How to Lease Office Space

In today's market, the abundance of options can overwhelm business owners leasing office space.  Follow the guide below to structure and simplify the lease process.  


1. Consult with a Office Tenant Representative Broker
A tenant representative brokers will guide you through the process below, contributing expert information and advice.  See the blog posts 4 Advantages to Using a Tenant Representation Broker and 3 Common Mistakes Made by Tenants.


2. Evaluate Your Office Space Needs
Evaluate your office space needs, today and in the years to come.  Determine about the ideal size and layout of your new office. Consider industry standards and the state of your business.  For example, an upscale law firm requires a different floor plan than a call center.  See the blog post, How Much Office Space Do I Need.

3. Determine Your Desired Office Building Location
Weigh the pros and cons of various submarkets.  Do you want to locate in an urban or suburban setting?  Close to a major expressway?  In an office park?  Consider the location of your clients and competitors, and the commute of your employees.

4. Determine Your Leasing Budget

5. Determine Your Parking Needs

6. Tour and Review Properties

7. Select Your Space

8. Sign Your Lease

Troy Golden is President of Golden Group Real Estate. He received his undergraduate degree from Yale University and his MBA in Real Estate from the Wisconsin School of Business. Troy specializes in commercial office brokerage in Chicagoland. Please contact him at troy@goldengroupcre.com or (630) 805-2463.

Business Relocation Checklist

When moving your business, it is helpful to have a game plan to make the relocation process easy and efficient.  

AT LEAST 4 Months Prior To the Move

Many business owners make the decision to move AT LEAST three or four months prior to the desired move date, on average.  The time required to survey space options, choose a location, and negotiate a lease depends on the size of your business:

office size	lead time
1,000 - 3,000 square feet:	4 to 6 months
3,000 - 10,000 square feet:	6 to 10 months
10,000 - 20,000 square feet:	8 months to one year
above 20,000 square feet:	up to two years in advance

During this lead time, you should accomplish the following:

• Obtain a commercial real estate broker
• Visit potential commercial properties
• Determine the desired new office attributes
• Create a basic timeline for the move
• Let your employees know about the move
• Set the date of the move
• Locate and obtain the new property

2 Months Prior to the Move

Two months before your move, you should take care of the following items: 

• Hire a moving company
• Order new signs for the business exterior
• Order new stationary, letterhead, business cards, etc.
• Contact clients and let them know of the upcoming move
• Set up utilities for the new business location
• Arrange for future cancellation of your current utilities
• Order new furniture
• Start organizing documents and office furniture for the move

1 Month Prior to the Move

Address the following items 1 month before your move:  

• Contact insurance provider for new office space insurance
• Order new office keys
• Assign office space to current employees
• Order new checks
• Update bank information
• Inventory and tag current electronics and furniture
• Obtain packing materials
• Notify USPS of address change
• Pack non-necessity items (those which won’t be needed prior to the move)

1 Week Prior to the Move

Address these final items 1 week before your move:  

• Back up office computers
• Pack remaining office items
• Label packed office items
• Pack up desk items/employee personal items
• Inspect new office
• Remind clients of the move
• Remember not to schedule client appointments until post-move
• Assign staff members moving duties

Day of Your Relocation

Take care of these items on moving day:

• Only have essential employees present
• Post signs in new office space to direct movers
• Direct movers in both locations
• Have food/drinks available for movers/staff members
• Final cleanup of old office

Troy Golden is President of Golden Group Real Estate. He received his undergraduate degree from Yale University and his MBA in Real Estate from the Wisconsin School of Business. Troy specializes in commercial office brokerage in Chicagoland. Please contact him at troy@goldengroupcre.com or (630) 805-2463.