When does the business owner engage with a Commercial Real Estate Broker?

As a business owner, there are so many details on an ongoing basis. Operations, profitability, growth are just some of the big ideas that need to be addressed in a business. So, when do you start thinking about your business' space requirements? And when do you engage a Commercial Real Estate Broker to look out for your interests? It may be necessary to have your space before you even chat with a customer. Or, you may be 8 years into a home office and realize that in order to grow you need some space where your employees aren't walking through your home.

No matter if its the grand opening of your business or just a need for expansion, a business plan with a sound financial strategy is a must have. Some business owners have trouble with business planning. No worries. There are consultants out there that will assist and bring value to your business endeavor. They will help strategize as to the best course of action to take. It's not worth wasting your time and your potential Broker's time with ideas that are logistically difficult to implement.

Collective Bargaining

As a small business owner, I believe its very important to focus in on the economies of scale, especially when it comes to office space. Let's say you are a company of 3 people that requires two offices, large work area, small reception and a coffee bar (would be a nice perk). At the same time, you know of one to three more people that would like to become your office mates.

In this situation collective bargaining may be a great way to go. You are sharing space without paying a premium to the executive suite centers. By going to larger space you have an opportunity to share come area expenses, copy machine, phones, fax, etc.

Nevertheless, one has to pay attention to the structure of the lease. Is one company going to sign and have separate agreements with the other office mates; or do all sign the lease? The situation can become tricky and should be worked through with someone that has knowledge in this area of lease negotiation.

Is green the way to go?

Green is the hot new trend. GE has coined ecomagination as their way of solving environmental problems. The waste management company at my office recently instituted recycling. The phone guy I met the other day recycles every piece of the old phones he uninstalls, including the cable.

So, how can the typical business owner add a little green to the real estate acquisition process? From a macro thought process, one can look for buildings that are LEED certified. This means that the building has met environmentally friendly standards. This is great with new construction, as commercial developers are jumping on the environmentally friendly bandwagon.

Yet, not every business owner has the ability to take adavantage of a LEED certified building. Simpler green ideas include energy efficient light bulbs, use of eco-friendly modular carpet tiles, recycling as part of the janitorial service. All of this comes down to the idea of "sustainability".

According to the Environmental Protection Agency (EPA) the "concept of sustainability encompasses ideas, aspirations and values that continue to inspire public and private organizations to become better stewards of the environment and that promote positive economic growth and social objectives."

I think that all business owners can incorporate sustainability in their real estate acquisition process. It's just a matter of asking the green questions.