Tips on choosing the right office space for your Austin-based business
Going through the overwhelming process of choosing the right office space for your Austin-based business can be challenging. With the COVID-19 outbreak affecting the real estate market, there is no room for error. With that in mind, let’s see how to make an informed decision that will benefit your business in the long run.
Why are Austin-based commercial properties highly valued?
Austin is known as the tech hub in the US. However, the city is such a good place for a business because no industry holds the market. Everything from government services to health care and beyond is well developed. The array of industries that operate in Austin is wide.
Austin has developed a strong and versatile commercial real estate market to back up the growing company needs. The variety of choices is large, and everyone can find exactly what their business needs.
Work with an experienced real estate agent
Buying a property on your own is formidable. However, it is not something you should do at the moment. With so many companies closing and the real estate market going through fluctuations every day, you have to think about the best approach.
You need an experienced hand of a professional commercial real estate agent to guide you through the process from start to finish.
Nevertheless, understanding how to choose the best office space for your needs is vital. In the end, you are the one who has to decide whether to purchase or not.
Know what you want
The first thing you should do is sit down and talk with your real estate agent. They need to know you, your company, brand, and your employees. The more they know about the business, the better.
Commercial real estate agents work with companies all the time, and they already have a pretty good guess about what your needs might be. You will save yourself a lot of trouble if you have entirely transparent communication.
Talk about your location preferences, the size of the property, your budget, and your short-term and long-term goals.
Searching for the property
Once your broker analyzes the situation and the discovery stage is over, he will have enough information to find the best office space for you.
Searching for a property can be a long process, so be patient. The goal is to find the perfect office space.
A broker’s job is to do extensive research, do surveys, scheduling tours, and find multiple options. After that, you will get a shortlist of possible options, with floor plans, property flyers, and everything else. The final step in this stage is visiting all the properties. Your realtor will arrange tours, and after seeing them all, you will narrow down the options to what you like the best. Your broker will contact the landlords and provide their proposals for you to review, based on your choices.
How to know what property to buy?
Even though you are getting all the information about the properties you are considering, you still have to decide which one to purchase in the end. A seasonal real estate agent who understands the market and the demand will provide detailed analysis and comparison of all properties and be there for you as a consultant. They usually know what features to look for and what makes a property suitable for your line of work.
Research the construction agreement
Choosing the right office space for your Austin-based business does not only mean looking for a nice looking property. Some offers have a better deal than others.
Another important step is to get construction estimates. Usually, the landlord hires an architect to layout a mockup of the floorplan and get the estimate for you. The pricing will tell you if the property is worth investing in or if it will be too expensive for you. This is crucial to establish before the negotiations start.
The negotiation phase
The negotiation process happens between your company, landlord, and lawyer, organized by the real estate agent. There will be a series of offers and counteroffers, all in hopes you can improve the terms of the contract. When both parties come to an agreement, your real estate agent will prepare the Letter of Intent, which outlines all terms and conditions, and it represents a sign of good faith between both parties.
Hot office trends for renting in Austin
Let’s take a few minutes to look at office space for rent in Austin. The two most popular options include:
- core office – This type of office space is considered “stable.” Companies usually rent this type of office space for many years in advance and use it to build a headquarters or established markets.
- flexible office – Flexible space is rented for a shorter time frame, and it includes daily, monthly, and in some cases, yearly rent. The usual use is for expansion, employee mobility, satellite office, etc.
Moving to your office after the completion of construction
It is a lengthy process, but you need to start moving in after the construction is over. This is a massive project, so you need someone to guide you every step of the way. The best approach is to reach out to professional commercial movers. Experience in this line of work can make a huge difference and help you avoid delays. The most crucial part is that your business does not suffer while all of this is happening.
Tips on choosing the right office space for your Austin-based business – delivered!
As you can see, finding help for choosing the right office space for your Austin-based business is vital. You cannot go alone into this endeavor and hope to finish it quickly and efficiently. You need professional assistance to avoid making mistakes and wasting your money, energy, and time. Good like finding the best property for your business!
GUEST BLOGGER’S bio
Jordan Hewitt is a freelance writer and an aspiring small business owner. He has contributed to a number of publications, and hopes that his guidance can help other struggling business owners.