Why Choose UsCommon misconceptions when renting office space. Renting Tip #1: You must accept the space as is.
Try to never accept the space exactly as it is and be certain you include a clause that you have the right to change the space as you see fit during your tenancy. You should try to negotiate the space to include as much as possible and to look exactly as you wish before you move in. You should also be realistic. If the space is completely bare or basic, it is unlikely you are going to receive a full makeover at no additional cost to your business. Renting Tip #2: It will not help to speak with other tenants in the building to improve the building and office, warehouse, medical, tech, or retail spaces.
You should all work together to see greater changes and changes that occur with increased frequency. Again, try to be realistic in your demands as they, too, have bills to pay. Renting Tip #3: Once the space is mine, I can do anything with it I choose.
This is far from the truth. A lease will be very specific about the type of business activity allowed on the premises in the Permitted Uses section of the agreement. If you choose to diversify your business or change the concept altogether, you must remain in accordance with your original contractual agreement or speak with the landlord to include an addendum to the contract to protect your company in full.
As long as you consider your needs for an office, retail, medical, warehouse, or tech space and its location, the best approach to negotiations, and the general tips and misconceptions of the commercial space real estate industry, you will be certain to find the optimal office space for the needs of your company.
General Tips for Every Space Do not wait until you must have a space. You will lose all negotiating power if you are in an urgent situation. If you are moving locations, it is ideal to begin your search roughly 18 months prior to the expiry date on your existing lease. It may take from 3 to 6 months to complete lease negotiations and to complete location enhancements.
Try to include a 90-day termination clause that states either party possesses the ability to terminate the lease with a notice of 90 days. This is often not favored by landlords, but in the right circumstance, they will reluctantly agree. If you have received an amazing offer on your ideal location, do not include it to be certain no one outbids you for the space and you are forced to vacate your perfect location.
Do not forget to ensure the space is handicapable.
Ask for information pertaining to any space prior to a viewing to avoid losing any negotiating powers and prepare a list of questions in advanced based on the information you have received.
Do not rely upon the certainty of just one space. You should always have at least one contingency location in case the landlord selects another renter. You can also leverage the two in negotiations to receive the best possible deal.
An annual increase of 3% is industry standard and in some circumstances 4% is considered acceptable if the landlord is willing to make continued improvements to your space.
Get everything in writing pertaining to anything the landlord promises you and maintain digital and hard copies of everything. If the landlord says they will allow you to pay rent on the 15th of every month rather than the 1st, get it in writing!