Small- and medium-sized business owners often struggle when transitioning into a new office space. The search is usually tedious and finding the right space with the necessary accommodations can be a painstaking process. Then comes the pricing and leasing process, which can be an undertaking in itself.
The whole process can be even more demanding and strenuous for business owners making the transition for the first time. That’s why Bobby Goodman at cre.tech outlined how small- and medium-sized business owners can overcome many of these challenges using new technology. Below, we’ve excerpted his article for your convenience.
Here are the top three challenges small and medium sized businesses (SMBs) face when searching and leasing for office space, and tips on how to overcome them with today’s tech:
Managing their own expectations – Small business owners that haven’t searched for office spaces before often have an unrealistic idea of how the whole process works. From how much properties cost to how much time it takes to lease a space to coordinating the many people involved — small business owners could use an adjustment in their expectations.
Thankfully we can leverage tech tools to help manage the unrealistic expectations when starting the office search process. There are apps that can track the progress of various tasks so the workflow can be transparent, avoiding assumptions and misinterpretations.
One of the most powerful tools for this type of workflow tracking is Tenant Tracker, they can help keep all the stakeholders in a deal informed through the entire process. At the very least a client can specify his or her desire to be notified about any major developments so a broker will realize the need for transparency.
Thinking that the perfect space exists – Small business owners need to be prepared to make a compromise in order to get “the best existing place for their needs” instead of “the perfect place.” Simply put, the perfect space just doesn’t exist. Something will have to give, and they can still be very happy. Also, businesses have to move fast when making a decision about a space, especially in a hot market when several companies all love and want the same spot. If you hesitate, you’ll lose it, because more than likely, several others want it too.
Trusting public market reports at face value – Sometimes the press plasters big vacancy rates across headlines, but office seekers need to know that those claims are not blanket statements. It doesn’t apply to every area of a given city.
For example, you may see a headline stating that the market Vacancy Rate is up 2% since last year. What is not discussed is that there may be a submarket within the market that saw a 5% drop in the Vacancy Rate over that same time period.
SMBs need to remember there are micro markets within markets that often have a different situation, and it’s those submarkets that tenants need to understand. News headlines may not reflect what applies uniquely to them, as office seekers.
Commercial real estate data does not have as many free options for researching a market like the residential side. Bigger brokerages like Cushman & Wakefield have macro and micro level forecasts and reports. Another resource is crowdsourced property data platform CompStak, while their full services are limited to industry professionals they produce regular market reports as well.
Read the full article at cre.tech