- Posted by Chris Carmen
- On March 15, 2018
It’s a year and a half before your office lease is up. There are many reasons why you might be considering a move to new office space: maybe you’ve experienced growth, want to attract younger talent, or want a start fresh with an open concept floor plan popular today. Whatever the reason, office relocation can be an exciting milestone in your business.
Yet, despite the many positive aspects of relocating a business, office relocation can be a daunting and often costly event. Perhaps the most costly aspect of relocating your business is taking valuable resources from the business’s core activities….most importantly, the business owner or managers.
To avoid the many pitfalls of planning and executing an office relocation, it makes sense to engage an expert in the field of office brokerage and business relocation. A commercial real estate broker that specializes in Tenant Representation, can add a lot of experience and expertise to your project. With the help of a Tenant Representative, it can also be a smooth experience.
Get ahead of the planning process with these steps:
We’ve provided a general outline; however, different industries have unique requirements which might alter this plan. In general, there are key milestones that everyone will take. Starting out early will give you time to address these issues.
- 15-18 months before lease expiration: Engage a commercial real estate broker and have them review your current lease. Hiring a Tenant Representative means you will have someone that represents your best interest. Tenant Reps don’t list properties, so they’re not selling you spaces their company will profit from.
- 12-10 months: Tour potential office spaces with your Tenant Rep and narrow the field to the best options that suit your business.
- 9 months: Your representative will develop and submit a Request for Proposal (RFP) to the landlords of the locations with the greatest potential. The RFP will address need and criteria unique to your business.
- 8 months: If remodeling or construction is needed, your Tenant Rep will engage a design team. Design and construction costs can be addressed in upcoming negotiations
- 7 months: When the proposals are received, you and your representative can compare the pros and cons of each location. This analysis will consider all economic and non-economic factors. Your Tenant Rep’s insight and expertise will be invaluable in making decisions with confidence.
- 6 months: Once you’ve selected the office site; your tenant rep will procure a draft of the landlord’s lease. Businesses will often involve their legal adviser in the lease review. Once the lease document is refined, its ready for signatures
- 5 months: Design will be finalized and construction, if any, will begin. Contracts with relocation vendors are scheduled; these include furniture vendors, technology, and moving companies
- Moving day: Notify clients, vendors, and friends of the new address. Consider purchasing promotional materials for employees to help familiarize them with the new space and keep the mood light during the transition.
- 30 Days after move-in: A good Tenant Rep will stay involved. Meet with your Rep to discuss the successes and challenges of the project. Keep them aware of progress in resolving landlord punch-list items or any lingering issues.
At CARMEN Commercial Real Estate, we work with clients across a wide spectrum of industries. We recognize the importance of taking the time to get to know your business and familiarize ourselves with your industry to help you achieve the best real estate scenario for your particular situation.
Our goal is to save you time and money by functioning as your internal real estate department and making sure you are thrilled with the results. Instead of having continual real estate issues gnaw away at your time, let us use our expertise for your benefit so that you can continue to focus on your business.