on your overall costs, but they aren’t usually as productive for the employees and retention benefits. For each building you look at, your broker will create a space plan for you and price it out, before the purchase. You should know a ballpark figure of the final costs after everything is built and you are moved in. A space that will need you to finance an expensive buildout is pricier than a higher original priced space, with a setup you could move right into.
HAVE A CONTINGENCY PLAN. EVERYONE NEEDS A B NE NEEDS A BACKUP.
This is an overlooked aspect that is mandatory. After you pick three or four properties that meet most of your criteria, pick out a property that is your clear second choice and make that your backup plan. Deals fall through all the time. It’s very common. Don’t get stuck without a backup and an expiring lease. Companies that get stuck in that situation often end up with an unfavorable deal or situation for them and their employees. That’s why I recommend starting your search anywhere from six to ten months early. That way you have time to vet the most options. Even if it is early and you have your favorite picked out, something better may pop up before you make your purchase.
MAKE SURE THE OFFICE IS ADA COMPLIANT
The specifics of being in compliance with the Americans with Disabilities Act (ADA) vary in different places, but the responsibility falls on you when you are the owner. Sometimes, the requirements aren’t meant when you purchase a property. That’s probably going to cost you extra to fix, but it’s something that can be used in negotiations.
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