You've made the decision to find office space in Toronto. Where do you start? A common starting point is of course the internet but with so many websites displaying different information, it can be overwhelming to say the least. You make several online inquiries and hope to find the perfect space on time and on budget. The problem is that this process can be lengthy and you're most likely missing several office leasing opportunities within your desired market.

Here are 3 steps to follow when searching for office space in Toronto:

PLAN AHEAD

The earlier, the better. It is very important to begin planning well in advance. While it's possible to find an office space last minute, you will most likely be at a disadvantage taking the last minute approach. Depending on the size, it is common for Tenants to start the process 6 to 12 months from their desired commencement date. This will give you the best opportunity to fully analyse current market conditions and make an informed decision. Maybe you find the perfect space in the prefect location, but the landlord is in the process of making building upgrades and your new premises won't be ready for 6 months. It's also possible that once you've gone out and seen the alternatives, you may be happy to stay and renew your lease in your current premises. Should this occur, you will need to provide your landlord with a notice to renew which is typically 6 to 9 months in advance. If you wait until the last minute, your landlord may lease your premises to a another tenant. Giving yourself the most amount of time will put you in the best position as a Tenant.

HIRE A COMMERCIAL REAL ESTATE BROKER

Commercial Real Estate Brokers know the market best. They are seasoned professionals with extensive market knowledge and will expose you to all the leasing opportunities within your desired market. It is important to engage the services of a professional who is familiar with the market in which you are seeking office space. While Tenants can do it on their own, hiring an industry expert will ensure nothing is overlooked and you will get the best possible deal, after all you have your own business to run.

ASSESS YOUR NEEDS

It is important to understand your companies needs today and down the road. There are several factors to consider when examining your office leasing requirement. Some of the more common ones will include Location, Size and Budget. These are the main points to consider when assessing your needs however there is much more to consider. Your Commercial Real Estate Broker can help assess your needs and ensure your interests are being protected.

If your business is planning an office relocation or office renewal, FR Capital Realty Advisory Services can help. Contact Us today.