As a small business owner in Austin, Texas, you’re bound to look to expand into a new office space. Some common reasons Austin businesses decide to move are because they are looking to expand, they want to move or relocate, they want to consolidate remote offices, or they want to sublet to get started. Each of these scenarios come into play when looking to find an office property in Austin. In this post, we’ll review some of the active steps and warn you of some of the pitfalls you will want to avoid when searching for new office space.
Find the Right Location
The first step in searching for a new office space is to determine in which area does your business want, or need, to be located. If you are considering downtown Austin office locations, are you ready to handle traffic and extra parking costs associated with a downtown location? Downtown Austin has some of the highest rental rates for office space in the country. As always it is important to have your budget in mind when choosing a location.
Expenses Associated with Finding and Office Space
Office properties have expenses- we are not talking about the expenses incurred to move. Expenses for offices come in various types of descriptions, they are as follows:
- NNN
- Full Service
- Gross
- Full Service Gross – synonymous with Full Service
Ideally, we have found over the years, most tenants want to know what their full monthly cost is going to be. Within most multi-tenant buildings the rent that is quoted is full service. Full service is the rent plus the related expenses on the property. NNN expenses happen typically with smaller office properties. Example: 5 tenants to a building or it is a standalone property. NNN expenses are Taxes, insurance, CAM (common area maintenance) costs that are added to the base rent.
Utilize a Broker
Some businesses choose to venture out on their own to find an office property. Depending on your business and experience with searching for office space, this might not be the best route. Most companies do not have a team of Austin commercial real estate experts on staff. For this reason alone, many companies decide to partner with a real estate broker to find their new office space.
A commercial real estate broker is seasoned in finding the right place for their clients. Brokers are also up to date on current market trends in the Austin area, and can therefore negotiate the right lease for your company. A Broker’s expertise and knowledge will help you avoid making costly mistakes were you to try to find an office space on your own.
Commercial Real Estate Development
Another option companies can decide to pursue is commercial real estate development. This route presents itself as not only as future office space for a company, but also could be a major investment opportunity. Individual investors have been investing in commercial real estate for years, so there’s no reason why companies shouldn’t be looking at commercial real estate development in Austin. There’s multiple benefits to commercial real estate investing in Austin, both downtown and outside the city.
If your company is looking for a long-term potential revenue stream, while also having the security and stability of knowing where it will be located for years to come, consider developing a commercial real estate property.
Casey Development, Ltd: Commercial Real Estate Developers in Austin, Texas
Finding the right office space in Austin, Texas is an arduous task. That’s why Casey Development, Ltd. partners with companies who are interested in making a long term investment through commercial property development in Austin. If your company is looking for a new office space and you’re at your wit’s end, contact the commercial real estate investment experts at Casey Development, Ltd. to learn how we can help develop the perfect office space for your company’s needs.