From a co-working office and a flip-flop sporting founder, to international headquarters and a high-powered CEO, startups are high-growth, technology-oriented companies that have an evolutionary pattern all on their own.
In the stages of developing your startup business there comes a point when you will want to find a professional space to help foster more growth. Trying to determine what type of space you need is the first step in getting the perfect retail space for you and your business.
Should I rent, lease or buy office space?
There are three common types of office spaces that establish the difference between co-working and the traditional office leasing market.
Learn the Pros and Cons
Impress Your Future Landlord
Landlords play a major role in the leasing of office spaces, but they tend to be wary of startups. They have concerns about credit, funding tenant improvements and the impact of the building’s professional business image. Due to this, landlords tend to lease to more traditional established companies.
To build trust with your potential landlord and maintain your credibility here are three keys to success:
1. Pitch landlords like venture capitalists by using key elements of your investor pitch deck to prove your financial potential and staying power
2. Show how you intend to use the space and that you present no financial risk to the asset, and will enhance, not harm, the building’s image
3. Reveal how your successful growth will lead to greater business success and increase the likelihood that you’ll continue to pay rent over your lease term
Finding Space to Grow
As your startup evolves and gains traction, your real estate needs will grow as well. But once you’ve decided that you need an official office space, the idea of searching on your own can be daunting.
Having an experienced advocate in the commercial leasing arena can work in your favour – without a broker, you lose out on expert advisory, service resources and more importantly, time that can be spent building your business.
As with any other part of your entrepreneurial journey, you don’t have to go it alone – Cushman & Wakefield’s Technology Practice Group works with founders to help them create the best real estate strategy to acquire and build optimum workplaces for each stage of growth.
Need help getting started on your real estate search? Then visit Cushman & Wakefield to see how they can help prepare you for what’s next.
Note: this content, and more, was discussed during Altitude Accelerator’s Expert Speaker Series “Finding Space to Grow”. To make sure you don’t miss the next Expert Speaker Series, subscribe to our newsletter to get notified.