Vitally, before leasing an office building in Toronto, there are a number of essential steps that are imperative as they entail paperwork and to a great extent contractual relationship. Some of the crucial steps of leasing an office building entail making informed choices about an office space or building, handling conventional faults of customers choosing office buildings, determining the office needs of a business and evaluating essential office space alternatives.
If you have gone through these several important steps, then you have done a good evaluation of the market and a variety of buildings to help you choose the right property for your business in line with its requirements and objectives. Depending on the objective of your business (relocation, redesigning and expansion), these are the finals steps of leasing a property.
Signing the letter of intent
Upon final negotiations of all the fundamental particulars of business terms and lease agreements, two parties involved have to sign the letter of intent. Although the letter of intent is not a legally binding document, it is an ideal gesture of good faith between two parties. The document conspicuously indicates that the two parties have reached an agreement and are willing to work mutually to each other’s benefits. Signing the letter of the intent makes the leasing agreement more solid, credible and genuine. In the event of misunderstanding, it is usually the first document presented to the attorney for briefing purposes while the final lease documents are being prepared.
Documenting the lease
In this crucial step, you need to ensure that you have a legal counsel with a vast experience in the real estate. The legal counsel needs to review and negotiate the ultimate lease document. Mostly, the proprietor’s legal counsel is the one who prepares the lease agreement or amendment. During the agreement, it is paramount to address a myriad of issues that you think may cause problems in the future. This is a sure way to mitigate your risk once you sign a contract. In many instances, the negotiations tend to involve quasi business points. As the legal counsel conducts the negotiation, your tenant rep broker needs to take part in assisting the legal counselor on matters such as providing input and ensuring that the business terms and conditions are reflective of the final agreement.
Design for workplace
After completing the leasing agreement, you have to go through the process of workplace improvement. By now, you will have completed the tenant needs analysis, office space plan and the test fit procedures. This gives you the opportunity to hire a designer with accurate and reliable information concerning your office requirements. It is always advisable to engage a designer at the earliest for better outcome. With regard to business input, you need to view this particular stage as an important investment on the business’ future and not just a tenant improvement project. Linking the development and upgrading of the office directly with the business strategy is an effective way of creating a strong brand through office design.
At the final stage of tenant workplace improvement, you have the perfect opportunity to think about other office essentials and enhance organizational efficiency and effectiveness. In addition, you also promote community, communication and productivity in the business environment. Finding a good designer and an experienced project manager will help create a space that perfectly matches and reflects organizational vision. With regard to design, the following are some office space ideas that will make your office a perfect place to work.
• Social places: You may add spaces for cafes, lunchrooms and game rooms where employees from various departments can meet, relax and socialize as they get to know each other.
• Conference rooms: Create rooms that are particularly meant for important conferences. Most conference rooms are often put on schedule so you may consider having two or three in the office. Ensure that you make all the conference rooms comfortable without the need to overstretch your budget. Designers can advise you on ways of cutting cost.
• Personal working station: Although offices have taken another direction away from cubicles and private offices, people still need a place they can call their own. Personal workstations come in handy as they provide a place for employees to find some privacy while doing their personal stuff.
Therefore, you have to go through essential paperwork before closing a leasing deal. The legal documents binding two parties in a leasing agreement are imperative in the event of a future misunderstanding or compensation claims. For stronger proof and genuineness of a lease agreement, ensure that you have a signed letter of intent (presented to attorneys for briefing during court cases) and a signed contract with terms and conditions. The tenant workplace improvement needs to be in your portfolio as well before you finally get your business rolling. With all these things done, you will find it easier to enjoy a great office space experience!