Your business's location can have a significant impact on your success. Be sure to steer clear of these fatal leasing errors.
1. Underestimating the time it takes.
Is your current lease term coming to an end? Or are you thinking of opening a new business? Depending on how active your market is and what industry you're in, finding a new location could take anywhere from one week to months or even years. Your timeline doesn't end once you've set your eyes on a site - you still have to negotiate the lease and give yourself additional time for Tenant Improvements (build-outs). Take your time so you can get the right deal for your company - don't get caught in a situation where you have to make a decision too fast!
Solution? Be sure to allot yourself enough time to find a new space, negotiate a deal, and complete any additions/alterations. I highly recommend at least three months' lead time, which for most businesses should be plenty. However, I have been involved in deals that took 4+ months to negotiate terms and finalize construction and I much prefer to be on the safe side. Start reviewing your options 6-12 months out and have a thorough, concise strategy for re-entering the leasing market.