Are you planning to expand your business in Minnesota and looking for a Minneapolis office space for lease? Or are you a small business wanting to establish your presence in the area? You must be thinking what on earth made me come up with these questions or this topic entirely. Well, there is a fine reason for it. Minneapolis has recently got much hype around with a growing number of companies relocating to the city for its vibrant economy and favourable business climate.
Minneapolis is the biggest city in Minnesota, with an estimated population of more than 400,000 individuals. The town, along with Saint Paul, is part of the Twin Cities metropolitan area, which is the third-largest economic centre in the U.S.’ Midwest region. The region is the home for the historic First Avenue nightclub and the award-winning Guthrie Theater.
Business Condition in Minnesota
Based on the 2018 CNBC Top States for Business survey, Minnesota ranked sixth among the states in the U.S. The state performed well in categories like quality of life, infrastructure, education, and technology & innovation. In Minneapolis, four commercial buildings started construction in the second quarter of 2018. A total of more than 633,000 square feet of total leasable space will be available upon their completion. There is also a stable source of workers in the city due to the presence of several large universities.
Tips for Finding Minneapolis Office Space For Lease
Finding an office space for your business in Minneapolis may be a little bit tricky. You must ensure your leased space is sufficient for your team with enough provisions for possible expansion. Here are some tips for finding the right office for your organization:
1. Choose a location based on your budget:
Make sure you have enough money to cover for your rent in the first few months. You should also take into account the additional expenses when computing the cost of your rented space.
2. Select a space in a building near your team and with nearby amenities:
Choose a location that is accessible to your employees. If you have no staff yet, find a place near areas with a large number of potential talents. Also, make sure your location is close to amenities like restaurants, public transport, parking, and banks.
3. Scrutinize the lease provisions:
Before signing your contract, make sure to clarify every detail with your landlord. Ask the landlord to include all verbal agreements in your lease to make them official. You should also ask things like the exact condition of the leased space, who will be responsible for repairs, and whether you are allowed to customize the area. Also, to avoid any legal issues, instruct your lawyer to sift through your contract.
4. Consider whether you need dedicated spaces:
Decide whether you require additional areas like conference rooms, storage rooms and pantry. Ask your landlord whether they are available for lease. You may save money by renting them out because you will not be using them on a daily basis.
5. Seek the services of experts:
Consider hiring the services of commercial real estate brokers or agents in Minneapolis to facilitate your search. These experts know the market very well, and they will recommend a space based on your requirements. This is really required in order to save time and money – ensuring the right location for you.
ⓘ Image source: Photo by Nicole Geri on Unsplash