Whether it’s your business’s first office, your business expanding, or it’s time to relocate - timing your office space search correctly is critical to obtaining the right space for your business. More often than not, the process of finding the perfect space can take longer than expected. If you’d like to skip the math - we’ve built a calculator that can do it for you. But, a thorough understanding of how each step in the process works can help you navigate the search. We recommend beginning your search for space at least twelve months before your desired move date, though more time may be required if your business requires unusual criteria, such as an amount of space over 10,000 square feet or an extensive build out of your new space.
While a year in advance may seem like more time than necessary, there can be a lot to accomplish during that time period. Remember a decision regarding whether to stay in your current location or move to a new one may need to be made prior to your lease’s required notice period. If you have a renewal option in your current lease that you believe to be below market rate you will want to receive and compare all Requests for Proposals prior to the notice date in your lease, as providing notice of nonrenewal will negate your ability to use this predefined rate. The best way to determine the specific lease search start date for your business is by determining your target new lease start date, usually the day after your current lease ends, and working backwards.
Once you’ve determined your new lease start date you can get work determining the necessary criteria for your new space and developing your Lease Procurement Timeline. Your list of requirements should be completed approximately five to six months prior to your new lease date. However, there are several factors that can increase the necessary length for this period: If you haven’t yet decided on the area for your new location you should add an additional 15 days for your criteria time frame. This extra time will allow you to evaluate different locations and determine the best area for your new office. If your business will require a buildout of any type, you should add 45 days to your timeline. If your space is larger than average or your buildout is more complicated than usual you can calculate the additional time needed as ten days per thousand square feet. After you’ve established the needs of your company, you or your tenant representative, can begin searching for your space.
Compiling the list of potential properties and verifying that the listings are currently available and meet your needs can take a bit of time. We recommend that this list be completed and verified at least four months prior to the start date of your lease. If your anticipated lease term is less than three years you should also add an additional 15 days as there will be fewer spaces available for a term of this length. After you have completed the groundwork of searching for and verifying potential properties, the work of touring properties begins. To provide adequate time to tour all properties, evaluate, and compare, all tours should be completed three months prior to your notice date or 30 days before your Request for Proposal deadline.
Now that you have toured and ranked the potential properties you’re ready to send a Request for Proposal to, at minimum, your top three properties as well as your current property if applicable. This request should be sent with a return deadline of two months prior to your start date. If you are planning a lease term of five years or longer you should add an additional fifteen days to this period as a lease term of this length may allow you greater leverage in negotiations and may require additional time to accommodate. This period will be used to evaluate the proposals, negotiate specific lease terms, and review the lease for the property you have selected.
Completing your property search according to this schedule will provide you with enough time to conduct a thorough search of properties that meet your business' needs, negotiate the terms of a new lease, and organize the move for your business. If you’d like to double check your calculations, our Lease Procurement Calculator or a phone call with one of our leasing specialists can help set you on the right track.
As Pittsburgh's most transparent real estate consulting firm, specializing in office space leasing, Venture Office is here to provide the tools and guidance you need to find the ideal office space for your business. If you would like to learn more about the tools we provide, and our ideal space guarantee, then contact us to schedule a complimentary 30-minute consultation with one of our experienced specialists. We look forward to hearing from you!