Hire the Right Broker for the Job
Commercial real estate is a specialized industry. Most brokers concentrate on one or two property types, such as offices or warehouses. Select a broker who has a proven track record in the type of space you need.
Sublease with Care
If you’re considering subleasing your office space, make sure your lease document allows it. Most landlords reserve the right to approve the subtenant. But use extreme caution when subleasing: If the subtenant defaults, you will still be on the hook for the lease!
Get the Right Amount of Space for Your Needs
Too much space means wasted money, and not enough can mean lost productivity. To calculate the square footage you’ll need, consult a real estate advisor, architect, or space planner. Real estate industry groups and associations like the Building Owners and Managers Association (BOMA) are good resources for benchmarking studies on space utilization.
Hire a Real Estate Broker to Secure Key Locations
Using a commercial real estate broker who is a market expert can help you anticipate the real estate market and secure the best locations. Being able to move quickly and decisively can help level the playing field for small retailers competing against national chains.
Consider Your Future Real Estate Needs
Think about your company’s potential growth before you start investigating new locations. For example, if you intend to double your staff soon, you’ll need significantly more space than you will if you want to grow your business at a more moderate pace. Either way, remember that most space is leased for at least five years. Don’t lease a space that you will outgrow in two years.