The Office Lease Process
Once you’ve found suitable new office space for your relocation and agreed the basic office lease terms such as lease length, how much rent you will be paying, it’s time to formally negotiate the details of the office lease and spell out your “wish list” of certain provisions and clauses within the office lease to help your business succeed in the new office space.
The Office Lease Process can be a complex business, but the key thing to remember throughout the office lease process is that that the landlord’s proposed office lease is merely a starting point from which you, the tenant, can negotiate changes.
There is no such thing as a “standard” office lease, there is always room for negotiation to set out your side of the bargain. How “negotiable” the office lease is will depend on a number of factors including market conditions, the number of other tenants after the same space, and how badly you want the office space.
The Office Lease Process usually begins with the landlord setting out the initial lease terms. It’s therefore important to understand, at this stage, that the landlord intentions will be clearly apparent in the first draft and may not contain any of your “wish list”. That’s ok – as this is where the negotiating power of a good Property Consultant comes in.
The next stage of the Office Lease Process is to begin your negotiations; which clauses you are not prepared to agree to (and why) and what else you want included. Don’t be tempted to rush in at this stage, as you’ll only end up with an unsuitable office lease for your business. Your Property Consultant will work with you to negotiate the office lease terms and conditions that will help your business to succeed.
The Office Lease Negotiation Process may take some time; be prepared for several drafts of the office lease to be exchanged before final agreement between you and the landlord has been reached. If the conditions of the proposed office lease are not acceptable and cannot be negotiated satisfactorily, be prepared to walk away.
Finally, hand over the draft Office Lease to a Property Solicitor who will review the detail of the lease and ensure your commercial interests are protected.
Plan the remaining stages of your office move with the Office Relocation Checklist.
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