Whether you're looking for the first office for your start-up or a new office to relocate or expand your established company, you have a lot to consider when comparing your options. Even individuals who have been through the leasing process will find that priorities must change in the age of COVID-19. With so much to take into account, you run the risk of overlooking important details. Here are 10 things that you can't afford to forget:
1. The Surrounding Area
Never sign an office lease without strolling through the neighborhood. Would you feel safe walking the streets before and after traditional working hours in this location? Are there restaurants, dry cleaners, drugstores, salons, medical providers and other businesses close by to help your employees manage their work-life balance?
2. Who Else Is in the Building
Make sure that you review the directory to look for any competitors or companies that might conflict with your brand image. You may even want to stop in and introduce yourself to your potential neighbors to get a feel for the atmosphere of the building and tenant satisfaction.
3. Connectivity
Complete and partial economic shutdowns may continue throughout the country until there is an effective treatment or vaccine for the coronavirus, so it's likely that some of your employees may end up working from home. Connectivity will be essential for communicating with team members who are teleworking. Buildings with distributed antenna systems (DAS) offer the highest level of connectivity. If the building you're considering doesn't have one, walk through the office and common areas to look for potential dead spots.
4. Ventilation
HVAC efficiency has always been important to tenants, but the age and type of ventilation systems in place in office buildings is more important than ever before. The best ones on the market can remove up to 99.97% of all particles over 3 micrometers in size to remove bacteria, viruses and other impurities from the air. Post-COVID-19, these systems can give you peace of mind that you're providing the best possible air quality for your employees.
5. Common Areas
The condition and appearance of common areas like lobbies and hallways reflect on your business, so it's a good idea to walk through them putting yourself in the shoes of your employees and customers. You'll also want to consider how easy it is to social distance in these areas to protect the health of your employees.
6. Overall Accessibility
To ensure that your employees encounter fewer hassles during their commutes, assess the size, condition and safety of the parking facility. Is the office easily accessible via public transportation? You can't overstate the importance of accessibility.
7. The Market
The coronavirus is already impacting the commercial real estate market, so the landscape may look very different even in areas that have seen little volatility in recent years. Familiarize yourself with current trends to ensure that you can assess the terms presented by your potential landlord.
8. Security
Although companies are putting more emphasis on employee health due to COVID-19, you can't afford to forget about security. What measures are in place to limit access to the building and protect people and properties?
9. Your Team
When you begin your search for a new office, sit down with your management team to identify their biggest concerns and top priorities for your new space. Shaping your vision of the perfect office with their feedback will help to ensure that your new office fully meets your business needs.
10. A Tenant Rep Broker
An experienced tenant rep broker can save you time and money by helping you with every step of the leasing process, and because landlords cover their fees, enlisting the help of one won't add extra costs.
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