Whether you are picking office space for your start-up company or relocating all or part of your operations, there are many things you must think about in terms of commercial leases. Leasing commercial real estate is a complex and lengthy process. However, by working with an office rental space brokerage, you can guide the necessary guidance and assistance to help ease the lease process. Also, the tips below can help you get the right space at a fair price:
Work with an Expert in the Industry
By having an expert in the industry by your side as you search for offices and negotiate with the landlord, you will often get good results. Brokers will bring a wealth of experience and knowledge. Also, their services are often paid for by the landlord.
Gain Important Knowledge
Because you want to find spaces in line with your needs, you must do your homework armed with knowledge. Analyze the current needs of your company in terms of commercial real estate. Your management team can give you input. Make sure to have a list of priorities. Also, take your time doing market research in your preferred area to know the trends in terms of rent and amenities. Your broker should be willing to share their knowledge with you.
Maximize the Benefits of Tours
As your tour offices, consider how the space and the building will reflect on your brand. To anticipate the impressions of your customers and employees, put yourself in their position. Make sure to tour all the building’s shared areas and visit more than once at various times of the day. Small details such as how easy it is to park and how crowded the elevators are during peak hours must also be considered.
Leaving some flexibility in your lease is important as you cannot predict the future accurately. If you prefer to go for a long-term lease to get an edge during negotiations, ensure to fight to have clauses added that will help in making the agreement future-proof. For instance, you can include the right to sublet and assign, allow co-tenancy, or permit early termination.
Do the Math
Don’t assume that the numbers in the lease are correct just because the landlord assures you. Calculate the usable square footage and know how to determine the rentable square foot. If you do the math yourself, you can spot any errors that must be addressed before you sign the lease.