Office Space - Get The Best Deal!
Office Space - Getting The Best Deal
Whether you're looking for your first office space, or moving to an office with better facilities or that has cheaper office rent, you will want to secure the best deal for your business. This not only means paying the lowest possible rent, it also means negotiating a good deal on your office lease terms; so you get good tenant incentives and find the office space that best suits your business needs.
This handy Office Space Guide will remind you of what needs to be considered when choosing office space and negotiating your lease:
- Space Readiness
Space readiness is is determined by the condition of the space, such as carpet and paint. Most tenants prefer a space that is ready for immediate occupancy rather than having to wait. If it isn't ready, consider the costs of build out against the benefit of a brand new carpet and your timeframe for the move.
- Size & Expansion
Find an office that best suits the size of your business. Use the Office Space Calculator to find out how much office space you need. Don't forget to factor in your growth plans for the future - as you won't want to outgrow the space too quickly.
- Lease Type & Length
There are two main types of commercial leases: a Gross Lease and a Net Lease. With a Gross Lease, the landlord agrees to pay expenses, such as utilities, property taxes, repairs, insurance and maintenance costs. With a Net Lease, the tenant usually pays expenses in addition to the base rent. If you want your operating costs to be fixed, then a gross lease would probably be your preferred option.
- Negotiate Hard
Never accept the first draft of the lease that the Landlord gives you. It will undoubtedly be drafted in their favor. Leave it to your Tenant Rep Broker to negotiate hard on your behalf and agree the best deal. They are the market experts for finding office space which is way companies that hire their own Tenant Rep Broker to act on their behalf pay less for their office space.
- Consult with a Real Estate Lawyer
Before you sign on the dotted line, have a Real Estate Lawyer examine the lease for you. They'll ensure your legal interests are well protected and make sure you understand everything that you're committing your business to within the lease.
For more information on how to secure the best deal on Office Space for your company download the FREE Office Space Checklist here.
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