Leasing office space is a complex process and a significant financial commitment. Here are the most common mistakes made by tenants when securing office space for their business needs:
- Beginning the negotiation of a renewal or new lease too late
- Lacking clearly defined business or real estate objectives
- Focusing exclusively on financial costs
- Failing to appoint a project leader as the internal single point of contact
- Making inaccurate estimations of the company’s space requirements
- Failing to leave enough time at the end of the lease to fulfill “make good obligations”
- Acting to slowly once a decision is made, and consequently missing out on opportunities
- Agreeing to terms prior to obtaining a space planning perspective
- Failing to allow for expansion space
- Paying too little attention to exit strategy and lease flexibility when negotiating the lease
- Lacking the knowledge of future opportunities; often, the best deals are secured well in advance of the space becoming available
- Failing to assemble the entire integrated project team; broker, architect, contractor and legal counsel
