What you need to know about Minneapolis office space for lease
When looking for office space, there are several factors every tenant needs to consider. Although every business has unique needs, there are basic elements to consider when seeking Minneapolis office space. Before beginning the search for space, consider the factors most important to your specific business needs.
How Much Space is Really Needed?
Many industry experts routinely suggest business owners consider not only their current space needs but also factor in future needs. For new companies anticipating rapid expansion, there is some logic to this recommendation. If there is the likelihood of needing additional space in the very near future, it may pay to lease a space larger than currently needed. However, keep in mind any underutilized space will add significantly to the overhead while not contributing to the bottom line.
On the other hand, organizations not anticipating rapid expansion need to determine the optimal amount of space needed to comfortably conduct business. That means selecting a space that is neither too big nor too small to function to control overhead. The division of the space selected is also important. If privacy is important, open areas intended for cubicles may not suffice. Discuss your needs with a qualified leasing professional if there are any questions as to the viability of a specific space.
Are Bells and Whistles Important?
Lease prices are determined by the quality of a building and the level of services provided. Space is generally designated as class A, B, or C. Class A locations are generally new and well constructed with a high level of amenities. Class B structures are also quite nice, but not as luxurious as Class A. Most businesses, even smaller ones, will gravitate toward those two categories of office space. Class C space is generally not considered acceptable by most professionals (unless they’re purely price driven; in which case a C or C+ building would be ideal, as the monthly rates are much less costly).
Today, communications are critical, and wiring for computers can make the difference between a successful business and one that struggles. Make sure any space being considered can accommodate your communication needs and has the capacity to meet future IT challenges. Minneapolis office space for lease must meet all computing and communication needs to make it worth the investment.
Don’t Be Afraid to Negotiate Lease Terms
While every situation is unique, it’s generally in your best interest to negotiate terms when possible. While high-demand building owners with very low vacancy rates may be unwilling to vary from their demands, most lessors have leeway and are willing to negotiate some terms of a lease. While some Minneapolis office space for rent in both Class A and B buildings may be ideal as is, remember that even minor alterations can significantly increase the overall cost of the lease. Discuss any changes needed to make a space functional before signing a lease to determine if the lessor is willing to negotiate the costs any updating needed.
Of course, these are not the only factors to consider when leasing office space, but they are a start. Potential lessees are strongly encouraged to contact a leasing professional for advice not only on available properties but also which of the available options would best meet your needs.
