When businesses contact Synergy about helping them find office and commercial space, one of the more common phrases I hear is, “We want the best space at the best price.” But getting the best space for the best price is a balancing act between three factors: Location, the Lease itself and Layout. I refer to them as the 3 L’s and each one plays a major role in the overall process of ultimately leasing or purchasing space.

Location is the first factor and affects prices not only in terms of lease rates but also in expenses that you may not realize. For instance if you move offices, how many employees will you lose because of increased commute times? Will you have to negotiate a mileage allowance if you move further from your employees to save money? Will you be able to save money with lower wage costs?

Leasing is the second major factor and this is the area where having a tenant rep will save you the most amount of money. Landlords will almost always draft the first version of the lease (in their favor) but nearly every component is negotiable. Choosing to negotiate a lease without a tenant rep could cost you in the short and long-term because I know what I can get in terms of free rent, lower rates and other concessions and I know how to structure provisions that if left untouched could leave your business on the hook for expenses and fees that could have been avoided or negotiated down to acceptable rates.

The third factor that will affect the price of space is the actual layout. Businesses are now allocating fewer square feet per employee and trying to implement open layouts that reduce their overall footprint but choosing how much space you need requires an understanding of efficient design, standards and construction management. If 5,000 feet can be reduced to 4,500 feet with no ill effects, you essentially save 10 percent which over the term of a lease is a huge amount of money.