Leasing Office Space: The Basics
It is important to have a basic understanding of what you do and don't want in an office lease before you begin your search for office space. Basic considerations will include issues such as what is the ideal length of office lease that you are prepared to commit your business to? Have you determined all the costs of the office lease (service charge, maintenance etc.) and incorporated these into your Moving Office Budget Planner.
It is equally important to enter the office leasing negotiation process feeling prepared, with reasonable expectations and a degree of flexibility.
Market Rents
Before entering into office lease negotiations, familiarise yourself with current market rents and what sort of office lease terms are being agreed with properties in a similar location and comparitive size. Your Property Agent will provide you with a detailed breakdown for your own analysis.
Size & Layout
It is imporant to be aware of the minimum and maximum size your business requires when looking for space. Use the Office Space Calculator to help you work this one out. Think about layout and facilities too and what sort of layout will work best for your business.
Office Lease Negotiations
Never try to negotiate the office lease by yourself. No matter how good a negotiator you are, you are unlikely to have the same expertise as your Property Agent who negotiates leases successfully for businesses on a daily basis. Whilst you should always negotiate as far as possible with your landlord, also be willing to compromise. Have a clear idea about what you need to priortise and what you are willing to give up in return. Communicate these priorities with your Property Agent so they know what things are negotiable and which are not.
Don't put all your eggs in one basket
You should have a couple of properties which work for you, and that you enter into office lease negotiations with. Not only will this give your Agent leverage to negotiate one deal against another, it also allows you walk away from one if the negotiations don't work out in your favour.
Find a Property Agent in your area to help negotiate a favourable office lease that gives your business the security and enables your business to thrive in the new office.
Use the Office Space Checklist when viewing potential office properties to make sure it meets all your business requirements.
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