Flexibility Leads to Affordable Office
If You Help the Landlord Help You, Both Can Benefit. Many start-up businesses begin their journey in the affordable and comfortable confines of home. Before they know it, these businesses out grow home base and need to replant their operation in a more formal setting.
Flexibility is essential if you want to find great deals that meet your unique start-up needs. If you are considering a move to commercial office space, the best advice I can give is to be flexible in your needs and look for landlords who are flexible in regards to term, price, and overall service.
Often an entrepreneur’s need for flexible lease terms will dictate their decisions. When I talk with them, their biggest fears are that of survival and of managing their growth, which is why they don’t want to get locked into a lease. If your business hits a bump in the road and you have to scale back expenses quickly, you don’t want to be stuck with lease payments for the next three years.
Conversely, if your business starts to grow faster than expected, you don’t want to be trapped in a space that is too small. For these reasons, prospective tenants prefer minimum leases of six months to one year terms which most landlords shy away from.
Working with start-up businesses has taught me the value of developing ideas that are different and unusual. I noticed that when I started getting creative, new businesses became interested. Most importantly, I am committed to meeting the needs of every tenant, so in the end we can work together and come to an agreement. If my tenants need to expand I’m delighted and make every effort to provide them with new space. On the other hand, if they need to end a contract or shrink their operation, I assist them in this process as well. In my line of work, it is crucial to develop long-term mutually beneficial relationships. I would recommend finding a landlord who will treat you in such a manner.
Watch for Deals
Recently I met a gentleman who needed a flexible deal; I had a 734 foot space sitting empty. Consequently, we agreed that he would pay $375 a month, on a month-to-month basis, while the space was still actively marketed.
In return if a lease-signing tenant was found, the gentleman agreed to move to another office in the building or to one of our nearby buildings. He also got the right-of-first-refusal in case he wanted to stay put.
Part of my job is to listen to the needs of new tenants. I heard they had a strong desire for low-cost solutions, so I developed a standard package that offers 200 square feet for only $300 a month. The property has a caf, free Wi-Fi, conference rooms, garage parking and an exercise facility.
The price of $300 per month includes everything, except for phone service.
Prospective tenants often rely on me, as an agent, to take the lead, handle most of the process and answer all of the questions. Sometimes they even look to me for advice about marketing their business. Overall, they are looking for a full-service package, not just someone to show them space and get a signed contract.