, good for parking, and that’s common.

You can definitely make your decision by considering all these factors, but being stubborn with a single location makes you miss the chance of getting into a better office space in other locations.

As already told, a reliable commercial real estate agent will know the market well and it’s really good to seek their help to find the best office space available in the market.

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