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4 Tips for Growing Businesses in Kansas City Office Space: Part II

Moving your small business from a home office to a professional office space is a big step, requiring careful research and consideration. Once you have assessed your budget and considered whether or not you want a serviced office space, there are a few more steps you might undertake to ensure a smooth transition:

Choose a location. This will take some research. You will want to make sure that your new presence is felt, but you should also still be on the radar of your target clients and customers. If you are in retail, you might want to have a store concept or design ready to pitch to potential landlords who are looking for certain kinds of tenants.
Update Paperwork. An important step in relocating to a new state, city, or county is updating important business regulatory paperwork. For instance, you will need to update with the local government both your “Doing Business As” name filing and your business permits and licenses. You will also need to make sure you understand any new tax requirements, and if you move states, you will need to let your previous state know about the move.

Moving your business to the next phase of its growth can be a tricky path to navigate, but a little research and an awareness of some of the issues you will have to take care of goes a long way!

If you are looking for business space for rent in Overland Park, give a commercial real estate broker in Overland Park a call at 913-685-4100!

4 Tips for Growing Businesses in Kansas City Office Space: Part I

While home offices have many advantages for start-up businesses, making your small business home-based also has limitations. You might find that working from home simply isn’t ideal for you, that you want a more professional space, or that your business is growing and you need to hires some employees. If that is the case, transitioning to a professional office space might be a smart move for your business. Here are a few suggestions for how to make the move smooth and cost-efficient as possible:

Consider your needs and your budget. Make sure you understand your budget on a per-square-foot basis. Consider how many offices, workstations, or cubicles you will need, both now and down the line. If you think your business will be growing in the near future, avoid the need for multiple moves by finding a location that has more space that you can add on if you need it. Don’t forget to factor in estimates for furniture, IT, needs and utilities. Think about how you can get creative to reduce these costs—for instance, renting office furniture or introducing a “hot-desking” policy.
Consider serviced office spaces. These kinds of spaces are fully managed and equipped by a facility management firm, and are usually found in business districts. These kinds of spaces typically offer more flexible rental agreements and often offer the option to scale up if need be.

Did you know that our business space for rent in Kansas City offers on-site property management? Give a commercial real estate broker in Kansas City a call at 913-685-4100 to find out how we can make your transition to a professional office space as smooth as possible!

Determining Office Space in Kansas Location: Part III

There are a lot of factors to consider when choosing a location for your small business. You want to consider your business’s needs, and be aware of all of the financial issues involved in moving into a new business space.

The next thing you will want to research is whether the area is business friendly. It is essential to understand exactly what laws and regulations will be imposed on your business in the potential location. It might be worth working with a small business counselor or specialist as you attempt to grow your business. Often states offer online aides to help small business owners get off the ground. You might also look into community resources such as Small Business Development Centers, Women’s Business, Centers, SBA Offices, or other programs funded by the government specifically for the support of small businesses.

The most important thing is to do your homework before choosing a new location. Utilize all available resources, including other business owners, the local small business community, potential co-tenants, and any free data you can get from the government.

If you are thinking about moving into a commercial space for lease in Kansas City, feel free to call a commercial real estate broker in Kansas City at 913-685-4100 with any questions you have about finances, the local business community, or how a space might meet your business’s needs!

Determining Office Space in Kansas Location: Part II

There are many important factors to consider when choosing a location for your small business office. This process involves investigating a location’s demographics, potential competing businesses, state laws and taxes, how it fits in your budget, proximity to your supply chain, and more. After considering your business’s needs, the next step in the process is to evaluate your finances. Before you can figure out just what kind of space is in your budget range, you need to take into consideration a few other financial factors:

Minimum Wage – many states have a higher minimum wage than the federal minimum wage. You can check out the minimum wage rates by state on the Department of Labor’s website.
Hidden Costs – keep in mind that most spaces are not business ready. You will have to factor in costs of renovation, IT system upgrades, decorating, and other things along those lines.
Taxes – make sure you know the sales tax and income rates for the state, as well as property tax rates. Find out if moving your business across a nearby state line could lower your tax rates.
Government Economic Incentives – the location of your business can potentially make you eligible for government economic business programs, giving you access to state-specific loans for small businesses or other financial opportunities.

Want to talk to a commercial real estate broker in Kansas City about any financial question in your search for commercial realty in Kansas City? Feel free to give us a call at 913-685-4100!

Questions for Leasing Industrial Overland Park Office Space

If you are looking into industrial commercial leases, here are a few questions you might want to ask to understand what you are getting into:

What is the base rent for the usable square footage? Many commercial leases spell out a base rent, which is the cost of the actual square footage of the office space. But your monthly rent could be increased by the addition of CAM fees and “loads.”
Are the lease terms negotiable? Some examples of negotiable terms could include the base rent, security deposits, free rent, lease length, annual rate of increase in rent and fees, and how frequently you will have to pay fees.
Are there added costs besides rent? If there are any property fees, special taxes, load fees, CAM or other fees, get them in writing. Be sure that your lease clearly identifies each fee, the amount of the fee, and how often you have to pay it.
What will your costs be in the future? How much can rent or other fees be increased each year? What is the maximum amount or percentage these costs can be raised annually? Beware of low percentage caps on load fees with hidden rent increases.
What does your rent cover? Make sure you know what taxes, services, and utilities are covered by your rent, versus what you have to pay yourself.

Be sure to ask yourself these questions as you look into industrial commercial spaces!

Looking for business space for rent in Overland Park? Give a commercial real estate broker in Overland Park a call at 913-685-4100 to find out about our available spaces!

Commercial Lease Basics For Business Office Rental in Kansas City: Part III

Here are some more issues to be aware of when looking into commercial leases:

5.   What is included in the CAM fees? A triple net lease should spell out the amount you have to pay toward “common area maintenance” expenses (CAM). CAM often covers the costs of security, snow removal, parking attendants, building management fees, building maintenance, etc. The easiest way to figure out a tenant’s share of CAM is to divide the number of square feet in your space by the total number of rentable square feet in the building. Since commercial leases do not always handle things in the easiest way, be sure to review your allocation of the CAM fees carefully.
6.   Who is responsible for repairs? A commercial lease should also spell out who takes care of repairs for the building, the demised premises, the core building systems (electric, plumbing, HVAC, etc.), and the parking lot. The problem is not necessarily who pays for repairs, but whose job it is to make sure they actually get done. Often commercial tenants are responsible to the demised premise and any core building systems that directly affect the demised premises, while the landlord takes care of everything else.
7.   Will a build-out be needed, and if so, who would pay for it? Sometimes commercial spaces require modifications, or a “build-out” because they are so generic. If this is the case, a commercial lease should state whether the cost of this build-out is the responsibility of the tenants or the landlords. If the landlord pays for the improvements, this cost is called an “allowance.” If improvements are needed, the lease needs to clearly address what the improvements will be, who will complete them, when they will be completed, and the allowance amount.

Educate yourself on these issues so that you are a prepared tenant!

If you would like to learn about available office space in Kansas City, give a commercial real estate broker in Kansas City a call at 913-685-4100!