If you are interested in searching for office space in Albuquerque, New Mexico we are happy to help you. Searching for a commercial real estate property with office space comes with its own set of challenges. How many people will be utilizing office space? Using the chart available in our free book,
Navigating Commercial Property Leases: A Tenant’s Guide to Leasing Commercial Property. It will be absolutely critical for you to understand the different terms associated with renting office space and how this will affect your requirements for your business. For example, square footage is calculated differently for an office space and it is important to remember usable square feet and what it means for you your plans on usable office space. In many ways it can be a costly error if you don’t understand how a load factor is calculated and the impact on your office space can be tremendous. If the property you are leasing has a high load factor then you will be spending more of your rent money on common areas such as hallways, bathrooms and lobby areas. If you are working with a broker it is important to request a lease analysis that can help you better understand the rentable and usable square footage of a commercial real estate property. You should always feel comfortable asking questions about the commercial real estate property you are considering; for example, it is perfectly acceptable to ask how the commercial real estate space has been measured. You may also ask if the proprietor belongs to the Building Owners’ and Manager’s Association (BOMA) and adheres to their standards.
If you have narrowed down your search to 1-3 commercial real estate locations you are likely feeling pretty successful. However, we do urge you to consult with an architect if you are seriously considering a particular project. It is critical have as much knowledge as possible concerning future or potential renovations. For example, if you have found your ideal location and you are told “You could totally remove most of these columns, they were placed here by a prior occupant”. The architect can give you more in-depth information and give you realistic and achievable renovations. You wouldn’t buy a used car without having a mechanic go through the engine; so don’t commit to a renovation heavy project without having an architect confirm that you can make the changes to the building.
If you would like more information concerning office space in commercial real estate properties, please contact us. If you are interested in the free book, simple contact us to request a copy, Navigating Commercial Property Leases: A Tenant’s Guide to Leasing Commercial Property.