How Long Should It Take to Find a New Office Space for Your Business?

How Long Should It Take to Find a New Office Space for Your Business?

Manhattan is one of the biggest and most thriving business districts in the world. It’s home to some of the most iconic skyscrapers in the world, which also means it boasts millions and millions of office space that caters to businesses of all sizes, from small tech startups and agencies to global corporations and institutions. As a result of the market’s success and appeal, finding the right office space for a business here can be a daunting task, as the competition is fierce and any available spaces tend to go off the market in no time. So, what can you do to make sure the office space search goes as smoothly as possible?

Pre-plan your search for a new office space

This is where business owners sometimes make mistakes. They underestimate the complexity of the market and don’t take enough time to plan their search for a new office. The search itself doesn’t have to take a long time, all it takes is a bit of planning and the right commercial tenant broker. Depending on how well you as a business owner plan for the search, finding the right office space can take just a couple of weeks or it can become a year-long extravaganza. 

What you should establish before you start looking at spaces includes your available (and preferably reasonable) budget, the square footage needed, the number of employees you have, as well as your projected staff number, your desired neighborhood, your preferred layout, any necessary build-outs, and any other negotiable or non-negotiable lease terms. 

Reach out to a reputable commercial tenant rep

After you’ve got your property search criteria all set up, it’s time to reach out to a qualified professional to help you match that criteria with an actual space. This is a crucial step that you should take carefully, as you don’t want to work with amateurs. You need someone with experience in representing commercial tenants, not only landlords, someone who knows the ins and outs of the market and who has plenty of experience under their belt. 

If you’ve checked off the steps above, then ideally you should only have to look at one space. Assuming that your expectations and criteria are realistic, and that your broker knows what they’re doing, they should be able to find the right space for you in a reasonable time. Then you can put down an offer, negotiate terms with the landlord, and start moving to your new office space. However, it’s not always that simple. 

Make sure you have enough time to search for spaces

The search for Manhattan office space can take a long time for many different reasons. One reason is that you have not planned ahead for your move. Maybe you’ve got a lease that is set to expire in a month; that won’t leave you with a lot of time to tour spaces, and you might end up having to compromise and pick an office that isn’t exactly what you wanted.

Another situation that might delay you finding the right office space for your business is that you can’t reach a definitive agreement with the landlord. Maybe you’ve submitted an offer, then you’ve tried to negotiate, but you just weren’t able to reach a mutual point with the landlord, even though the space was to your liking. Then you’re back to square one, and will need to start all over again, which will take time.  

Get decision makers on board to save time

If you don’t want to waste a lot of time searching for a space, there are some important steps you can take. Firstly, like we’ve said before, make sure you narrow down your search by making a list of your desired features and terms. This will save you and your broker a lot of time, eliminating any unnecessary discussions. As a business owner, your time is valuable, and you want to spend most of it dealing with your business. 

Another way to speed up the property search process is to have the decision makers involved right from the get go. A lot of business owners tend to delegate tasks related to finding office space to other staff members, individuals who have some kind of input on such matters, but who don’t actually make the decisions themselves. Your staff members might see a bunch of properties, narrow it down and then tour the same property multiple times to negotiate things. If you only participate on the final tour and realize that the space is not to your liking, then you’ll have wasted time for both your staff and your brokers, and you’ll have to start the search from scratch. 

For more guidance on how to smooth out your search for a new office, in NYC or anywhere else, check out the video below, where Metro Manhattan Principal Broker Alan Rosinsky shares some of his experience on this matter:

Are you thinking of setting up your business in a convenient location in Manhattan, and are looking to lease space in a modern building offering state-of-the-art amenities? Then reach out to us and we will show you worthwhile space situated right in the heart of New York City. To learn about available office space, call Metro Manhattan Office Space at (212) 444-2241 or email us at [email protected]