Finding the perfect office space is an important decision for any business, whether you’re just starting out or expanding. Timing plays a big role in securing the right office for your needs, so knowing when to start your search can help you avoid unnecessary costs and challenges. In this article, you will explore when is the best time to look for office space for rent and how to make the process easier.
1. Start early to avoid rush
If you know your lease is about to end or you are planning to expand, it’s wise to start looking several months in advance. However, the best time to start your search is typically six months before your current lease expires or the date you want to move in.
In addition to that, starting early gives you enough time to review several options, compare prices, and visit different spaces. This way, you’re not rushed into making a decision and can choose the best space for your business needs.
2. Seasonal trends affect availability
Like most real estate markets, the availability of office spaces can fluctuate with the seasons. Generally, the best time to find office space is during the spring and fall months, when most leases tend to expire. Many companies prefer to move or sign leases during these times because it aligns well with the start of the fiscal year or the beginning of a new quarter.
- From March to May, landlords often offer deals or discounts to fill vacant spaces as businesses plan for the spring months.
- Starting in September to November which are fall months, businesses who didn’t find space earlier in the year start looking again, creating more opportunities.
Aside from that, summer and winter are often slower months for leasing office spaces. On top of that, this can work in your favor if you’re looking for a deal, but be aware that there may be fewer options to choose from.
3. Consider your industry’s schedule
Certain industries may have specific cycles when office space demand is higher. For example, tech companies or creative agencies may prefer to move into a new office after a busy launch period or project completion. If you’re in an industry with fluctuating demand, aligning your search with quieter months might give you an advantage in securing a better deal.
Also, if you have a specific office layout or location in mind, like being close to competitors, you need to be flexible with your timing. While spring and fall are good general times to search, other factors such as market demand in your city and your business needs can influence when it’s best to move.
4. Watch for market fluctuations
Keeping an eye on market trends can help you determine if it’s a good time to rent. For instance, during times of economic downturn or uncertainty, there may be more vacant spaces available, and landlords might offer better deals to attract tenants.
On the other hand, during periods of economic growth, demand for office space tends to be higher, which can increase prices. Researching your local market and talking to a real estate agent or leasing professional can help you understand the timing of when office spaces are most affordable in your area.
5. Account for your business’s growth plans
When deciding when to start looking for office space for rent, consider your business’s growth. If your company is expanding and you anticipate adding employees, finding a space that meets these future needs is essential. Renting too small of a space now might mean having to move again in a year or two.
Plus, if your business is in a transition phase or experiencing slower growth, you may want to find a smaller, more cost-effective office. Remember, it is important to anticipate your future needs, so your new office space can accommodate your team both now and in the future.
6. Lease length matters
Most office leases last three to five years, and this can affect your decision-making. If you’re looking for flexibility, a shorter lease might be a better option, and you may want to focus on spaces that offer shorter lease terms or month-to-month options.
Keep in mind that the lease length is also an important consideration if you’re trying to avoid being locked into a long-term commitment during uncertain times. For businesses with long-term plans, securing a longer lease during a stable market can save money in the long run.
7. Look for special promotions
Some landlords and property management companies offer special promotions during certain times of the year. If you time your search right, you might be able to find a space with a special offer, such as one month free rent or reduced rates for the first few months. Additionally, these deals are often available in the fall or spring when landlords are eager to fill vacant properties.
8. Be prepared for negotiation
Regardless of when you start your search, always be ready to negotiate. If the office space you like is in a competitive market, don’t be afraid to ask for better terms. Whether it’s a lower rent price, a shorter lease, or a few months of free rent, negotiation is a standard part of the leasing process.
Find the right office space at the right time!
The best time to find office space for rent depends on many factors, including your business needs, the market, and seasonal trends. Generally, starting your search six months before you need the space and looking during the spring and fall months gives you the best chance of finding a good deal. By considering your industry’s needs and your business’s growth, you can make a more informed decision.
