Build out your plan and timeline with your team and broker. If you have deadlines on when to have certain aspects done by, it will go smoothly. Include your employees in your plans and take any concerns they have into consideration.
NOT ESTIMATING THE RI G THE RIGHT AMOUNT OF SPACE
Some of this is because of poor planning and rushed searches, but it can happen without the right architect (or broker who brings his own architect). It can waste a company’s money on empty space or ensure there is no room to bring in new employees. Using your architect to build out a plan and estimate the space needs is how you avoid this. They can come up with the estimations before you tour the market. Predict your growth for the next three to five years and your estimated space can be planned properly. Then, test fits can be made for each building and space you like. But at the start, knowing the exact square footage you need is huge. This is part of the pre-planning process and is something that could cost money for years if not done properly and soon enough.
STARTING THE PROCESS TOO LATE
Give yourself enough time, probably more than you think you need. A good timeline should include a new lease signed six to nine months before your current one expires. Start earlier on the bigger ownership groups because of the demand for their properties. If you start it too late you will lose any leverage you have in the negotiation process. If time is running out on your company, you’ll need to focus on a smaller number of options. Give yourself enough time to find multiple realistic options.
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