There are a few items to consider regarding an office lease, especially if that lease will expire within the next 18 months to two years. The first thing to consider is your company’s needs. Since office leases typically span five to ten years, a company needs to consider its present as well as its future needs. That being said, think about what’s happening with your company and your industry. Is it doing well and growing? Or is it contracting and downsizing. Will the future bring hiring or layoffs? The answers have to be added to the present employees to determine the necessary square footage. Allow 200-250 square feet of office space per person. This will also accommodate the reception, conference, kitchen, storage areas as well as the circulation.
Next, think of the type of building that is important to you and your company. There are three different types of buildings; the first and most expensive is an “A” building. These are generally newer with excellent locations and amenities, including a café, under building parking, health club or gym, conference room, concierge, large atrium, artwork, etc. The “A” building is desirable if you are a large company in need of an image and/or need to attract high quality employees. Next is the “B” building, which costs less and offers some of the above amenities such as a café and under building parking. Last is the “C” building, which is much less expensive and is typically used for back office space. The C building offers no amenities and the location may also be off the beaten path.
Now consider the location of the building. The primary factors to consider are where do your employees and your management live? Do you need access to a major highway, train station or airports? Are bus routes or subway stops important criteria? If you have out of state visitors, is a hotel readily available?
Remember to always think ahead and consider your current state with regard to your future needs.
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Planning Ahead #1: Your Lease is Expiring…How To Prepare!
July 7, 2017
Ross Selinger