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Denis Mehigan
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Three Resolutions for Better Office Space


No matter the time of year, your business should always resolve to get the best deal when looking for office space.  Here are three ways to ensure just that:

1.  Don’t Fall For the Scarcity Trick:  This is when real estate brokers claim that there are people in line wanting to lease the space your company is looking for.  Or the market is so tight that you won’t find reasonably-priced space.  Don’t let fear force you into overpaying for a space that isn’t right for your company.

2.  Investigate Shadow Space:  In addition to “public market” space, there are often additional offices that can be rented from businesses that have extra space.  A knowledgeable broker can often find space in places that don’t have anything listed officially on the market.

3.  Know Your Load Factor:  The load factor is the fee that landlords charge for the use of common spaces such as lobbies, elevators, restrooms, hallways, etc.  This fee can be anywhere from 15%-30% of your rent, and can drastically affect your bottom line.  Make sure you know what the load factor is and whether it is worth paying for your business.

When searching for office space, it is wise to look into these details to make sure the landlord isn’t overcharging you.  An experienced professional can help guide you in asking the right questions and negotiating a lease that is best for your business.

If you need consulting on Commercial Real Estate, contact TrustedPeer Expert Denis Mehigan.