What tips do you have for leasing office space?
One of the most important decisions you’ll have to make for your business is whether or not to sign a commercial leasing office space. After all, the outcome of the leasing process will determine where your employees will do their daily work and how much financial burden will be added to your balance sheet.
If you follow these tips, you’ll be more likely to choose the best options for any type of commercial lease.
Plan ahead to avoid making mistakes when time is short.
Most people don’t realise how long it can take to find the right working leasing office space to rent and make a fair deal. As the time gets closer to the end of a lease or a move-in date, most business owners are more likely to have to settle for a less than ideal office or lease agreement.
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Start at least a year before you need to move into your new office, if you can. If not, get started as soon as you can when renting an or leasing office space. Also, make sure you have a back-up plan if your first deal falls through.
Carefully weigh your options for a long-term leasing office space
Long-term leases in commercial real estate can be good for businesses when the right conditions are met. When you choose a long-term lease, you can often save a lot of money, and the landlord may be more willing to work with you.
This is especially true when the economy isn’t doing well and there are a lot of jobs to be filled. If you decide that a long-term lease is what your business needs, protect it by putting clauses like “early termination,” “subletting,” and “assignment” into the agreement.
Don’t Skimp on Due Diligence
Research is an important part of getting a commercial leasing office space lease that you can’t skip or hurry through. You’ll want to know how much rent is going for in your area and how the real estate market is doing in general. Also, make sure you learn as much as you can about the building and leasing terms.
Are there competitors in the building or nearby? How busy are the parking lots and lobby during the busiest times? Is the area safe and welcoming? Will it be easy for your employees to get to the building, and will there be stores, restaurants, and other services nearby? How do people talk about the landlord? Have there been any stories in the news about the building or the landlord?
Don’t take the first offer the landlord makes.
The landlord has a lot of advantages in the first version of a commercial lease. Think of it as a drought and plan to negotiate for better terms.
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If you are a small business, make sure you discuss with the team members the new leasing office space and public transportation requirements they need.
Get one tenant representative to help you
A broker who works for the tenant can make the whole process of renting easier and give you advice and direction along the way. Tenant reps can even help you negotiate your lease and make sure you are treated fairly.
The fees of a tenant rep broker are paid for by the landlord, so your company doesn’t have to pay anything to use them. Remember that you need at least one tenant rep broker, but it’s not a good idea to hire two. You want your representative to feel confident that if they help you close the deal, they’ll get paid.
