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Considerations for Leasing Office Space in Toronto

Operating a business from home has so many disadvantages, including the fact that creditors and investors may not take you seriously when you need them. The cost of real estate on the other hand is not as inviting for a small business. This means that it is likely that your best bet at the moment would be to lease an office space. This too could seem very limiting in terms of how you would want the office to look, but it doesn’t have to be.

Leasing space means you have a set of rules to comply with, especially in terms of changes and modifications to the space. And once you have this information, here is a set of things you could do to make the space more personal and authentic.

Look at the simplest options in your interior décor

The most challenging thing about opening an office is being comfortable and confident enough to conduct business in it. This means that when you take up a new office space and it is not up to your taste, the first option is to look at the simple flaws that you can fix in a heartbeat or so. If the walls do not look too good, start by fixing the cracks. If it is the floors that are giving you a hard time, buy a good rug in a color and quality that you actually like.

If you do not like the view, consider buying blinds and adding on some nice art on the walls. These should give you something better to look at. Basically, you do not have to tear down the office in order to give it a new look. You can also bring in some impressive pieces of personal furniture and décor items that will make the space more comfortable for you. If possible, ask your landlord to take their furniture into storage and bring in your own if that will make you feel better.

Cost considerations

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Even with the landlord’s approval, you still have another challenge to consider before embarking on that renovation. Improving the leased office space is not always a good idea if you are not looking to occupy the office for long. This is because a renovation can be very costly, and it adds value to the property in question. This means that if you leave soon afterwards, you will have helped the landlord at a very great cost. Some landlords are, however considerate enough to chip in with the renovations since they acknowledge how much value it will add to their property.

Not many landlords will, however, have this perspective. This means that you should probably lease an office in a location that you will be comfortable in for a while. Here, any costs that you are likely to incur in the renovations will benefit you more while you’re there. A better looking office implies better business for you, and this can translate to higher profits. So while you’re worrying about how much it will cost you to carry out that renovation, you may also want to consider the actual cost to your business. If it will be beneficial for your business to renovate the premises, you may go ahead and do so.

Long term effects of the improvement

The irony of improving leased space comes in terms of increased rent. Once you improve the property, you will increase its market value. This means that it is likely that your landlord would want more of it. Well, this is only natural. The reality is that renovating leased property gives your landlord the upper hand. The solution here would be for you to come to an agreement with your landlord. If they are paying for the renovation, the increase in rent will be justified. However, if you are paying for the improvements, you may want to plead your case and keep the rent reasonably stable for an agreeable period of time.

It is still not your property!

After making all the considerations stated above, you may find that you still feel the need to carry out the renovations and your landlord is comfortable with the idea. Well, there is only one more problem. The property is not yours, and you are likely to want to move out at some point. This means that if you are going to make any permanent changes, make them neutral enough to appeal to a wide range of preferences. If not, you will have to make sure that these changes can be reversed. Getting your deposit back can be really tricky if you don’t leave the office in a good and marketable condition.

Improving a rented space can be very tricky, but it is possible. Before you settle for a space, however, seek out all your options on office space for lease in Toronto and pick one that won’t require too much work at your expense. After all, the whole point of leasing is to get you some affordable space within your limited budget.

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