This New Year Find the Perfect Office Space
Has your business expanded, or maybe you have finally gotten to the point where you think you need commercial space. Either way, if you’re seeking office space…we’re here to help! Working in commercial real estate for over 30 years, we’ve acquired some productive tips. Furthermore, these tips will make your search for that perfect office space painless and easy. In this article we outline our three best tips as you begin or continue your search for office space in Charlotte, or whichever market you call home. Happy hunting!
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Tip 1: Are you Sure you Need Office Space?
Not to deter you from buying or leasing office space, but working with so many clients over the years we actually run into this question a lot. It seems there is something about physically seeing office space and being questioned about your needs by a Broker, that prompts many clients to stop and reassess their office space goals. With the growth of freelancing, and being ever connected to “the cloud”, many businesses realize they can get by with a home office (which they can expense at tax season), or an ever-increasingly popular option – co-working space.
Although, if a home office is just too small, but your business needs don’t quite match up with a full suite, maybe you should consider co-working office space. With this option, which is popping up left in right in commercial markets across the U.S. including Charlotte, you can pay for an annual membership that provides you with access to high-tech facilities, fast internet connectivity, open and modern working spaces, meeting rooms…and the best part…you only pay for the space you need.
If you know 100% that you do in fact need real office space keep reading!
Tip #2: What you Want vs. What you Need
Like every big decision you have ever made in your life, it’s important to be realistic with yourself about what you want versus what you need. Before showing any client space, we want to get a full picture of what is going to be best for their business, and more importantly, its budget. This starts with asking the client to make two lists. On the first, and most fun, they create their dream list of all the things they want for their office space. Then on the second, they list the necessities their business needs to thrive in that office space.
Try it yourself! Pull out a pen and paper and start thinking of what your perfect office space would look like. To help you get started, here are some common “priority” list itemsThe Convenience Factor
- Banks: Is being near a bank something that is important for your business?
- USPS/FedEx/UPS: All businesses need to ship items, maybe yours ships A LOT. Depending on your needs, being close to a package store could be great convenience.
- Restaurants: Do you and your employees eat out for lunch often? What about client meetings? Being nearby local restaurants, instead of a :30 trek across town, could be a huge time saver in the long run.
- Etc.: Rack your brain and try to think of the businesses that your business needs/uses. Then, ask yourself if being close to these is important.
The Access Factor
- No doubt you want happy employees and happy clients. A surefire way to get that is by choosing a location that is convenient and easily accessible. Don’t be swayed by what’s inside an office space. Rule of thumb is to start from the outside in.
The Traffic Factor
- Does your business type rely heavily on walk-ins? Then finding office space in high traffic areas will be your top priority. In this case, weigh the traffic factor most heavily as you choose office space.
The Parking Factor
- Depending on your type of business you may need access to a lot of parking. Or maybe you don’t get a lot of visitors and this isn’t important to you…but either way you should know where this stands on your “wants” or “needs” list.
Tip #3: Use an Office Space Professional. They’re free!
You heard me right…using a professional commercial real estate Advisor to help you find office space doesn’t cost you a cent. Yes, nothing in life is free, so who does bear the cost? Short answer: the landlord or building/space owner. So, knowing that you won’t have to pay for tenant representation you really have zero reason not to reach out and hire an Advisor who specialize in office space.
In addition to the no cost factor, a professional Advisor is going to be your best bet on finding the most office space options. That’s because they have direct access to all of your market’s current inventory, through subscriber-only platforms and also their relationships with area property owners.
Ready to Begin your Hunt for Office Space?
Hopefully this post has given you a lot to think about, as well as provided you with some real tangible tools on starting and navigating the process of searching for office space. If you have any questions, or just simply need help, please reach out and we will be more than happy to assist. Good luck!
Percival Partners is one of Charlotte’s most recognized and respected commercial real estate firms with more than 50 years experience in the region. Our professional and experienced real estate Advisors are in the business of listening, understanding, and adding value. No matter the commercial property type you own or seek, you can count on the Percival Partners team to maximize your return and peace of mind. To reach us, you can call us at 704.632.1000 or follow us on Twitter at @SVNPercival, LinkedIn or Facebook.