Austin Tenant Advisors Explains When Companies Should Start Looking for Office Space for Lease
September 20, 2022 at 16:07
Austin, Texas -
Austin Tenant Advisors, an office space rental company based in Austin, TX, wants to emphasize the importance of planning ahead to have enough time to find an appropriate office for lease, negotiate the terms of the lease contract, obtain the architectural drawings if needed, make tenant improvements, install the necessary furniture, and then move in. The problem is that most companies will delay looking for office space for lease until the last minute, causing them a lot of problems and they may even end up paying huge penalties. They either end up in hold over, which results in their having to pay penalties to the landlord later, or if the landlord requires them to move out, they could end up having no office until they find a new one. While such a situation may be tolerable when the company has only 5 to 10 employees, it could be a big problem figuring out where to hold office if the company has more employees. Austin Tenant Advisors has a blog post that reveals how long it would take to find and lease office space so that business owners will know when to start looking. This article can be accessed at https://www.austintenantadvisors.com/blog/how-long-does-it-take-to-find-and-lease-office-space/.
According to the above-mentioned article, business owners or managers need to begin looking for office space of less than 10,000 square feet at least 4 to 6 months before the expiration of their current lease or their ideal move in date. For larger office spaces, it is advisable to start looking at least 6 to 12 months before the move in date or expiration of the lease.
Nathan Smith, owner of Austin Tenant Advisors, says, “There are a lot of factors involved in the timing. However, many businesses wait way too long to do so. You see finding and leasing office space is a time consuming process that always takes longer than you think. It may be tempting to wait until the last minute (a month before your existing lease expires or when you employees are working on top of each other) however by doing so is going to cause a lot of stress and headaches. You might get lucky and find exactly the right size space in the right location that does not need any improvements whatsoever, however most of the time that will not be the case. Even if a space didn't need any changes that does not mean you will be able to sign a lease tomorrow and move in the next day.”
Usually, after a choice has been made as to one’s preferred office space, the commercial real estate agent will have to draft up a letter of intent (LOI) to start the office lease negotiations. And there are a lot of things to figure out at this stage, such as who will be paying for what, such as the utilities, janitorial services, and other operating costs. And it will take some time before the company and the landlord will come to an agreement.
Established in 2006, Austin Tenant Advisors is a commercial real estate company that specializes in helping business owners and companies find the best commercial space for their specific requirements at the lowest possible rate. They can provide assistance to clients in searching for the proper commercial space, and finally in negotiating the lease agreement, including rental rates for warehouse space, retail space, and office space. Austin Tenant Advisors will take care of the search for commercial listings, the scheduling of the visits to the commercial spaces being considered, and then dealing with all landlords and listing agents. This removes much of the hassle for business owners or managers. They will also provide the client with insider information on the Austin market that is not available from landlords or listing agents. And by having all of the vital information, companies and business owners are better equipped to find the best space for their specific needs with the most favorable terms and lease rate.
When in need of a reliable office space rental agency Austin TX businesses can check out the Austin Tenant Advisors website, call them on the phone, or contact them via email. They are open from 7:00 am to 6:00 pm, from Monday to Friday.
For more information about Austin Tenant Advisors, contact the company here:
Austin Tenant Advisors
Nathan K Smith
1300 Guadalupe St #250
Austin, Tx 78701