Tenant Advisory Services for Startups Looking to Expand into New Space

Is your start-up progressing to the point where more space is required? A dedicated office is a big step for any business, and knowing when the time is right to take the next step is critical. During this part of your journey, leaning on the expertise of a commercial tenant advisor is a great move. 

Enlisting the help of a tenant advisor provides you with instant access to advice, as well as an experienced representative to help locate ideal properties and negotiate on your behalf. At Niche Advisory, we’re committed to delivering exceptional outcomes for startups at every stage of the journey.

How to know when you need more space

Understanding the right time to expand can be make or break. Lease a space too early and you may find yourself in dire financial straits. Expand into a dedicated office too late and your business operations may suffer, and your people may become disgruntled. We’ve seen businesses on both ends of the spectrum.

Indicators that it’s time to explore your options:

• Your headcount is too high and there aren’t enough desks
• You require more private meeting areas
• There’s no space for quiet or focused working
• Increasing technology and infrastructure needs.

Each of these reasons (plus many more) warrant expansion into a new space. Without the right office, you may not have enough room for your people, your business may lack the working areas it requires to operate effectively, and you may well fail to provide the infrastructure needed for day-to-day business operations.

What challenges do startups face when expanding

Startups face a number of challenges when it comes to expanding into their own space. 

One of the most prominent challenges is the uncertainty around future space requirements. It’s the volatile nature of startups and the industries they often operate in that makes this a common theme. Staff numbers regularly fluctuate, freelancers come and go, and people are often balancing remote work with on-site work.

Location needs may also change quickly as the business grows, signs new contracts, or pivots within its industry (or another industry). This means flexibility in terms of the amount of space, the lease terms, and where the space is located, is absolutely paramount. 

Financial considerations can present further challenges for startups, adding further complexity to space considerations, location planning, and leasing. Many startups do rely on grants or one large contract, which can be make or break. This can mean a long-term lease feels risky for startup companies, particularly those who want to remain agile.

At the end of the day, a balance still needs to be found between a space that offers a strong foundation, along with a good measure of flexibility. At Niche Advisory, we’re here to ensure you get the outcomes your business needs.

Coworking space or dedicated office?

Many startups elect to move to a coworking space, or expand their operations within an existing coworking space, rather than relocate to a dedicated office. There are of course benefits to doing this, but there are also downsides. A dedicated office comes with immense potential and a huge array of positive outcomes for a growing business.

A dedicated office provides a fantastic foundation for long-term growth, stability for your team, and can create a fantastic impression on clients and prospective clients. It’s also a great base for attracting talent, particularly when paired with a high-quality fitout. The key however, is to ensure you’re securing favourable lease terms and the right office for your startup.

The importance of working with a tenant advisor

Having an experienced tenant representative in your corner is invaluable. At the beginning of the process, we can take your criteria and conduct a detailed search, locating only the spaces that tick all of your boxes. We’ll provide complete cost comparisons and forecasts for each option, so you can make the most informed commercial decision.

We’ll take the time to understand the needs of your business, and really get to know how you operate. It’s this approach that allows us to delivered a tailored approach that has your best interests at heart. And once you’ve decided on a space, we’ll negotiate hard on your behalf to ensure you receive the most favourable lease terms.

Book a consultation with Niche Advisory today

Is it almost time for your startup to expand?

Our team has years of experience in helping businesses in Sydney and the rest of the country locate the right office space for them. We have a wonderful blend of expertise throughout our team, and we’re here to assist at every stage of the process.

Book a consultation with us today.