Finding The Right Commercial Space
Finding Your Commercial Space in and Around the Boston Metro Area
The best time to start looking for your new commercial space is far in advance of your current lease expiration date. That way you won’t feel pressured into signing something just because you’re running out of time. Making a checklist of what your business requires will also keep you from making a costly and time-consuming error by selecting an inappropriate space.
Some of the things you should decide before starting your search include:
- Proposed rental budget for new space
- Timeline for your move
- Preferred location
- Layout of space
- Site accessibility
- Building attributes and amenities
- Employee needs
- Hours of operation
- Area amenities
Once you’ve determined your specific requirements for each of these items, we’ll come up with a list of properties that meet your requirements. Because we understand that time is a critical issue, we offer the option of video tours of the properties for you to view at your convenience. When you see one or more that look promising, we will set up on-site visits that fit into your busy schedule.
During your visit you’ll have an opportunity to see the actual commercial space as well as form an impression of the building. Some questions to help guide your decision include:
- Is the building in an attractive and accessible location for your employees and clients?
- Does the building look well-kept and clean?
- Is the tenant mix one that attracts customers and clients?
- Can the potential space be configured to work for your business?
- Are amenities such as dining, shopping, fitness centers and day care facilities nearby?
- Is building security adequate for your needs?
- Is the parking area easily accessible and well lit?
- Can the space be ready to meet your timeline?
- What are the building's daytime hours?
- Is the building accessible on weekends and holidays?
When you find a commercial space that meets your requirements, we will sit down with the landlord or property manager to discuss financial terms. When the quoted lease rate is given, we will ask the questions needed to determine what the actual cost is vs. the stated cost. If the terms are acceptable to you, we will draw up a Letter of Intent stating the specific financial and space configuration conditions under which you will become a tenant. You should have the Letter of Intent reviewed by an experienced real estate attorney before signing.
Your Letter of Intent (LOI) has been signed and accepted. Now it’s time to work out the details of configuring the space to meet your needs. Most landlords will develop a plan based on your input and may contract the work on your behalf. The terms of the build-out, including financial responsibility and timeline, should be spelled out in the Letter of Intent (see above paragraph).
You should begin packing your business’s non-essentials well in advance of your moving date. It is also critical to develop a continuity plan so that your customers experience a minimal amount of disruption during your move. We can recommend well-qualified professionals in the Boston Metro Area who can handle all moving aspects of your equipment, furniture and records.