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The Do’s and Don’ts When Renting Office Space

Commercial Space Toronto Blog

The Do’s and Don’ts When Renting Office Space

Searching for the perfect office space to rent is a process that requires careful consideration of certain factors. It entails time and effort on your part and yes it can take a longer time than usual if you want to make sure you are getting the perfect place where you can do business with your clients. Of course, you should not forget the following do’s and don’ts too when it comes to renting office space. Do your own research Often, you will rely solely on what others can do for you when it comes to researching the perfect office space you should rent. Whilst this can work at times, it will be better if you also put some time into doing your own research. Researching will involve talking to other people who will want to rent office spaces themselves or even conversing with local business owners in the community. Do ask questions Part of your being involved in the process is to consider asking questions before you sign the lease agreement. You can raise concerns such as those pertaining to tax incentives in the particular state, city or town you are considering renting office space with. Ask about zoning laws too and check whether or not they will prohibit you from performing certain business-related activities. Do consider your budget 11702261845_53a03aab9b When considering your budget, you have to be familiar with what the base rent is. Do this when negotiating or reviewing a commercial lease with the property manager. Together with this, you have to know more details about what else is included in the rent and whether or not you will be responsible for paying repair, utilities, maintenance, insurance and taxes. Take note that a net lease will leave you responsible for all the aforementioned expenses whilst a gross lease will mean not worrying about those expenses at all. Don’t sign the contract unless you are ready to commit Often, when you know all variables that may affect the lease, the next thing you will do is sign the contract immediately. You have to take note though that there are certain terms that need to be followed. You have to go through the contract and make sure you are ready to commit with every clause included in it. When thinking of the terms, you have to determine how long you will be able to commit to the contract. If you are a new business, it is best to go for a short-term lease. Do browse through all clauses in the contract Make sure you never miss on any clause. If there is something you do not understand, make an effort to ask experts like your agent or your lawyer. You should read everything from subleasing to co-tenancy to exclusivity clauses. It will be good to have a subleasing clause in the contract as this allows you to lease a portion of the property to another tenant. This can allow you to operate even when you have to move to another location in an earlier time as what has been indicated in the contract. Do be familiar about room for growth Since you are renting office space, you may have issues with renovating or expanding the existing space later on when your business grows. You have to make sure that this particular point is included in the contract. Check if you will be allowed to rent additional space within the same building later on. Make some evaluations for expansion. Don’t go beyond what you need You certainly want your new office space to be spacious enough to accommodate all your employees and your business needs. Well, spacious enough must be enough; not too big and not too small. Never overestimate the amount of space you will need. You can start calculating from the 200 sq. ft. per employee requirement. Depending of course on what you can afford, you can go a little lower than that. Do know more about your landlord Sometimes, you might not even meet the individual who owns the space you will be renting in the future. Whilst it can be improbable to meet him at any given time that you want, you have to take note that you should not wait for him to show up before committing to the agreement. Often, you can use his references for you to know him better. You can ask co-tenants or former tenants if you have a list of who they are. Don’t hesitate to ask for help You can always work with agents when you are looking for office space for lease in Toronto. You will certainly love the fact that agents will help you scout through a list of options if you do not have much time to do it yourself. They can help negotiate on your behalf too and explain all requirements that you need to comply with.

Posted 2017-09-15T20:47:24+00:00 Sep 15 2017 By inBlogwith0 Comments