Steps to Leasing a Space for Your Business

Navigating the complexities of leasing your a business space can be daunting, but with the right guidance, you can simplify the process and set your business up for success. Here’s a guide from us, designed to help you find, lease, and occupy your new space.

Step 1: Do You Actually Need a Space?

Determine if your business truly requires a new space. Early-stage businesses might benefit from coworking spaces, while growing businesses may need more permanent solutions.

Step 2: Why Do You Need a Space?

Clarify the specific reasons for needing a space. Are you expanding your team, needing a better location for client access, or requiring specialized facilities? Understanding your exact needs helps narrow down your options.

Step 3: How Much Space Do You Need?

Assess your space requirements accurately to avoid unnecessary costs. Calculate your needs based on the number of employees and any specific industry requirements. For instance:

Step 4: Develop a Budget

Creating a well-defined budget helps prevent financial strain and enables you to make informed leasing decisions. Be sure to consider the following:

Initial costs:
- First month’s rent and security deposit
- City fees
- Furniture, fixtures, and equipment (FF&E)
- Signage
Ongoing expenses:
- Monthly rent
- Operating expenses
  - Utilities
  - Maintenance
  - Taxes
  - Insurance

Additionally, understand the difference between full-service leases, where all expenses are included in the base rate, and other types of leases like triple-net (NNN) leases. With NNN leases, you pay the base rent plus additional costs such as maintaining common areas and insurance.

Step 5: Familiarize Yourself with the Leasing Process

Understand that the leasing process can vary significantly based on the size and type of space you need. For smaller spaces (around 500 square feet), the process may take a few weeks. For larger spaces (10,000 square feet), expect it to take longer to secure and customize to your specifications.

Step 6: Select a Location

Consider where your employees and clients are coming from. If your business serves customers directly, being close to them is important.

Step 7: Plan Your Move

Plan your move carefully. Notify clients, obtain necessary occupancy certificates, and decide what furniture and equipment to move. Purge unnecessary items to streamline the process. Communicate clearly with your team to set expectations and ensure everyone is prepared for the transition.

By following these steps, you'll confidently lease your first space, ensuring it meets your needs and supports future growth. Planning and clear communication are crucial for a smooth move. If you have any questions or need guidance, we're here to help. Our goal is to lease spaces that set you up for success.