How do business owners look for space to lease?
I'm a commercial broker specializing in tenant representation. If you are a business owner, or an executive at a corporation, how does your company go about finding space? Do you use a broker? If yes, how did you find that broker?
You find a broker by reputation and trust. Preferable one that has worked with some you know so you can make sure that they are reliable and will be on the same page as you. Nothing matters more then trust because they are finding the space that may determine the success or failure of your business.
A space depends primarily on the needs of the business and its employees. Office building have different needs then a small restaurant and so on. Between these two factors a broker and future businesses owner will work well together and have a perfect leasing happen. (hopefully)
I'm a broker, but not specializing in comm leasing. I did hire a broker to find us the space.
When I was first looking for an office location a few years ago when I started my company, I simply used the internet to search.
Craigslist is a great resource. Also, the best site with the most listings in one place is: http://www.loopnet.com.
I just familiarized myself with the different types of commercial leases such as Full Service, NNN ("Triple Net"), Modified Gross, etc. This helped me to better sort through the different options. We really wanted a full service lease since we wanted a fixed monthly rate to budget for.
We tried the broker route and found: 1) It was too expensive, 2) they weren't providing us with what we were looking for. We kept getting the brokers who saw our business as dollar signs. We ended up using Craigslist, went to see it, met the landlord, have a thorough conversation with the landlord.
How do you look for space? Know what you want,know what you want to spend, pick the right broker, but if that doesn't work, don't feel like giving up. Trust yourself, trust that you can still find the right place. Know that whether you go the self-route or take the broker route, know that it isn't going to be a quick process. Have patience.
You shouldn't pay for space unless you really need it. You can even start using a business incubator. That will be the cheapest route to go and good if you have one or two employees.
When I was looking for my space I did an internet search for what I was looking for in my area. I knew exactly where I wanted to be so it was very easy.
Use your network. Small business is all about networking. I would ask your attorney and if you have it, your business advisers.
Look for local connections. If you know who you're renting from you can have better confidence in your business. You might also be able to make adjustments to the space you might not otherwise be able to. They might also help promote your business through word of mouth and help bring you into the community.