Jan 08, 2020

5 Tips When Leasing Office Space

By Don Catalano

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5 Tips When Leasing Office Space
The process of leasing an office space can often be an arduous one. Business owners have to find the perfect office, negotiate with the landlord and move into the new space. It is a time and energy intensive process that requires

 

In this article, we will explore the tips that you can follow to make better decisions and stay focused on your business.

 

1. Prioritize Concessions

Before you start your negotiation, it is essential that you make a list of all your concessions. These should be perks you hope to gain in your lease agreement. You can place them in the “deal-breaker,” “highly desirable,” and “would be nice” categories so you will know your priorities when negotiating with the landlord.

 

This is very important because too many people forgo the critical elements of their choice and fight for clauses that have nothing to do with the operations of their business.

 

 

2. Think Beyond the Building

The building is only a part of your office infrastructure. You should look at the parking lot, signage and neighborhood carefully before you leave the office space.

 

Also, you should meet with the other occupants in the building and get to know about their business. This will help you to learn more about the building and also give you insights into how you are going to fare when you move into the building.

 

3. Take Technology into Account

You are most likely going to be using technology for your daily activities. Hence, it is good to analyze office space through the eyes of your IT department. Preferably, you should go with your IT specialist to check for the wiring and the wireless boosters. Here are a few questions that will nudge you in the right direction:

  1. Is the wiring sufficient for your network?

  2. Will you need wireless boosters for coverage throughout the office?

  3. Are there enough plugs for charging mobile devices and laptops located throughout the space? 

If you are not satisfied with the technology provisions, you can discuss it with the landlord.

 

4. Leave Yourself Plenty of Time

Many business owners wait till they urgently need an office before searching for office space. However, this is not an ideal approach. It takes a long time to find the perfect space and reach a fair rental agreement with the prospective landlord. Not taking the length of the commercial office lease process into account may leave you with a poor deal. Hence, it is advisable to begin the office lease process about a year before you intend to move into the new space.

 

5. Use a Tenant Rep Broker

The importance of a tenant representative broker cannot be overemphasized. In any commercial real estate lease, there are usually a lot of clauses—and making the wrong decision can lead to a lot of hassles. Hiring a tenant rep broker will help you to avoid the common errors that commercial real estate tenants make. In addition, tenant reps have established relationships with the landlords, and they know when a building is available even before it is listed. Hence, they are able to help you find the perfect office space for your business needs.

 

If you want to get the most out of your commercial real estate lease, you need the service of a tenant rep broker who will help you conduct due diligence, negotiate better deals, and safeguard your best interests.

 

Here are a few other articles for you to check out:

4 Concessions to Negotiate in Your Corporate Lease

Corporate Tenants and Repairs: Whose Responsibility?

5 Technology Trends That Will Shape CRE in 2020

 

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Topics: Office Space

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Don Catalano

Don Catalano

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