First published in Vermont Business Magazine
Moving your office operations into a new space will most likely be exciting and stressful. To avoid it being mostly the latter, read on for seven insights on leasing a professional office space in Vermont. It can take a small to midsize company three to six months to secure a lease for a new office. There is no standard commercial lease deal; each tenant, property owner, and building is unique. It is helpful to understand how they fit together.
Before you set out to find your new ‘just right’ office space, consider the workflow of the space your company currently occupies. Does the size, budget, location, and fit up work for you? What doesn’t work? Are you growing, downsizing or running steady? Do you require privacy and confidentiality or do you bank on interaction and creativity by leasing in a shared space?
1. Budget the right amount of space
You may already have a pretty good idea how much space you need, but we usually see about 500 square feet for every 2 to 3 employees.
2. Consider the travel
Have realistic expectations about how well the location will work. Consider picking a central location that works for most employees and clients. But also, consider the location of your bank, your satellite offices, and where your biggest customers and clients are. Does the location seem easy to find? How is the parking?
3. Make the lease term reflect your business plan
If you are still growing, you may want to lease for a shorter period of time. If you are going steady, then 3 years is a solid commercial lease term. The best kept secret of all is that the longer you sign on to be a tenant for, the more willing the owner is to negotiate the rent.
4. Ask for a recommendation
If you would like to work with a broker or an agent, ask someone you trust for a recommendation. Look for a person who understands Vermont and knows commercial property. Things to look for are responsiveness and emphasis on building a relationship. You want someone who will follow up on the searches and inquiries and who will maintain a professional relationship with you long after the lease is signed.
5. Set you budget
Many companies settle on a specific budget, but it helps to understand whether it is more important to have lower rent or greater space improvements and fit up. You know what your absolute top budget is. Consider the features you would pay more for and where you have room for compromise.
6. Know your deal breakers
Sharing a bathroom with 20 chatty beauty salon students? No sunlight in your office? Metered parking? Whatever it is that you absolutely cannot live with, or without, make sure that your essential space needs are met.
7. Most importantly consider your quality of life
People live in Vermont because it offers abundant outdoor, social and dining activities. Vermont is beer geek, cheese lover and skier paradise; ask yourself, does this space with all of its unique perks above make you excited to move your whole office? Yes? Good! Here is a handy checklist for you to utilize while searching for the perfect home for your Vermont business.
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|CHOOSING THE RIGHT OFFICE SPACE: A CHECKLIST
|Total square footage|
|Flexible for growth?|
|Fit-up needed estimate|
|Fit-up cost to tenant|
|Insurance mandatory and optional|