Looking for the perfect office space is like looking for a needle in a haystack. It can be tedious and time consuming. When you start searching for space, you will easily generate up to 300 availabilities or even more. So, you will spend a LOT of time searching through irrelevant properties. The key is to prioritize. You have to set aside what is important for you, to capitalize on the limited time you have to find a property. You need to determine your ideal office size, rental budget, location, etc. and then you can begin to quickly sift through the sea of available office space candidates.
In this economy, no one has time to waste. If you’re running a successful business, you don’t have time to sit down and spend hours sifting through hundreds of available properties in your area. Narrowing down your searches based on different categories, will allow you to not get distracted with searching for useless office space.
The most important concern of tenants searching for office space will always be their rental budget. The rule is to always “Know your budget!” More often than not, tenants will not set a rental budget when searching for space and they receive all sorts of office space availabilities that they don’t want; which we call “noise”. If you simply set aside a budget of let’s say, $1.70-$1.80 per square foot, you will only get the commercial properties in that price range; allowing you not to stress over the hundreds of irrelevant properties. This way, you can stay focused on the “bottom-line”.
On average when a user is searching for available office space the process can take about a month. Here’s what it looks like:
You first have to select your favorite property candidates to purchase or lease. You then have to review that the floor plans of those properties match the needs of your business. Once you select the floor plans that work, you have to schedule property tours so you can check out the property, in person, top-to-bottom. After that, you have to negotiate the terms of your lease or purchase in a way that is appealing to both parties. Trust me…this can be very time consuming. Tenants who have done the work on their own, learn to have a love-and-appreciation for talented commercial real estate brokers who make this whole process a breeze.
Ultimately, one of the biggest challenges for entrepreneurs is finding the perfect space that fits their rental budget and business needs. You have to find the perfect spot based but you also have a business to run; so can’t spend all of your time searching. So, you have to prioritize to reach your goals quickly. Now, if you’re a business owner or entrepreneur who is struggling with this whole office space search thing, we’re happy to help answer any questions or take care of all the details within 24-48 hrs. Give us a call anytime at (949) 790-3150 =)
Andrew Bermudez
Senior Vice President
Building Solutions Group of Lee & Associates Commercial Real Estate Services-Irvine, Inc.
Direct Line: 949.790.3159
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