In this article, we continue the series based on our free resource 12 Step Guide to Lease Office Space that breaks down the primary activities and the general time it takes to accomplish them.
Step 2 of 12: Overall Needs Assessment
When determining your overall needs, there are 5 key areas of consideration:
Timing
- When do you need to be in your new space? Depending on your specific needs, the Leasing process can take as little as a week or two to as long as a year. Beginning the process early allows for a thorough search of spaces that meet your requirements, gives plenty of time for negotiating and potential tenant improvements.
Budget
- To ensure you are on the right path, it is important to determine your budget early on in the process. Your Broker can help guide you with the expected costs associated with the lease, project management and move.
Space Requirements/Layout
- In order to determine the size of your new space, you will need to know how many offices, workstations, conference rooms, etc. are needed. The estimated square feet per employee can vary quite a bit depending on look, feel, and function of your space from as low as 3 employee per 1,000 sf to as high as 7 per 1,000 sf. And with the advent of remote work and hoteling/sharing the amount of space per employee can be significantly less.
Project Management
- During the assessment, you should decide if you prefer to manage the process in house or hire a Project Management firm to handle the various aspects of the relocation.
Other Objectives
- Additional considerations for your new space include location, quality/cultural objectives
- Location parameters
- Quality/Image/Cultural objectives
- Other unique issues such as parking requirements, hours of operation, wellness, amenities, broadband, power, and security requirements.
In summary, starting early, understanding the costs to determine the budget, along with what your requirements (space/special issues), the desired location and who is managing the relocation are all critical when beginning your search. Having an experienced broker to help determine your overall needs will streamline this step and is at no cost to you as the Tenant.
