Bill Himmelstein of Tenant Advisory Group offers exclusive tips for those looking to lease the right space.
Stay in Reality
Most companies are expecting to experience growth in the future, but it is not wise to lease on expectation. Lease your office space based on your current needs, then expand as your company does. It is better to have a slightly cramped space than unused space eating into your pocketbooks. Every business has plans to grow. Everybody thinks they have the next big thing and while it is important to have that aspiration, putting the cart before the horse will often end poorly.
Settling does not Need to be a Negative
Your dream office space may not be available when you need it, but do not give up on the building completely. One way to combat this issue is through a right of first refusal agreement with your landlord. If you can successfully bargain for this, then you will have the first crack at the preferred office in the building that suits your growing needs when a current lessor moves out. Small companies may find it difficult to bargain for this, however it can be extremely valuable as a way to expand your space more naturally. While the office that you currently occupy may not have all the internal aesthetic qualities that you want, it is still embedded in the same environment and neighborhood culture as your dream office.
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