Nowadays, most of the companies prefer office space for lease instead of having their own properties. This is because it helps them in reducing a lot of their real estate cost. Here are 10 quick tips about office space leasing, which you need to consider before taking any lease:
- Start looking for Office Space Lease as early as possible. In case you require a small place then you should start searching for the place 12-18 months prior to your lease expiration, similarly if you need larger space, you should start your evaluation 2-3 years prior to the lease expiration.
- It’s important to evaluate the building before relocation, consult with an architect or planner to know the optimal space size because you might grow with time and need a larger space for your organization. So before leasing a space keep in mind the growth objective of your organization.
- In case you are renewing your old lease, try to consult with other agents to bring in some competition, which will help you in price negotiations and will know the latest trends of the market.
- Apart from the rental rate, ask for other concessions which you will get in the long run.
- While selecting the space, you should pay attention towards the build out costs; otherwise you might have to pay a lot more than you what you agreed to.
- You should be careful while deciding the operating expenses.
- In case of a renewal you must pay attention to the lease agreement, to know what are the changes, what more you will be getting more this, and for how long your lease is being renewed for.
- Always compare the economic packages offered by the builders, evaluate all the cost factors and then only decide which one is the best for your organization.
- Sublease provision is also an important part of your lease agreement, because in case of its poor negotiation you can hamper the marketability of your space.
- Look for those places which provide some flexibility, so that you can make some changes in the space as per your requirement and need.
Apart from all these points, it’s also important to look for the location in which you are looking for the space for your office. As the cost may vary from place to place and the features may also differ.