How To Analyze And Compare Costs Of Office Space For Lease
Whether you are starting a new business or expanding your current one, you might be searching for office space to lease. If so, how do you choose the right space? Well, there are a lot of factors for you to consider in this decision, but one essential one is cost. Here are several ways to analyze and compare the prices of the different office space options you can choose from.
Calculate the Price Per Square Foot
One of the easiest ways to compare the costs of office space is calculating and comparing the price per square foot. You can do this by dividing the monthly cost of the area by the amount of square feet it contains. The answer will reveal the price per square foot. You can do this for any space you look at, and it will provide you with a way to see the cost differences with the areas.
Analyze the Expenses With Each Property
Next, you should ask for estimates from the landlords for expenses. How much do the utilities cost each month? What other expenses will you have every month? If you can obtain these details, you can use them to compare the options, too.
Ask About Repairs and Maintenance
You should also inquire about the repairs and maintenance needs of the buildings you are viewing. Some landlords might provide maintenance services with the lease, while others may not. You should know exactly what you will be responsible for with the space and what the landlord will handle. By comparing these things, you can also learn more about the costs you will have with each option you view.
Compare the Pros and Cons With Each Space
Finally, you should compare the pros and cons of each space. Some qualities of office space are more appealing, so they might be worth paying extra for. For example, if one property provides 100 parking spaces while another provides just 10, the first one might be worth more. If you need a lot of parking, it would be worthwhile to pay extra to get it. There are a lot of features that may be essential for your business, so look closely at each property.
As you start searching for office space to lease, make sure you thoroughly inspect each property. Make sure you compare the features they offer and the costs for each. To begin your search, contact a real estate agent that offers commercial real estate services.