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A ‘new normal’ for commercial real estate leasing

On Behalf of | Feb 2, 2023 | Real Estate |

The pandemic changed the way many businesses operate. As such, you may be thinking about leasing new space for your business. Doing so can be necessary if your needs or your employees’ work habits look different than they did a couple of years ago.

Finding the right space

Determining where to run your business in a post-COVID environment can be complicated. You may need to rethink what you actually need and want in commercial real estate.

You might want to think about how you would answer the following questions:

  • Will most of your employees work remotely?
  • Will they be coming into the office every day or most days?
  • When they are in the physical space, will they need more room for collaborative work?
  • Where do the majority of your employees or customers live?
  • How much space do you need for operations, storage, etc.?
  • Do you need flexibility in things like hours of operation or subletting?
  • When will you need to be in your new space?

These questions can shed some light on what type of commercial space is right for your business.

Sealing the deal

Once you find the right location and space for your business, you will want to secure a fair, agreeable lease. This can also be tricky. The commercial real estate market is reportedly “booming,” which can mean more competition for fewer open spaces, so being able to make decisions quickly can be crucial.

That said, making swift decisions should not come at your business’s expense. You want to avoid agreeing to unfair lease terms, overspending and overextending yourself and your company.

This is where legal help can be vital – attorneys can help navigate leasing and other real estate matters more efficiently than someone without a legal background.

Setting the stage for success

Running your business may look quite different than it did back in 2019. However, embracing how things have changed can help you pivot yourself and your company toward a new normal.

Whether this means downsizing, expanding or shifting how you use commercial space, the right location can be a vital contribution to future success.