What to Consider When Renting Office Space
Good office space isn’t hard to find if you know what to look for. The DC real estate market is extremely competitive, which puts tenants at an advantage because landlords will be more willing to work with you to meet your needs.
Check out the following factors to consider when looking to rent office space in the DC area.
Unlike residential leases, commercial tenants are allowed to work with landlords to develop a lease structure that works for them. If you’re looking to open a retail business, you may want to do some renovation, so it’s critical to have a lease that allows you to do that. Be aware of the different types of commercial leases and have a lawyer review the lease with you before signing.
DC has some of the worst traffic in the country. Is your space in a heavily congested area? If so, is it Metro accessible? If customers and employees cannot easily get to your location, you’ll find yourself in an empty office. It may be worth the higher rent to find an office space that is convenient to the Metro and offers off-street parking.
Urban vs. Suburban
Your business will likely work in both urban and suburban areas, but there are advantages and disadvantages to each. Urban areas have more foot traffic and higher-income clientele, but rents are way more expensive than the suburbs.
Retail businesses will want a substantial amount of passersby to attract as many customers as possible. If considering space in a shopping center, check out the anchor stores, and ask other tenants how much business they do just from people walking by.
Is your office easy to find? What about amenities? Many mixed-use office-spaces include little extras that attract employees, such as on-site daycare, restaurants, and even dry cleaners. Choose a space that is convenient for yourself and your employees.
While the city is extremely walkable, there are some suburban areas that are not. This may not be an important factor for your business, but if it is, consider the lay of the land and make sure that it is safe for people traveling on foot.
With the number of choices available, finding office space can be overwhelming. If you’re unsure of what’s best for your business, contact the commercial property experts at Gordon James Realty. We’d be happy to help.