If you’re looking for a new office post-shelter-in-place, you’ll want to factor in health and safety recommendations along with your business needs. Below are your three options, and what you should know about each.
Leasing Coworking Space
Coworking remains a strong option if you’re looking for flexibility and convenience. If you’re unsure about your long-term office needs, a private office within a coworking center can provide you with the greatest amount of flexibility during uncertain times. As your company grows or downsizes, you can easily move office sizes within your coworking center. Offices in a coworking space come with furniture, and monthly rent automatically includes internet/phone, printing and office management. Be sure to compare each provider to see if they offer the amenities and services you’re looking for.
As coworking typically encourages community and shared spaces, it’s important to research what each provider is doing to keep their occupants safe. Many coworking providers have already laid out their sanitation and cleaning procedures. Additionally, many coworking centers are offering more space per person in their offices. You can lease a larger office for your team, or you may want to explore leasing several smaller offices, which could be safer for your team. Your local Truss broker can help you evaluate your coworking options and make the right choice for your company.
Leasing Traditional Office Space
For many, working from home has solidified the importance of a strong company culture, and a traditional office space lets you build a unique space that fits your company’s needs and brand. While leasing office space typically doesn’t include the conveniences of coworking - i.e. amenities and furniture - you will likely be able to cut costs by sourcing your own providers. It’s important to note that office space leases typically run longer – minimum three-five years - and are less flexible.
Before vetting office spaces, it’s helpful to familiarize yourself with the types of offices you can lease.
- Spec Suites: Newly built-out spaces that are move-in ready and eliminate the headaches, time and unforeseen costs associated with engaging in a construction process. Furniture is typically included with the space.
- 2nd Generation Suites: Previously occupied, built-out spaces that typically require costs associated with some aesthetic improvements, but offer the ability to personalize the space to match your brand and culture. Furniture is typically included with the space.
- Shell Space: A blank slate that needs a custom build-out and due to the construction costs, typically requires a long-term lease of 5+ years. This is the most time-involved option and tenants should consider hiring a 3rd party project manager to supervise the process.
Similar to coworking providers, many office buildings are preparing their facilities to meet health and safety standards. At larger office buildings, property management teams are taking additional steps to ensure tenants feel safe returning to their office suites. Along with daily suite cleaning, property management teams plan to regularly sanitize common areas such as hallways, bathrooms, elevators and other shared spaces in the building. Owners have also begun implementing new technologies in their buildings, such as automatic doors or high-end air filtration systems, that allow for a safer experience. If you’re looking at a smaller office building, your broker can help you assess their health and safety efforts.
Subleasing Office Space
Subleasing can be an affordable way to lease fully built-out space short term. However, when it comes to subleasing from another company, or a potential sublandlord, there are a few questions you should ask.
- How much time is left on the lease before it expires?
- Will the landlord negotiate a new lease once the existing lease expires, or will I be forced to move again?
- What risks do I need to be aware of in the master lease between the landlord and the sublandlord?
- Is my sublandlord financially sound enough to meet their lease obligations with the landlord?
- Does the existing buildout and layout fit my business and culture needs?
Finding the right space to sublease can be tricky as you will be forced to take the space “as-is” and for a specified amount of time. You will also need to remember that a sublease is a relationship between you and the sublessor, not between you and the landlord, so if the sublessor defaults in any way, you could be forced to relocate.
Be sure to consult with your local Truss broker to determine if there are any sublease opportunities you should consider in your search and learn about the pros and cons of this option. They can also help you inquire about health and safety precautions the landlord is taking.
Need Help Figuring Out Which Type of Office is Right for You?
Our local brokers are here to help, whether it’s deciding between offices or trying to find the right lease for you. See below to book time to talk – we’re happy to offer consultations and services for free whether you’re a current Truss client or not.
- Chicago: Nicole Weldon, Austin Zimmerman
- Los Angeles: Sam Devorris, Chris Gunderson
- Washington, DC: Cam Kostyack
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