The present boom in the Miami real estate market has brought along its fair share of good news and bad. A favorable situation for many real estate professionals, but hard on the bank accounts of many business professionals. A the prices of constructed structures soar high, so do the lease rates. As the competition for commercial office spaces in Miami increases, the situation becomes more complicated.
Searching for the perfect office has never been an easy task. No matter how old your business is; there will be challenges. Startups and small business face a trickier situation than others mostly due to their limited finance and experience.
If you are someone who is currently on the lookout for a suitable office space, this article is sure to help you. I have compiled a list of essentials that every business must adopt if they are on the hunt for their dream office:
Plan, Plan and Plan Some More!
Planning is crucial. Period. The sooner you start, the better it is. Many businesses underestimate the time that will be required to plan properly and search the appropriate space. There are multiple things to consider and study. From your workforce size to the lease rates to probable space modifications, everything takes time. The best thing to do is draw out your expected results and plan accordingly. What you ‘want’ might necessarily not be what you ‘need.’ Big companies should start planning at least a year before while smaller ones could do well with planning eight or nine months earlier.
Understanding Your Space Requirements
It is crucial to evaluate your space needs carefully. If you lease more than required space, you could be adding on to your cash outflow. Not to forget the space that would remain unutilized. On the other hand, if your new office falls short of your space requirements, it could mean lower chances for future growth and decreased the productivity of your employees. If you are looking forward to increasing your human resource, adequate space consideration is a must. Most times, companies move into a new space without adequately thinking through their growth prospects. The best method is measuring by metrics.
All you need to do is measure by the ratio of useful space per person. Open offices not only offer an unrestricted and interactive work environment, but also provide the benefit of accommodating maximum number on a single floor. Quite contrarily, enclosed office spaces might take up more space, but could be necessary if your clients demand privacy.
Employ the Services of a Local Real Estate Agent
Real estate brokers are experts who have capable experience and knowledge regarding the local property codes, rates, and availability. It is not feasible for us to have comprehensive market information regarding our local landholdings. These services can offer substantial assistance in searching, selecting and leasing an efficient office space that would fit your requirements perfectly.
Local property brokers also have good relations with local property landlords, by virtue of their frequent business dealings. Such kind of business relations could save you a lot of valuable time and money that would otherwise be wasted on building a relationship and negotiating rent with property owners. While negotiating your terms, it is best never to settle for the lowest price. Going too low on the lease rates could mean compromising on necessary amenities and services.
Legal Formalities Matter!
Before signing your final lease document, do ensure that your lease decision is well within the prescribed legal boundaries of the state. Check for loopholes, if any. Ethically, the property owner and the real estate broker are required to carry out transparent and legally binding procedures, but it never hurt to be careful by yourself.
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