Real Estate Timeline:
It is important to be aware of your upcoming lease expiration date so you can begin searching for space and allow time for negotiation. Depending on the size of the lease, tenants should typically begin the process 6-18 months prior to lease expiration.
Determine your Square Footage:
Generally, we recommend estimating approximately 200 SF per employee. However, if you have more of an open working environment and a less formal office setting, we would estimate closer to 150 – 180 SF per employee. Law firms and engineering firms tend to require up to 500 SF per employee depending on space configurations and personal preference.
Factors that may impact where you locate may include parking in downtown Portland, where most of your employees live, the price per SF, traffic and where existing clients are located. Additionally, the overall image that you would like to portray to your clients, for example, if it is important to portray a corporate high-end working environment, you may prioritize a Class A building downtown that has a more modern lobby, security, on-site cafe, on-site parking and other amenities.
Find a Commercial Broker:
Contact a broker with experience, who can assist you through the leasing process and negotiate the best deal given the current market conditions. This is important as commercial brokers understand the lease terms and are aware of other deals in the market that could impact the deal terms. The landlord’s pay the brokerage fee, therefore there is no cost burden on the tenant.
Tour the Market:
Allow yourself adequate time prior to lease expiration to tour your top few building choices with your broker. Depending on your space requirements and space availability, you may need several site tours to meet your needs.
Are you currently looking for office space? Contact us for further information and we can assist with your needs!