When looking for the perfect office space, the search begins with knowing what you want and need. How many private offices do you need? How many times a week will customers visit your office? How many employees do you have now and plan to have in the future? Do you need a conference room? Do you want open space for cubicles? These are just some of the questions you should answer before you begin your search for office space.
Here are some terms that will help you in your search for office space:
Full Service:A commercial lease type in which the Landlord pays the operating expenses and the Tenant pays the rent and their telecommunications' costs.
Load Factor:Refers to the common area in a building and how the Tenant's pro rata share of that space is added to the Tenant's physical space to determine their overall rentable square footage. For example: If Tenant A has 1,000 rentable square feet of space in a 10,000 square foot building then they represent 10% of the building. If the building has 1,200 square feet of lobbies, stairwells, elevators and restrooms then the load factor of the building would be 12%. Tenant A's space has a useable (real) square footage of 880 square feet.
Building Operating Hours:The set schedule of when a Landlord provides HVAC in the building. Traditionally, this would be Monday through Friday from 8am - 6pm but some buildings also include hours on the weekend. A tenant has 24-hour access to their suite but may be charged for after-hours usage of HVAC and possibly electricity. Depending on whether the spaces in the building have independent HVAC units or one large unit that supplies heat and air conditioning to the entire building, the hourly rate for HVAC could be anywhere from $5/hour - over $100/hour.
Business Liability Insurance:Insurance Coverage for liability exposure resulting from the activities of a business. A requirement for any Tenant that rents space and recommended for anyone who owns their own business. The number of employees you have and the scope of your business determine the overall cost of liability insurance but it is usually fairly inexpensive.
Let Bishop Clancy Commercial make your search for the perfect office an enjoyable one. We will save you time and money. There is no charge to you for using our services because the landlord pays our commission. So go ahead and contact us today and put us to work for you.