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Tax Season is Upon Us. Are Your Books in Order?

If not, you’re in luck! We’ve partnered with Bench to help connect tenants with better tools to run their business. OfficeSpace.com users can now get a free one-month trial and an additional 20% off the first 6 months of bookkeeping. 

If you feel behind on your bookkeeping you’re not alone. Most entrepreneurs struggle to keep up with their books throughout the year. That adds a lot of stress come tax season, but it also makes it a lot harder to uncover ever tax deduction you deserve.

That’s why we’ve partnered with Bench to offer business owners (tenants) with an easier solution – and at a discounted price. OfficeSpace.com visitors Bench provides a seamless way to manage tax season, as well as your finances throughout the year.

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Choosing the Right Terms: How Long of a Commercial Real Estate Lease to Sign?

As with any agreement, there are a number of important factors to consider before entering into a commercial real estate lease. Whereas a residential lease typically lasts 12 months, the commercial real estate world expects anywhere between three and 15 years. While small businesses tend to be more cautious and lean toward the shorter terms (and larger companies investing in longer-term spaces), the answer for your business may not be so clear.

Between size requirements, market conditions, and business outlook, there are many things to consider before making a decision – not to mention the location itself.

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Listings Spotlight: 7 Spaces That Will Give You Serious Office Envy

Thousands of listings get added to OfficeSpace.com daily, and we get the pleasure of seeing cool office space photos from all over the country. So naturally we thought: why not spread the office envy?

 

This week’s round up features industrial columns, exposed brick walls, bright red accent walls and so much more! Whether you’re in the market for a new space or simply looking for some workplace design tips, these offices are bound to spur inspiration.

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The Biggest Mistakes that Startups Make When Leasing Office Space

As a business grows and expands, it’s easy to begin imagining moving into a larger, more permanent space. This is especially attractive for the startup crowd, which romanticizes the “build it in your garage” mentality while striving for the authenticity of a physical, professional office.

But moving too quickly – even in the startup phase – can have serious repercussions on your business that could hinder your growth and agility for years to come. That’s why it’s so important to consider your options and avoid the pitfalls that plague startups who choose to lease a commercial office space too soon or otherwise overextend themselves in the early stages.

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A Complete Checklist and Outline for Moving to a New Office

Office moves always start out with excitement. The thrill of a larger space, upgraded amenities, or a better location are exactly why companies expand to a new location. But after your search, endless tours, negotiations over lease agreements, and finally signing the paperwork, the actual work begins.

First thing first, you’ll need a comprehensive relocation plan, which will help guide your organization through the physical move and ensure continuity of business.

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Coworking Space vs Traditional Commercial Leases: Finding the Best Fit for Your Needs

When you’re a small business owner, you look for every possible advantage. There are no shortcuts to success, but with the dawn of shared or coworking spaces in larger cities where commercial real estate comes at a premium, it makes sense to consider your options – until you outgrow them.

Finding traditional office space isn’t a cakewalk and costs of upkeep, overhead, and utilities can shrink a small business’ already tight budget. But coworking spaces have their drawbacks, too. Reduced privacy, limited access to conference and meeting rooms, and the fact that you’re sharing with others outside of your organization may result in a credibility hit.

If you’re trying to choose between a coworking space and a traditional office lease, you’ve come to the right place. Each solution comes with pros and cons that should be closely investigated before moving forward on a new place to set up shop.

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Commercial Real Estate Letters of Intent: Everything You Need to Know

After you’ve done your research, worked with your tenant representation broker, participated in site tours, and figured out your budget, the perfect commercial real estate property is finally in your sights.

Unlike most residential real estate deals, commercial real estate is complex, complicated, and often progresses at a glacial pace. Existing tenants may need time to vacate. Major systems will need maintenance and upgrades. Build-out details will need to be verified and finalized. But until the ink is dry, prospective tenants don’t want to let a suitable property pass them by.

The answer? A signed Letter of Intent (LOI), declaring your formal interest in purchasing or leasing a commercial real estate property.

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Exclusive Broker Agreements: What Are They and Why Do They Matter

Looking for commercial office space is a tedious process. Tenants are rarely equipped to handle the complexity and scope of the commercial real estate world, which is fraught with technical terms, lengthy negotiations, and stacks of paperwork. That’s why tenant brokers exist. With their expertise and knowledge of the local market, they provide an invaluable asset to potential tenants before, during, and throughout the length of a commercial real estate lease. And at no upfront cost to the tenant, there’s little reason not to take advantage of their experience and insights.

But once you begin your search for a reputable tenant broker, you’ll be faced with the prospect of entering an exclusive broker agreement with a commercial broker. As with any formal agreement, you’ll want to carefully weigh your options before making your decision.

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A Complete Guide to Touring Office Space

Whether you’re facing a much-needed expansion or simply searching for your first permanent office space, tenants would be better equipped with a list of detailed questions for each space rather than going in blind. Furthermore, knowing a few important tips about the commercial real estate world will help you gain a better understanding before your broker sets up tours on your behalf.

Once your commercial real estate agent concludes their market evaluation of potential spaces, the next step is to schedule walkthroughs and tours with the landlord’s representative.

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