When the time for a new business to cut its red ribbons in a commercial space, most executives will undoubtedly attempt to locate and secure office space on their own.
Countless businesspersons might find themselves questioning why they would require help, especially if they must pay for such services. Despite everything, they are investing a lot of money into expanding their business.
But those who have experienced leasing and purchasing commercial office space know that locating and securing their dream office is much easier said than done. Learned business owners who remember their experiences in finding their first office will often opt to hire a tenant or buyer’s broker to help them with moving to their new space.
Knowledgeable executives are aware that a broker’s fees are counted in the overall rent or purchase price so there isn’t any “added expense” in the operation. In actual fact, a decent broker can potentially save clients thousands of dollars, uncountable hours and immeasurable risk.
Here are four issues that may arise if you set out to discover office space on your own:
A substantial time commitment.
Searching for properties with vacancies in desirable areas takes time; as will contacting the property-owners and setting up appointments to view the spaces. You may have to spend time during your regular working hours to visit these spaces.
You will also be required to know just how much square footage you are looking for and possibly the difference between usable square footage and rentable square footage. You may find yourself spending a lot of time inspecting spaces that are too large or too small, without such knowledge.
Prepare yourself to spend more time than you predict in finding offered spaces that meet your necessities.
The prospect of missing out on properties
There are times when very desirable commercial office spaces are not promoted to the public. Commercial real estate brokers that are well-informed about forthcoming vacancies can get their clients into a sought-after space before it reaches the market.
If this is the first time you are purchasing commercial space, prepare yourself for the fact that it is unlike renting an apartment, acquiring a house or leasing a vehicle.
Many factors involved in leasing require negotiation, this includes tenant-improvement allowances, parking expenses and accessibility, early termination clauses and fees, base-year determination among other things. You will also have to negotiate the rates and terms of the lease.
The process is even more complicated if you are purchasing a building. The property-owner or seller that you negotiate with will most likely have a broker, even if you don’t have a tenant or buyer representative working on your behalf.
The moment you resolve to find office space on your own, you must understand that you will most likely work with very sophisticated property-owners. Things may prove inadequate of what you were assured, and you must manage these issues on your own. If you are deprived of the necessary knowledge and experience to deal with them, you may be in trouble.
Regardless of all the challenges, countless business owners do try to find space on their own. A handful of them may be prosperous. Others may find it a totally nightmarish experience when they pay more than anticipated, are dissatisfied and counting the days until they can withdraw from their lease or regretting a building purchase.
You will know the decision that is best for your business. If you are struggling, or confused, do not be afraid to call a tenant broker regardless of the stage of the transaction cycle.
Looking for Office Space in Ottawa for your business? We can help find the perfect location to suit your business needs for Office Space. At Metcalfe Realty Company Limited, we strive to satisfy the property requirements of Ottawa’s varied and dynamic business community. To assist you in your search for the right office, warehouse, retail or medical suite we invite you to browse through our portfolio. Please contact us for further information or to arrange a tour of a specific suite. At Metcalfe Realty Company Limited, we will work to ensure your satisfaction.