When to Start New Office Space Search in Austin?
Since the pandemic started, we got used to working from home. Unfortunately, that couldn’t last forever. Now, many businesses are looking for new offices to get back to regular, in-person work. Finding new office space can feel very stressful. Nevertheless, the whole process can be a lot easier if you’ve got the help of professionals on your side. So, we’ve got you covered whether you’re leasing space for the first time, looking to expand, or moving your headquarters. This article will go over everything you need to know, from when you should start looking for new office space in Austin to general tips for leasing an office space.
Start With a List
If you’ve decided that you need to start looking for new office space, the next step is to make a wish list. Consider things that are important to you and your business. Do you want your headquarters near the city center, or are you considering an office in another part of Austin? How big does your office need to be? Or, how many people will be working from your office? How many office units will you need? What about a breakroom? If you need it, write it down. This list will come in very handy once you start looking for new office space because you’ll be able to write off certain spaces based on square footage or the floorplan alone.
Furthermore, determine your budget. Before you start looking around, you need to know the exact range you can afford.
When To Start Looking?
Since the Austin market for commercial real estate is highly competitive, don’t procrastinate looking for your office space. Instead, start your search at least four to six months before your current lease expires or your preferred move-in date. This will leave you enough time to find the perfect location that checks out all your boxes. You also won’t feel rushed into deciding or settling for a bad option just because you don’t have time to look around anymore and wait until something new pops up.
However, don’t forget to consider real estate trends. During the year, the residential and commercial real estate prices fluctuate depending on the saturation of the market. It’s essential to consider that too, and start looking for your new office space in Austin when the supply is higher than the demand to get the best price.
Do You Need To Renovate?
Although you should start looking for new office space at least four to six months in advance, this number can be bigger if you need to renovate the place before the move-in date. Maybe you find an office of the right size at the perfect location, but that requires a lot of work. Or, perhaps you find a modern office that still needs work to fit your corporate image. In any case, you should add the time for the renovation to the equation.
Work With A Commercial Real Estate Broker
In the Austin Metro Area, there are about 4,600 office buildings with over 96,000,000 rentable square feet. If you’re just getting started or are unfamiliar with the Austin area, hiring an agent or broker to help you find your new office space is a good idea. Real estate agents and brokers are experts who know their area very well. They know all the available listings and can work to help you find an office space that checks out everything on your wish list. Moreover, they’ll do their due diligence and help you with the paperwork when the time to sign comes.
Even if you have a real estate broker on your side to help you negotiate, this part of the process can take a long time. Here are just some of the things that need to be negotiated:
- Who is responsible for paying for utilities, cleaning services, and other running costs?
- What will your rent be per square foot?
- How long or short of a lease period do you think you’ll be able to do?
- Is it possible to obtain a renewal option or the first right of refusal if you need to expand?
- What is the maximum number of parking places you are permitted?
- What is the amount for the security deposit?
As you can see, there may be quite a bit of back-and-forth before you reach the point of signing. Then, it will take one to three weeks from the time the lease is created to when the attorneys get it. If you’re considering putting off searching for new office space, you need to keep this time in mind too.
New To Austin?
Finding office space can be very tough if you don’t know Austin well. And, if you’re trying to find an office space even before you move to Austin, that can be almost impossible to do by yourself. Aside from office-hunting, you’ll also need to start house-hunting for yourself and plan your move. Luckily, even if you’re planning to come to Austin from other parts of Texas or the USA, you can always hire movers that will take care of the long-distance relocation. Sure, you’ll have to set the date and pack your belongings, but you’ll have nothing to worry about on the moving day.
The answer to when you should start looking for new office space in Austin isn’t as straightforward as you may have hoped. You need to consider so much to figure out the exact timing. Generally speaking, four to six months should be enough to find and sign papers for a medium-sized office. However, if you have some special requirements, you may need to take longer to find a suitable space. But, in the end, you never know. Although you can’t count on it, real estate can be all about luck sometimes. You may even get lucky and find the perfect office space for your company on the first day.
When should you start looking for new office space in Austin? The short answer? 4-6 months before move-in. The long answer? Read to find out!
Article Courtesy of Rhiannon Harwood, an experienced copywriter specializing in moving and packing content. She’s been working for verifiedmovers.com for three years now. She lives in Austin with her husband and their two daughters.