Leasing an office can be a lot of work especially as it involves a lot of different people and activities. Here is a handy office leasing checklist to ensure that you have all the necessary bases covered.
Have a location and size in mind
Before you begin your search, it is important to know the kind of office you would want for your organization as these can help narrow down the search. Having a larger scope of location can naturally provide more options for office occupiers, so it is best to be focused and have the right location in mind whether it be accessible via a commute route or nearby amenities. Location affects the cost of rent and the transportation modes needed by employees of your organization.
In addition, you also need to think about size. A rule of thumb is to multiply your headcount at any given time by the average density in an ideal office, which should be between 5 to 8 sqm per person. Add extra space for communal spaces. Size would vary greatly on the kind of organizational culture that you have and what work setup is required. A commercial broker or agent must have the skills to help with space planning and rightsizing your office.
Finding a broker or representative
Once you have the bases covered for the kind of office you are looking for, the next step is to find someone to be your representative in the leasing process. A good broker can guide the tenant throughout the transaction process and move through it quickly with their expertise. It is key to find the right broker who specializes in the location or area you are focused on so that the office leasing project is a successful one.
A broker will provide you with an options list after the requirements have been enumerated. This list helps you look at the buildings you may want to consider.
After narrowing down the properties, a proper site tour can take place. Sometimes, you can get presented with a brochure at the beginning where you can view all the important information about the property. During the tour, it is important that you take photos of the different amenities and grounds, and take notes of the information presented. Your broker will help you assess the pros and cons of each option.
Negotiations and agreements
After you find the perfect office option, the next step is where you will rely on the negotiation skills of your broker to get the best deal possible. A series of documents will be formalized, such as the Letter of Intent (or LOI) and Contract of Lease (or COL), between the two parties. Negotiations about the terms and conditions will be exchanged until they become acceptable.
Office leasing — what’s next
During negotiation, one already has to think about the next step: fitting out your office, especially if you are selecting a bare-shell space. A commercial broker can refer you your fit out team, but it is more ideal to get a company which can do both brokerage and project management. The reason? Because building your office can be as much a headache as looking for your new space. The two processes must come together to save time, maximize resources, improve coordination, and provide you with the best result. And once you have your new office, the day-to-day facilities management will also needed to be considered.
From leasing to facilities management
Now that you know all of this, when you have decided to find the right office, Santos Knight Frank can be your trusted commercial real estate broker, project manager, and facilities manager. Santos Knight Frank is a renowned real estate services company with years of experience in brokerage, having transacted more than 4 million sqm of office spaces. It also has expertise in advisory, asset management, property management, appraisal, and more. Learn more about Santos Knight Frank by visiting the website www.santosknightfrank.com/.