How to Lease Office Space

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Most businesses start out small, and are either conceived online or at home. However, as they begin to expand, their needs, and the needs of your clients, begin to grow. In this scenario, it becomes essential to lease office space, to accommodate a growing business or company. The benefits of having a physical location where clients can visit you are innumerable – however, it is best to keep from getting carried away, and invest wisely. Shop for the best deals, and only settle when you are convinced you have obtained a good bargain.

  • To begin, decide on the location for your office. This decision should be based both on where you live (so you can come to work conveniently everyday), and where your clients are based – usually, the latter is more important. You can also look into finding a location that is close to your competitors, as this will enable you to keep up with them. Finding local employees is also a concern you will need to keep in mind when selecting a location.
  • Next, chalk out how much office space you will need. Look for a place which can accommodate all your employees (allot at least 250 square feet of space to each person) and customers comfortably.
  • Get in touch with a variety of commercial real estate agents, and hire the best, most experienced one you can find. An agent will know that area better than you ever can, and is bound to locate some excellent deals for you, as per your requirements.
  • Draft a budget for the office lease, in order to plan for monthly rent payments – these should be at 4 to 5 percent of the total operating costs of the business.
  • Narrow down your choices to a handful of office spaces you are interested in, and view these with your agent. Note down the pros and cons of each, so you can reach a decision later, and select one.
  • Zero in on one office space, and look into how long the lease on it is. You should look to sign a 3-year lease, at least.
  • Chalk out all the expenses that will come with the office space you are looking to lease – e.g. the average monthly cost, the portion of the heating bill which you and your company will be responsible for, and maintenance costs.
  • Get a copy of the lease agreement, and hire a real estate attorney to help you understand all the terms and conditions that are listed. Do not sign anything without obtaining legal advice.
  • Make an offer to the lessor on the space you are interested in renting. It is a good idea to try and negotiate price, but if you cannot, you can try to negotiate fees like utilities.
  • Finally, if you are satisfied with the arrangements, and your attorney has approved the agreement, go ahead and sign the lease agreement.
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