Recognized as one of the largest urban areas in the United States, the city of Minneapolis stretches along the banks of both the Mississippi and the Minnesota Rivers. The city gets its name from the Siouan language, which means “Many Lakes City.” The name is a good fit since Minneapolis is blessed with numerous bodies of water ranging from lakes and creeks to wetlands and waterfalls.
More than the abundance of water, Mill City is also recognized for its stable business climate and a booming economy. Most people here enjoy a high quality of living, which means starting your venture here makes good sense since residents have more than enough money to spend.
The town has different types of workspaces that you can choose from if you are looking for office space in Minneapolis to house your startup. Here are practical dos and don’ts that you may consider as you search the best area for your business:
Do Your Homework
Take the time to plan and strategize instead of immediately hopping on your car and visiting numerous places in the area to check for rental spaces. Realize early on that it is practically impossible to find a workspace that meets all your requirements at the price you can afford.
Make a list of the things that are most important to you in terms of location and office features. Identify possible areas that are convenient for both your employees and customers to reach.
Check for neighborhoods that are advantageous to your industry, such as policies or activities that can contribute to your company’s growth. For instance, if foot traffic is your top priority, you may look at rental spaces in the Minneapolis central business district area.
Don’t Forget to Consider Your Budget
There are different financial factors that you need to look into than a mere commercial lease rate. For one, make sure to clarify who will shoulder maintenance, utilities, insurance, and other office expenses as it will impact your budget.
Check the inclusion of annual rent hike as well so you won’t be caught off guard. Make sure to negotiate a flat lease, if possible, so that you will have leverage during rental hikes. Ultimately, you should take the time to approximate everything that goes with rental cost so that you can determine if it is within your budget. Remember that every penny counts in a startup venture.
Do Research on the Landlord
Your landlord has the power to make renting easy or problematic. As such, make sure that your property manager will be your partner in growing your business and not someone who will give you sleepless nights. Talk with the existing tenants to ask about their experience. Be warned if you receive negative feedback from a majority of occupants.
Don’t Immediately Dismiss Partnering with Office Tenant Representatives.
Instead of doing your office search alone, you should rely on professional tenant representatives to do the work for you. A tenant broker’s main job is to ensure that you secure the best deal possible in a workspace that is most suitable to your needs.
Contrary to what many people believe, tenant reps work for you and not for the property manager. With their network and expertise, you can access unadvertised workspaces and find offices that fit your specifications.
Finding the right office space in Minneapolis can be challenging, mainly if you are unfamiliar with the city’s workspace market. Use the tips mentioned above, especially the one about asking help from professional office tenant representatives, and you will surely secure a business place in half the effort and time.