Real Estate Management, Development, and Brokerage

Tenant Login

 

How to Find Your Next Office Space

Finding Office Space in Albany NY

Finding your next office space. It’s easier than you think.

Maybe you’re an entrepreneur ready to make the leap from home office to leased space. Maybe your business is expanding and onboarding new employees. Or maybe you have too much space and are spending money on square footage you don’t need. Regardless of your business and space needs, the search for a new office may seem like a daunting task. It doesn’t have to be. In fact, your search boils down to a few key decisions.

Establish your budget.

It’s a good idea to use your monthly revenue and expense reports to determine the size and type of office you can afford. But rent is only part of the picture. You’ll also need to consider the cost of office supplies, furniture, utilities, and any technology needs. Although it varies by industry, you generally don’t want to spend more than 10 percent of your revenue on office space.

Pinpoint your desired location.

There are many factors to consider when choosing your office location. Do you want to be close to your customers, or do you prefer a central location for your employees? Is visibility and easy access important? Location will impact your search in more ways than one. Commercial office space is classified by the Building Owners and Managers Association (BOMA). See sidebar at bottom.

Determine your space needs.  

When looking for office space, it’s important to know how many offices, workstations and conference rooms you will need and how many employees you need to accommodate. This will help your leasing representative understand your space needs and get you the best office for your budget. Some property management and leasing companies offer free space-planning services that will give you a more robust, expert assessment of your current office environment and future needs, including workflow, space usage, amenities, energy efficiency, leasing costs, and technology requirements.

Pound the pavement (or hit the Internet).

Websites like LoopNet.com are a good place to start your commercial real estate search. Or you can start by driving around desirable areas and taking note of leasing signs. Once you’ve narrowed down your list, make an appointment to tour the spaces. To save time, request floor plans and lease rates prior to scheduling a building tour.

“Interview” property managers.

Be sure to schedule a meeting with the property-management company or landlord to discuss leasing terms and obligations before signing a lease. This is also a good opportunity to make sure you fully understand what is – and is not – included in your lease agreement.

 


Commercial Office Space Building Classifications

Location, building age and a host of other factors impact the lease rates you can expect to pay. According to the Building Owners and Managers Association International (BOMA), office building classes are defined as follows:

Class A
Most prestigious buildings competing for premier office users with rents above average for the area. Buildings have high-quality standard finishes, state-of-the-art systems, exceptional accessibility and a definite market presence.

Class B
Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same price.

Class C
Buildings competing for tenants requiring functional space at rents below the average for the area.


Ready to begin your new office search in the Albany NY area?

The Anderson Group can help. Contact Susan Touhey at 518-458-7726 or stouhey@tagny.com.

 

This entry was posted in Albany NY Business, Ask The Expert, Commercial Office Space, General News and tagged , , , , , . Bookmark the permalink. Both comments and trackbacks are currently closed.