Depending on the size of the office space needed, as well as the detail required to oversee the leasing process, you’re looking at anywhere from 5 months to a year and a half when all is said and done. The amount of time it takes to lease a new office space and move into it varies greatly from tenant to tenant, but there are some rules of thumb you can consider.
Real Estate Site Selection Process and Negotiation. is always the first of this process and generally takes anywhere from 30 to 90 days to complete.
- Determining the criteria, completing a needs assessment and setting up programming can run anywhere from 5 to 7 days.
- Searching for and finding three final properties to start negotiating on generally takes about 2 to 4 weeks.
- Negotiating simultaneously on three properties until one is selected can take anywhere from 1 to 4 weeks.
Bigger = Sooner. The bigger your company is, the sooner you should start looking. Large companies often start looking for a new lease two years ahead of time. Smaller companies can start 7 months ahead of time; but remember that the earlier you start, the better off you’ll be.
Lease Negotiations and Signing. The lease document has to be fully negotiated with both the tenant’s attorney and that of the landlord, then it must be drafted and signed by both parties.
- The negotiations and signings of a lease can take up to 30 days.
- Negotiations themselves can be protracted or abbreviated – expect anywhere from 30-120 days.
Space Construction. Known as “building out” in the office space world, the construction of your new space can take anywhere from 30 days to as long as 6 months to complete. This depends on the level of detail of your space and the constructional limitations of what do your builders have to work around
- A construction permit generally takes 7 to 30 days to acquire
- Preparation of fully scale architectural drawings can take anywhere from-30 to 60 days.
Adhering to a smart timeline, along with securing a good team of professionals, ensures that you’ll get a great office space for your company without having to pay out the nose for it. More time equals more search leeway and therefore, more negotiating power with your landlord. Regardless of your company’s position, adhering to a strict timeline will afford you, the tenant, the most opportunity to get the deal that you want.
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