Why Choose UsGeneral Tips for Leasing Office, Warehouse, Retail, Medical, or Tech space. Do not be afraid to ask for both reduced rent and free months. This is a growing trend at the moment and the more it becomes commonly suggested the more likely landlords will accept it. Do not let amenities blind you to the reality of the price. If you walk into an office space and you immediately feel as though it is perfect, start asking questions. Are the amenities included? Who pays for the utilities? If these are not included, you may not be able to afford to rent office space of this caliber. Be mindful of Percentage Rent when you rent commercial office space. Some landlords try to include this concept into a clause in the lease; wherein, the landlord would begin to receive a percentage of the profits once the company begins to earn a specific amount of revenue after they officially open their doors. At the same time, startups may be interested in this type of rental agreement. Is room available for expansion in the office space or building before your lease reaches an end? You should consider this prior to signing any papers. You might negotiate terms to secure any additional space in the same building the moment it becomes available. Ask to see the 5-year plan of the landlord for the building and space before you lease office space. If the building is not yet a smart building with Wi-Fi capabilities, a motion detector lighting system, outdoor work spaces, etc., you should ensure the landlord intends to provide these elements in the very near future to ensure employee productivity is at capacity, to appeal to today’s evolving talent, and to reduce operational costs for your business over time.
Negotiating Your New Office, Warehouse, Medical, and Tech Space. You cannot go over your budget, but you must have a particular space. What do you do? Once you establish your budget, make a list of the amenities your business cannot function without, the ones you would like to have to make your life easier, and the ones you can live without for the time being.
Everything is negotiable, including their asking price. Prior to negotiations, determine the fair market value of the area. If you are low in cash flow, consider reducing the amount of amenities you require to reduce the asking rate of the rent. Reducing rent is not always an option, but asking is always a good idea.
Also, you are able to negotiate more than simply the rent in any lease. If you find a space you like within your price range, but you will require additional enclosed spaces, negotiate it into the lease. If the building is not up to code, this is solely the responsibility of the landlord.
You might consider a longer commitment to the space in turn for lower rent or additional amenities you cannot live without. You are also able to negotiate terms such as parking allowances, continued warehouse improvements, utility responsibilities, and much more. Again, refer to the list of items most and least important to you to ensure you negotiate the ultimate deal for your office, warehouse, medical, or tech space for rent in MN.