Leasing Office Space – Part 7 of 23 Budgeting and Layout
Author: pradeep Total views: 6 Word Count: 368
Define Budget and Expectations
Define the building quality, price per square foot and total monthly budget for office space. The office space broker will advise you if your expectations are on realistic. Visit with the tenant rep broker to make sure the amount of office space you are seeking is consistent with your current and projected number of employees. The density for most American offices is between three and six employees per 1000 ft.˛ of net rentable space. (The difference between net rentable space and actual space is discussed shortly.)
Layout
The conceptual layout is important unless you’re planning to completely demolish and rebuild the office space. This is very expensive. (Demolishing and rebuilding office space will likely cost at least $25-$40 per square foot depending on your location.) Determine whether you are looking for space which is mostly open concept, or which has a large number of smaller or larger offices. This will allow you to cull options that do not fit.
How important are ingress and egress during peak traffic periods? The layout of the site will determine the ease or difficulty of peak traffic access.
Signage
Is signage important? You may need to consider restrictions imposed by the landlord, local government and subdivision deed restrictions. If signage is important, obtain a written copy of all signage restrictions soon after becoming seriously interested in office space. Obtain candid insights from your tenant rep broker regarding signage for the office building.
Parking
Do you require a high amount of parking? (4 or more spaces per 1,000 square feet of space is a relatively high amount.)
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Patrick C. O'Connor has been president of O'Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also a registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes. He continues to set the standard in direction and quality of our appraisal products, adding services ranging from business valuations and business appraisals to cost segregation analysis for income tax reduction. Patrick C. O'Connor www.poconnor.com
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