10 Things to Consider When Looking for Office Space - M

Looking for office space? What are the top things to consider when looking for office space? Taking in to consideration the following things will make it easier to filter the various options to find the right place for you.

  1. Location - this is a prime consideration, depending on your business for most cases you want to be close to your target customers and/or employees. Consider accessibility to public transport, commercial establishments, amount of traffic, parking around the area , getting to and getting out of the location

  2. Timing - let your broker know when you will need to use the office. For cases where there is already a tenant or owner existing, you can only start when the current tenant or owner has ended their lease contract or agreed to turn over the property respectively.

  3. Accreditation - buildings have certain types of accreditations to maintain standards. For example PEZA and CEZA. If your business requires a building with such please let your broker know.

  4. Operating hours - For example buildings with embassies maybe may only allow regular office hour operations while others buildings permit 24/7 operations. Let your broker know your operating hours.

  5. Parking - some buildings have lots of parking slots assigned to units, others are park slots for rent while other buildings don't have parking and as an alternative there maybe parking buildings near by. Let your broker know how many parking slots you will need.

  6. Permitted uses - certain buildings permit types of businesses for security or business reasons.  For example buildings with high profile companies may permit businesses that have minimal traffic of customers. It is good to let your broker know what kind of business you are in.

  7. Inclusions - when a current tenant leaves you want to be sure what stays and goes with the tenant before considering the space. This may be items such as furniture, air conditioning , partitions, other appliances that may be included or be negotiable.

  8. Condition of the property - for most cases it is as is where is. You'll get the unit as is and where ever everything is left by the previous tenant or the condition it currently is at. There are cases where the lessor will fix up the property or the current lessee before leaving will restore the property to what ever was agreed to in the lease contract. It is good to note what condition of the property will be upon turn over so that you know how much work, time and expenses you will need to invest to get your office up and running

  9. Area of space - depending on the type of business you need to advise your broker of the minimum and maximum size of a unit that you need. Consider the sub spaces in the office also if needed such as a pantry, reception, conference rooms , rest rooms, sub office rooms, stock room or filing room.

  10. Expenses - owning or renting a space carries with it other expenses. Best to always consider the total cost of ownership or leasing of the office space. These expenses includes real property tax, association dues if condominium type, value added tax , creditable withholding tax, cost of maintaining the office, cost of renovations if needed, construction bonds if applicable, utility expenses, security deposit, advance rent payment, business permits and other govt permits in relation to your business, and in mall operations note most malls operate on a percentage lease contract which requires you to pay the mall a percent of gross receipts in addition to the rent.

Looking for office space?