What to Look for in an Office Lease: 5 Factors to Consider

Choose an office space that will grow with your business by looking for five specific things.

Leasing an office space is a major decision that can mark a key turning point for your business. And choosing the right office space brings far-reaching benefits. First, it makes you and your employees feel at home. Second, it provides all the amenities that you and your staff need. Third, it establishes your brand by creating the right look and feel for your business. But finding the right space takes some legwork.

In this post, we’ll discuss what makes a great office space and lease by covering three important topics:

• Why you might want to lease a new office space
• Five key factors to consider when choosing an office lease
• What you need to know before you lease

Why Business Owners Seek New Office Space

You may find yourself seeking out a new office space for several reasons:

• Your current lease is expiring. If that’s the case, think critically about whether it’s the right space for you. Have you identified specific needs that you need to fill? If so, start looking well in advance of the lease’s expiration date to make the transition as seamless as possible.
• You’ve expanded your business, requiring a larger space. Perhaps you’re moving from a coworking space to an office of your own, or maybe you’re stepping out of your home office and hiring staff for the first time. In either case, leasing an office space can signal to current and prospective clients that you’re an established and reliable business.
• You need a change of scenery, or you want to move closer to your home or child care. Perhaps you have a small business with just a few staff, so you’re motivated to move for personal reasons. Or maybe you want to bike from home to work every day. In either case, you want your office space to be convenient for you (and your staff) as you grow.
• You’re downsizing your business. This could be motivated by slower business growth or a move toward remote or hybrid work. Perhaps you don’t need your staff to be in the office most of the time, so you’re looking for a space that people can use on an as-needed basis.
• You need or want more amenities. Maybe you’re tired of being located in an out-of-the-way location, away from cafes, grocery stores, and coffee shops. You may also want the exposure and foot traffic that being located in a busier area can organically bring.
• You’re moving into your first office as your business scales up. You may appreciate the strong culture created by having staff work in a central location, so you want to find a place that can accommodate your growing workforce. Similarly, you may want to find a more comfortable or visually appealing space that staff and customers will enjoy spending time in. You want a space that conveys you’ve reached the next level.

5 Key Considerations for Choosing an Office Lease

The specific reason motivating you to search for a new office lease will probably influence what you’re looking for. But every business owner should consider these key factors when choosing an office lease:

1. Price. Consider your budget for an office first and foremost. That way, you’ll look at realistic options rather than getting attached to a space that’s far outside of your price range.
2. Amenities. Consider elements such as the layout of the building. How spacious are the offices? Does the floor plan offer what you need, providing the right mix of private and public work and meeting areas? Is the building ADA-accessible? Does it offer ample parking for staff and clients? Are restaurants and coffee shops located within easy walking distance? Does the building offer space for any extras you want to offer staff, like daycare or a fitness center? Also, consider aesthetic elements like ceiling height and natural lighting. Higher ceilings and large windows will create a more appealing atmosphere, whereas low ceilings and small windows can make people feel claustrophobic.
3. Location. The location should be convenient for both customers and staff. Proximity to transit lines and major thoroughfares will improve accessibility. Being located in a popular shopping area can also be a plus. Depending on your business, the foot traffic generated in such locations could boost your clientele.
   Consider the view as well. When clients and staff look out the windows, what will they see? Ideally, they’ll be looking out at a bustling professional plaza or shopping area, an attractive city view, or a well-kept natural area, for instance.
4. Room for growth. Consider how quickly you’ll outgrow a space. Ideally, you’ll choose an office that offers room to expand over the next several years. That way, you’ll avoid the hassle of moving again in the near term or causing confusion for clients.
5. Terms and length of the lease. Opt for a short-term lease if you expect to grow at a rapid pace over the next few years.

You might also consider whether the building offers a complementary mix of tenants. How will your customers perceive your business when coming to the space? You may want to avoid situating yourself next to a highly successful direct competitor, too, although this depends on your industry and the local demand for your offerings.
By doing your homework before you sign a lease, you’ll end up in a space that can grow with you over time. To recap, this involves several key elements:

• Considering your budget.
• Determining your business’s needs.
• Examining your growth prospects.
• Looking at multiple locations and considering their amenities.
• Choosing a space that reinforces the brand your clients expect.

Through these steps, you’ll select an office that provides an optimal space for staff while creating an ideal customer experience. With this upgrade, employees and clients alike will perceive your company as a thriving place to work or do business.