If your company has started to grow, congratulations! It is an exciting time, and you might be looking for a new space in the near future.
If you’re looking to expand to South Florida, there are many potential options, and it can be challenging to narrow them down.
Below are a few things to consider as you go about your search, and an experienced Florida commercial real estate lawyer can advise you on any of them, or help with negotiating your lease, which will determine your monthly expenses, options to move and other important terms:
#1 – Does it have enough room for an expanded operation?
If you plan on staying in your current space for 3-5 years, a common length for many commercial real estate leases, you will want to consider your anticipated space needs.
Is there an option to add extra space for additional meeting rooms or desks if needed? Are you allowed any flexibility with modifying the current space?
If you are stuck with a specific layout without any upgrade options, it may be better to find a more flexible building and lease, especially if you anticipate growth.
#2 – Does it offer multi-purpose functionality?
It’s getting tougher than ever for employers to attract quality talent. One of the biggest influencers are the amenities that a particular workplace has to offer.
The same boring cubicle office layout of prior decades often doesn’t attract top talent today. To make your company more competitive in this area, consider adding multi-purpose functionality to your workplace.
Maybe you can have a small gym area, all-purpose spaces for get-togethers or even yoga instruction. A small kitchen is a nice selling point as well. Of course, it depends on the size of your company and anticipated growth, but consider what your employees might want in the workplace.
#3 – Can you meet with current tenants?
It’s always a golden opportunity if you can meet with any current tenants. You’ll find out the good and bad when it comes to the landlord and how they deal with inevitable issues. Knowing this is of the utmost importance when you are signing a multi-year lease.
Few things will be as telling as current tenant experiences, and most of them will be happy to share their positive or negative experiences to help guide a fellow business owner into making the right decision on a space. Don’t just take the word of the landlord – make a call to a current tenant or stop by and ask for their input.
There are many other things to consider as you prepare for your next big space upgrade. Mark Schecter at Schecter Law help review your lease or point you in the right direction for the best type of commercial real estate in South Florida for your business.